Navigating Key Dodd-Frank Rules Related to the Use of Swaps by End Users

Title VII of the Dodd-Frank Wall Street Reform and Consumer Protection Act (“Title VII”) enacted a new regime for the comprehensive regulation of over-the-counter derivatives by the Securities and Exchange Commission (for “security-based swaps”) and the Commodity Futures Trading Commission (for “swaps”). Several key Title VII rulemakings for security-based swaps remain pending, but the Title VII regime for swaps is now largely in effect. Although many of the swap regime’s requirements focus on “swap dealers” and “major swap participants,” commercial and financial end users that enter into swaps for hedging or investment purposes remain subject to a wide range of detailed requirements. The linked memorandum describes these end-user requirements.