Almost everyone we know in the United States has been, or ultimately will be, affected by the financial crisis. The breadth, severity, duration and lingering impact of the crisis have made comprehensive financial services regulatory reform inevitable. In the following pages, we offer our perspective concerning the current status of the key regulatory reform initiatives. This discussion is intended to be a summary, does not purport to be complete, and will likely require updating as events reveal themselves during the remainder of this year. Periodic update will be available on our dedicated webpage at http://www.mofo.com/resources/regulatory-reform/.
COMMODITIES AND DERIVATIVES REFORM
(as of February 1, 2010)
The House of Representatives recently passed a comprehensive financial regulatory reform package. Similar legislation is currently being considered by the Senate. Taken together, the bills move the largely unregulated over-the-counter (OTC) derivatives market one step closer to being subject to a comprehensive and far-reaching regulatory regime.
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(http://www.mofo.com/files/Uploads/Documents/100216RegReformCMG.pdf)
Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.
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