DSG Derivatives Update: Upcoming Hill & Agency Schedule

Below is a summary of upcoming regulatory activities, as well as information regarding the first two derivatives-related oversight hearings planned for the 112th Congress. Committee leadership has been finalized in both Congressional chambers, and info for relevant committees is also listed below. We have also attached an updated version of our Dodd-Frank rulemaking chart. As details of the agendas, hearing witness lists, and proposed rules firm up, updates will be made.

Upcoming schedule
Feb. 10 – House Agriculture Committee hearing To review implementation of title VII of the Dodd-Frank Wall Street Reform and Consumer Protection Act.
Witnesses (not final)
· Panel 1 – Gov’t: Gensler
· Panel 2 – Industry representatives: DCM (CME), SEF (TradeWeb), Farmer Co-op (Dairy Risk Mgmt Services), End-User Coalition (still in flux), Dealer (still in flux)

Feb. 11 – CFTC public meeting: POSTPONED (they had planned to consider various conforming amendments, but have decided to roll this into the next meeting on 2/24)

Feb. 15 – House Financial Services Committee hearing re: Implementation of derivatives provisions of Dodd-Frank Act
Witnesses (not final)
· Panel 1 – Gov’t: Schapiro, Gensler, Fed Gov. Tarullo
· Panel 2 – Industry representatives: TBD

Feb. 18 – “Flash crash” Joint Advisory Committee meeting to unveil recommendations to the CFTC/SEC (rescheduled from Jan. 26)
[more to come once their recommendations are finalized and shared internally, likely next week]

Feb. 24 – CFTC public meeting to consider proposed rules
Agenda (not final)
· Disruptive trading practices
· Capital and margin requirements for non-bank SDs and MSPs
· Product definitions (swap, SB swap, mixed swap, etc) – Joint with SEC
· Pre-enactment swaps
· Conforming amendments
[Note: We have been told by staff drafting the capital and margin rule that it is likely to slip beyond the 2/24 meeting, but is still on the planned agenda. We have been also told another delay is likely for product definitions]

Mar. 1 – CFTC Technology Advisory Committee meeting re: “pre-trade functionality, direct market access controls and costs and technology challenges in implementing the trade execution, processing and records management requirements of the Dodd-Frank Act.” (rescheduled from Jan. 27)

112th Congress – Committee Leadership
House Ag Committee:
· Full Cmte Chair: Frank Lucas (R-OK)
· Full Cmte Ranking: Collin Peterson (D-MN)
· Sub Cmte Chair (CFTC jurisdiction): Mike Conaway (R-TX)
· Sub Cmte Ranking (CFTC jurisdiction): Leonard Boswell (D-IA)
· Full list: Committee Members

House Financial Services Committee:
· Chair: Spencer Bachus (R-AL)
· Ranking: Barney Frank (D-MA)
· Full list: Committee Members

Senate Ag Committee
· Chair: Debbie Stabenow (D-MI)
· Ranking: Pat Roberts (R-KS)
· Full list: Committee Members (being updated)

Senate Banking Committee
· Chair: Tim Johnson (D-SD)
· Ranking: Richard Shelby (R-AL)
· Full list: Committee Members

2011-0207-Dodd Frank Rulemaking Chart Feb 4 2011

More Advocacy Issues

Please click below for details regarding the effective date and compliance dates for the U.S. Commodity Futures Trading Commission’s final rule, Position Limits for Derivatives. Provided by: Delta Strategy Group. More Here.

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