3the public comment file and will be considered as required under the Administrative ProceduresAct
and other applicable laws, and may be accessible under the Freedom of Information Act.
On July 21, 2010, President Obama signed the Dodd-Frank Act,
which amended theCEA
to establish a new regulatory framework for swaps. The legislation was enacted to reduce
systemic risk, increase transparency, and promote market integrity within the financial system by, among other things: (1) providing for the registration and comprehensive regulation of swap
major swap participants (“
; (2) imposing clearing and tradeexecution requirements on standardized derivative products; (3) creating rigorous recordkeepingand data reporting regimes with respect to swaps, including real-time public reporting; and (4)
enhancing the Commission’s rulemaking and enforcement authorities over all registered entities,intermediaries, and swap counterparties subject to the Commission’s oversight.
Section 722(d)of the Dodd-Frank Act also amended the CEA to add section 2(i), which provides that the swaps provisions of the CEA apply to cross-border activities when certain conditions are met, namely,when such activities have a
direct and significant connection with activities in, or effect on,commerce of the United
or when they contravene a Commission rulemaking.
In the nearly three years since its enactment, the Commission has finalized 69 actions toimplement Title VII of the Dodd-Frank Act. The finalized actions include rules promulgated
5 U.S.C. 551, et seq.
5 U.S.C. 552.
Dodd-Frank Wall Street Reform and Consumer Protection Act, Public Law 111
203, 124 Stat. 1376 (July 21,2010).
7 U.S.C. 1 et
7 U.S.C. 2(i).