Clifford Chance
Dodd-Frank v. EMIR Business conduct rules
2 November 2012
The Dodd-Frank Act will impose certain business conduct standards on swap dealers (SDs) and major swap participants (MSPs). EMIR only imposes limited business conduct standards, but there are corresponding provisions in other EU legislation.
This paper, produced in conjunction with the International Swaps and Derivatives Association (ISDA), summarises and compares:
- CFTC rules: the final rules adopted by the U.S. Commodity Futures Trading Commission (CFTC) amending the regulations under the Commodity Exchange Act (CEA): and
- EU rules: the corresponding provisions of the EU Markets in Financial Instruments Directive (MiFID) and the implementing directive and regulation adopted by the European Commission under MiFID (and where relevant changes contemplated by the proposed directive and regulation replacing MiFID), as well as relevant provisions of the EU Regulation on OTC derivatives, central counterparties and trade repositories (EMIR).
