SIFMA today released the following statement from Kenneth E. Bentsen, Jr., executive vice president, public policy and advocacy, in response to the House Agriculture Committee passing several pieces of legislation aimed at clarifying or amending certain parts of the derivatives section (Title VII) of the Dodd-Frank Act.
“The House Agriculture Committee today took another important step toward approving bills that will improve upon the derivatives section of Dodd-Frank by providing regulators and the markets clarity on certain issues. Ensuring proper cost-benefit analysis for future regulations will enhance regulators’ ability to write rules that do not unintentionally harm derivatives markets. These bills, among other things, will also make clear that there need be no required minimum number of quotes for swap execution facilities before conducting a transaction and clarifies the treatment of inter affiliate swaps—or swaps between entities within a single organization. Dodd-Frank created a whole new body of law that will fundamentally change the derivatives markets. These amending and clarifying bills will help regulators move forward to effectively implement the law.”