Clifford Chance

US OTC derivatives reforms – Impact on UK and other non-US asset managers

18 October 2011

In the past year, the CFTC, the SEC and prudential regulators in the United States have produced drafts of many of the detailed rules to implement the swap market reforms contained in the Dodd-Frank Wall Street Reform and Consumer Protection Act. Most of the principal changes they embody are expected to come into effect during 2012, and market practitioners need to understand the scope of the work ahead of them.

Working with the Investment Management Association, Clifford Chance has prepared a summary of key provisions of the draft rules as they apply to investment managers and their clients. Many of the provisions described in the summary apply equally to other market participants.

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