The Harvard Law School Forum on Corporate Governance https://corpgov.law.harvard.edu The leading online blog in the fields of corporate governance and financial regulation. Mon, 18 May 2026 13:57:32 +0000 en-US hourly 1 https://wordpress.org/?v=6.5.8 https://corpgov.law.harvard.edu/wp-content/uploads/2024/02/cropped-photography-4-e1706898544564-1-32x32.png Implications of New U.S. Derivatives Regulations on End-Users of Swaps – The Harvard Law School Forum on Corporate Governance https://corpgov.law.harvard.edu 32 32 Implications of New U.S. Derivatives Regulations on End-Users of Swaps https://corpgov.law.harvard.edu/2013/01/16/implications-of-new-u-s-derivatives-regulations-on-end-users-of-swaps/?utm_source=rss&utm_medium=rss&utm_campaign=implications-of-new-u-s-derivatives-regulations-on-end-users-of-swaps https://corpgov.law.harvard.edu/2013/01/16/implications-of-new-u-s-derivatives-regulations-on-end-users-of-swaps/#comments Wed, 16 Jan 2013 14:13:07 +0000 http://blogs.law.harvard.edu/corpgov/?p=38602?d=20150113134142EST Posted by Noam Noked, co-editor, HLS Forum on Corporate Governance and Financial Regulation, on Wednesday, January 16, 2013
Editor's Note:

The following post comes to us from John White, partner in the Corporate Department and co-chair of the Corporate Governance and Board Advisory practice at Cravath, Swaine & Moore LLP. This post is based on a Cravath memorandum by William P. Rogers Jr.; the full version, including footnotes, is available here.

Introduction

In the wake of the financial crisis, both the U.S. and the EU have enacted legislation to regulate the “over-the-counter” (“OTC”) swaps market and are in the process of adopting implementing rules that will make such legislation fully effective. In the U.S., Title VII of the Dodd-Frank Wall Street Reform and Consumer Protection Act (the “Dodd-Frank Act”), enacted on July 21, 2010, provides for the regulation of the swaps market and grants to the Commodity Futures Trading Commission (the “CFTC”) and the Securities and Exchange Commission (the “SEC,” and with the CFTC, each a “Commission” and together, the “Commissions”) broad authority to regulate the swaps market and its principal participants. In the EU, the European Market Infrastructure Regulation (“EMIR”) is expected to become effective during 2013 and will create a regulatory framework for the swaps markets in all EU member states.

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