DSIO leaders weigh in on proposed swap dealer rule amendments

By Brad Rosen, J.D.Leadership from the CFTC’s Division of Swap Dealer & Intermediary Oversight (DSIO) elaborated on the recently proposed amendments to the swap dealer de minimis exception, the highlight of which is the exemption from swap dealer registration at an $8 billion aggregate gross notional amount (AGNA) level measured over a 12-month period. The DSIO officials participated in a program held at the D.C. Bar in Washington D.C. and sponsored by its Derivatives, Securitization and Project Finance Committee. Micah Green, a partner at Steptoe & Johnson, LLP moderated the session. Controversy and grave concerns surround the swap de minimis threshold. On June 4, 2018, the CFTC voted 2-1 to approve a proposed amendment to keep the swap dealer de minimis threshold unchanged at the $8 billion AGNA level. At the time, Commissioner Rostin Behnam expressed his grave concerns that the CFTC was moving far beyond the task before it and redefined swap dealing activity…

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