In the aftermath of the 2008 financial crisis, the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 [Dodd-Frank Act] enhanced the CFTC’s regulatory authority to oversee the more than $400 trillion swaps market.
Rule-writing
As a result of the Dodd-Frank Wall Street Reform and Consumer Protection Act, the CFTC has written rules to regulate the swaps marketplace.
See information below regarding areas the CFTC addressed in its rule-writing. Also see proposed rules and final rules issued by the Commission thus far.
View all Dodd-Frank Final Rules and Orders
View all Dodd-Frank Guidance, Advisories and Questions
Currently Effective Staff Letters
View all Dodd-Frank Open Meetings and Public Roundtables
View all Proposed Rules, Orders and Advance Notices of Proposed Rules
See List of Rulemaking Areas
View all Comparability Determinations for Substituted Compliance Purposes
External Meetings
The CFTC is committed to transparency in the rulemaking process. Information on all meetings that the Chairman and Commission staff have with outside organizations regarding the implementation of the Dodd-Frank Wall Street Reform and Consumer Protection Act will be made public. The topics of the meetings, attendees, summaries of the meetings and any materials presented to the CFTC are posted here.
See List of External Meetings
Reports and Studies
The Dodd-Frank Wall Street Reform and Consumer Protection Act required the CFTC to conduct a number of studies and reports on a wide variety of issues that affect the derivatives market. Information regarding these reports and studies will be published as it becomes available.
See List of Reports and Studies
Text of H.R. 4173: Dodd-Frank Wall Street Reform and Consumer Protection Act
Download the PDF of the bill, or
Read the text on THOMAS
Swaps regulation
The Dodd-Frank Wall Street Reform and Consumer Protection Act brings comprehensive reform to the regulation of swaps. These products, which have not previously been regulated in the United States, were at the center of the 2008 financial crisis. The historic Dodd-Frank bill authorizes the CFTC to:
Regulate Swap Dealers
- List of Provisionally Registered Swap Dealers
- Swap dealers will be subject to capital and margin requirements to lower risk in the system.
- Dealers will be required to meet robust business conduct standards to lower risk and promote market integrity.
- Dealers will be required to meet recordkeeping and reporting requirements so that regulators can police the markets.
Increase Transparency and Improve Pricing in The Derivatives Marketplace
- Instead of trading out of sight of the public, standardized derivatives will be required to be traded on regulated exchanges or swap execution facilities.
- Transparent trading of swaps will increase competition and bring better pricing to the marketplace. This will lower costs for businesses and consumers.
Lower Risk to the American Public
- Standardized derivatives will be moved into central clearinghouses to lower risk in the financial system.
- Clearinghouses act as middlemen between two parties to a transaction and take on the risk that one counterparty may default on its obligations.
- Clearinghouses have lowered risk in the futures marketplace since the 1890s. The Dodd-Frank bill brings this crucial market innovation to the swaps marketplace.
Dec. 18, 2020
2020 Summary Report of Commission Staff's Examinations of Each Nationally Recognized Statistical Rating Organization [§932]
Report [PDF]
Jan. 24, 2020
2019 Summary Report of Commission Staff's Examinations of Each Nationally Recognized Statistical Rating Organization [§932]
Report [PDF]
Dec. 18, 2018
2018 Summary Report of Commission Staff's Examinations of Each Nationally Recognized Statistical Rating Organization [§932]
Report [PDF]
Dec. 29, 2017
2017 Summary Report of Commission Staff's Examinations of Each Nationally Recognized Statistical Rating Organization [§932]
Report [PDF]
Dec. 21, 2016
2016 Summary Report of Commission Staff's Examinations of Each Nationally Recognized Statistical Rating Organization [§932]
Report [PDF]
Dec. 28, 2015
2015 Summary Report of Commission Staff's Examinations of Each Nationally Recognized Statistical Rating Organization [§932]
Report [PDF]
Dec. 18, 2015
Issued Report on the Review of the Definitions of "Accredited Investor." [§413]
Report [PDF] | Submit Public Comment
Jan. 30, 2015
Issued report to Congress on objectives of the Investor Advocate. [§915]
Report [PDF]
Dec. 23, 2014
Issued report to Congress on activities of the Investor Advocate. [§915]
Report [PDF]
Dec. 23, 2014
2014 Summary Report of Commission Staff's Examinations of Each Nationally Recognized Statistical Rating Organization [§932] Report [PDF]
Nov. 17, 2014
Issued report to Congress on the securities whistleblower incentive and protection program. [§922, 924]
Report [PDF]
Jun. 5, 2014
Submitted a report to Congress on the cost and benefits of real time reporting on short sale positions. [§417]
Report [PDF]
Dec. 24, 2013
Published third annual report summarizing NRSRO inspections, findings, and responses. [§932]
Report [PDF]
Nov. 21, 2013
Issued report to Congress on credit rating agency independence. [§939C]
Report [PDF]
Jul. 25, 2013
Issued annual report to Congress on use of data collected from advisers to hedge funds and other private funds to aid in monitoring system financial risk. [§404]
Report [PDF]
Apr. 24, 2013
Submitted a report to Congress on the activities of the Office of Minority and Women Inclusion. [§342]
Report [PDF]
Dec. 18, 2012
Provided to Congress a study on the rating process for structured finance products and the feasibility of an assignment system. [§939F]
Study [PDF]
Nov. 15, 2012
Published second annual report summarizing NRSRO inspections, findings, and responses. [§932]
Report [PDF]
Oct 17, 2012
Issued third report to Congress describing actions to implement an independent consultant's recommendations. The consultant had been hired to make recommendations on the SEC's organization and operations. [§967]
Report [PDF]
Sep 7, 2012
Report to Congress on standardization within certain elements of the credit rating process. [§939[h]]
Report [PDF]
Aug. 30, 2012
Provided to Congress a study regarding financial literacy among retail investors. [§917 ]
Press Release
Apr. 11, 2012
Delivered to Congress the Commission's Study on the Cross-Border Scope of the Private Right of Action Under Section 10[b] of the Securities Exchange Act of 1934. [§929Y]
Study Data |
Study [PDF]
Apr. 10, 2012
Submitted a report to Congress on the activities of the Office of Minority and Women Inclusion. [§342]
Report [PDF]
Apr. 10, 2012
Submitted a report to Congress on the activities of the Office of Minority and Women Inclusion. [§342]
Report [PDF]
Mar. 30, 2012
Issued second report to Congress describing actions to implement an independent consultant's recommendations. The consultant had been hired to make recommendations on the SEC's organization and operations.
[§967]
Report [PDF]
Feb. 1, 2012
Delivered to Congress jointly with CFTC a report on how swaps are regulated in the United States, Asia, and Europe to identify areas of regulation that are similar and other areas of regulation that could be harmonized.
[§719[c]]
Report [PDF]
Dec. 21, 2011
Sent report and certification to Congress on internal supervisory controls: The report covers the effectiveness of internal supervisory controls relating to examinations of registered entities, enforcement investigations, and review of corporate filings.
[§961]
Report and Certification [PDF]
Sep. 30, 2011
Published an annual report summarizing NRSRO inspections, findings, and responses. [§932]
Press Release
Sep. 12, 2011
Issued second report to Congress describing actions to implement an independent consultant's recommendations. The consultant had been hired to make recommendations on the SEC's organization and operations.
[§967]
Report [PDF]
Jul. 21 2011
Reported to Congress, jointly with the CFTC and the Federal Reserve Board, on improving the common framework for designated clearing entity risk management. [§813]
Report [PDF]
Jul. 21, 2011
Reported to Congress a review of existing references to credit ratings in statutes and regulations. [§939A]
Report [PDF]
Apr. 22, 2011
Issued a report to Congress regarding reducing the costs to smaller issuers [with market capitalization between $75 million and $ 250 million] for complying with 404[b] of the Sarbanes-Oxley Act of 2002, while maintaining investor protections.
[§989G]
Report [PDF]
Apr. 8, 2011
Reported to Congress, jointly with the CFTC, on a study regarding the feasibility of requiring the derivatives industry to adopt standardized computer-readable algorithmic descriptions: The study concluded that such descriptions are feasible and identified three challenges that would have to be addressed before mandating their use. [§719]
Press Release
Mar. 10, 2011
Reported to Congress on organizational issues. The report prepared by independent consultants studied and made recommendations regarding SEC organization and operations. [§967]
Report [PDF]
Jan. 26, 2011
Completed study of ways to improve investor access to information about investment advisers and broker-dealers. [§919B]
Study [PDF]
Jan. 21, 2011
Issued Report to Congress regarding the study of the obligations of brokers, dealers and investment advisers. [§913]
Press Release | Report [PDF]
Jan. 18, 2011
Issued report to Congress by an interagency working group, including the SEC Chairman, on the oversight of existing and prospective carbon markets. [§750[e]]
Report [PDF]
Jan. 14, 2011
Issued Report to Congress regarding the need for enhanced resources for investment adviser examinations and enforcement. [§914]
Report [PDF]
Oct. 29, 2010
Issued Report on Whistleblower Program: SEC staff issued a report to Congress related to the Securities Whistleblower Incentives and Protection program. [§922, 924]
Report [PDF]