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Recently Proposed Regulatory Reforms to Over-The-Counter (“OTC”) Derivatives and Securitization Markets
June 24, 2009 Full PDF
On June 17, 2009, the U.S. Treasury Department submitted to Congress its report on reforming many aspects of the U.S. financial regulatory system including establishing comprehensive regulation of the financial markets. Among others, the Treasury proposes to (1) create comprehensive regulation of all OTC derivatives, including credit default swaps, (2) harmonize the regulation of futures and securities and (3) strengthen the supervision and regulation of the securitization markets. This report and recent testimonies before the Senate by the respective chairman of the Commodity Futures Trading Commission and the Securities and Exchange Commission are instructive in showing the direction of future legislation.