US SEC releases roadmap for derivatives rules

The US Securities and Exchange Commission has released a policy statement revealing the order in which it expects new rules for regulating the over-the-counter derivatives market to kick in.

The statement covers final rules to be adopted by the SEC under the 2010 Dodd-Frank Wall Street Reform and Consumer Protection Act.

The SEC is now seeking public comment on plans to phase in final rules regulating security-based swaps and security-based swap market participants. It has yet to set a date for the full implementation.

‘The policy statement seeks to provide a “roadmap” to market participants and the public on how we expect to implement the various regulatory requirements for this market,’ said SEC chairman Mary Schapiro. ‘We look forward to public comment on our anticipated sequencing as we continue to adopt and implement the rules under the law.’

The roadmap also discusses possible termination dates for the temporary relief the SEC previously granted to securities-based swaps market participants .

The SEC will take comments for 60 days following the policy statement’s publication in the Federal Register on 11 June 2012.

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