OTC Derivatives Legislation Continues to Take Form
By: Gordon F. Peery, Lawrence B. Patent, Anthony R.G. Nolan
Activity in the U.S. House of Representatives in late July 2009 gave the financial services industry a glimpse of legislative initiatives that, if enacted into law, may dramatically transform the over-the-counter (“OTC”) derivatives market. Congress will debate the aggressive legislative initiatives detailed in this Alert soon after it reconvenes following its August recess. The initiatives go hand-in-hand with the rest of the Obama Administration’s Financial Regulatory Reform mandates. In order to understand the importance of the July 2009 initiatives, it is first necessary to briefly review industry, regulatory and legislative efforts to reform the OTC derivatives market earlier this year.
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