Dodd-Frank 금융개혁법상 장외파생상품규제

Title VII of the Dodd-Frank Wall Street Reform and Consumer Protection Act establishes a regulatory structure for derivatives. It requires derivative contracts that can be cleared, to be cleared—and exchange-traded. The title provides a narrow exemption for derivatives end users from the clearing and exchange trading requirements, but does not exempt end users from margin requirements. The title requires regulators to set minimum capital requirements and minimum initial and variation margin requirements. The title establishes a framework for the regulation of trading of SB Swaps through SB SEFs. This framework includes registration requirements as well as 14 core principles with which SB SEFs must comply and which the SEC must implement through its rule-making, including monitoring of trade processing, timely publication of trading information, and the avoidance of conflicts of interest, as more fully discussed below. There are a number of rule-makings required under Title VII. The CFTC and SEC are required to act jointly to define key terms relating to jurisdiction(such as swap, security-based swap, and security-based swap agreement) and market intermediaries(such as swap and security-based swap dealers and major swap and security-based swap participants), as well as adopt joint regulations regarding mixed swaps and prescribe trade repository record-keeping requirements, and books and records requirements for swap entities related to security-based swap agreements.