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MFDF - Mutual Fund Directors Forum - August 20 SEC and CFTC Roundtable on Swaps

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August 20 SEC and CFTC Roundtable on Swaps

The SEC and CFTC have announced that on August 20 they will hold a joint open meeting to discuss issues related to governance and conflicts of interest in the clearing and listing of swaps and security-based swaps.  The roundtable will feature panel discussions intended to assist both agencies in implementing the the formulation of new rules for swap transactions as required by the Dodd-Frank Wall Street Reform and Consumer Protection Act.

The roundtable will be held at the CFTC's headquarters located at Three Lafayette Centre, 1155 21st Street NW, Washington, DC.  The discussion will be open to the public with seating on a first-come, first-served basis. Members of the public may also listen by telephone using the following conference dial-in numbers:

U.S./Canada Toll-Free: (866) 312-4390
International Toll: (404) 537-3379
Conference ID: 94280143

Public comments on the topics to be addressed at the discussion may be submitted via the comment form or e-mail address on the SEC's website or the governance rulemaking page on the CFTC's website.

The meeting is scheduled to start at 9:00AM, and agenda for the meeting is as follows: 

9:00 a.m.

Opening Statements by CFTC and SEC Staff

9:15 a.m.

Panel One - Types of Conflicts

  • Securities Clearing Agencies and Derivatives Clearing Organizations
    • Access to clearing
    • Determination of swaps eligible for clearing
    • Risk management
  • Security-Based Swap Execution Facilities and Swap Execution Facilities
    • Access to trading
    • Determination of swaps eligible for trading
    • Potential for competition with respect to the same swap
  • Designated Contract Markets and National Securities Exchanges
    • Listing of swaps
    • Comparison with conflicts of interest for Swap Execution Facilities and Security-Based Swap Execution Facilities: similarities and differences

10:45 a.m.

Panel Two - Possible Methods for Remediating Conflicts

  • Ownership and voting limits
  • Structural governance arrangements
    • Independent or public director requirements for Board and Board committees
    • Consideration of market participant views: Derivatives Clearing Organizations and Designated Contract Markets
    • Fair representation requirement in the Securities Exchange Act
    • Other governance matters (e.g., transparency)
  • Substantive requirements
    • Membership standards
    • Impartial access requirements
  • Appropriateness of applying the same methods to each type of entity


Roundtable concludes


The full text of the SEC and CFTC announcement is available at: