Regulatory: The arrival of the first major financial reform rules

As rules are implemented, federal agencies will likely face delay efforts from Congress.

Federal agencies are starting to roll out the first major rules to implement the Dodd-Frank financial reform legislation. Their promulgation will trigger efforts in Congress to overturn or delay the regulations, which are not likely to be successful, and a decade of legal challenges similar to the wave of cases that followed the passage of the Telecommunications Act of 1996. 

Financial institutions are focused on the Commodity Futures Trading Commission’s issuance of multiple rules governing the derivatives market, whose notional value exceeds $500 trillion. The regulations will address fundamental issues, such as the requirement that certain derivatives must be traded over exchanges; regulation of swap dealers, including capital and margin requirements; standards of business conduct; and record-keeping and reporting obligations. 

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John Cooney

John F. Cooney is a partner in the Washington, D.C., office of Venable.

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