The Dodd-Frank Wall Street Reform and Consumer Protection Act is perhaps the most far-reaching overhaul of the U.S. financial oversight regime since the 1930's. Title VII of the Dodd-Frank Act, the Wall Street Transparency and Accountability Act of 2010 accomplishes a sweeping reform of the previously largely unregulated derivatives market. A significant amount of attention has been directed to the effect of the legislation on financial institutions and on commercial end-users in general. This Learning Curve will address the implications on two industries: the insurance and energy industries.
Much of the Act remains to be implemented by regulations to be issued by the Commodity Futures Trading Commission and the Securities and Exchange Commission and its full effect is difficult to predict, but nonetheless, certain general conclusions can be made.
Swap Dealer, Major Swap Participant
The Act establishes two categories of entities, swap dealers, and major swap participants, that are ....