Risk glossary

 

Dodd-Frank

The Wall Street Reform and Consumer Protection Act, introduced by Barney Frank and Chris Dodd, was enacted on July 21, 2010. It was introduced as a result of the G-20 2009 Pittsburgh Agreement.

The main focus for energy market participants is Title VII of the Act (of which there are 16 titles), which aims to regulate the swaps market. While the legislation set out a broad structure for the new regulatory regime, the Commodity Futures Trading Commission (CFTC) and Securities and Exchange Commission are responsible for filling out the structure and are in the process of doing this via a series of proposed rule-makings that are then made available for public comment. The rules are being implemented over 2013.

The main provisions in Title VII that will affect the energy sector include mandated exchange trading, clearing and reporting for certain types of swaps, the registration and regulation of dealers and major end-users of swaps, and the creation of new market entities such as clearing organisations, data repositories and exchanges.

* see also G-20 2009 Pittsburgh Agreement

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