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The Regulation of Swaps and Derivatives and Its Impact on Business After Dodd-Frank
The Dodd-Frank Wall Street Reform Act (the “Dodd Act”) is the most significant financial legislation since the Depression-era reforms 75 years ago. It was signed into law on July 21, 2010 and is 2,300 pages long. Despite its length, it is a more like a set of guidelines than a specific law, with a directive to regulators to craft regulations to take control of a vast and complicated financial system. The law itself required regulators to draft and finalize these regulations within one year. It did not happen that way. As of the third anniversary of the Dodd Act, according to one law firm’s estimates, even though 13,789 pages of rules containing 15 million words have been written by ten different regulators, the process is only 39% complete. At this pace it would take several more years to complete. For a large number of businesses, one segment of the law affects them the most: the regulation of swaps that they use to hedge against price swings for things like commodities or interest rates. These businesses have become known as “end users” because they are at the end of the market and because they use swaps to reduce risk arising out of their commercial enterprise. In dollar terms, the end users are a small part of the overall market, less than 10%. But the number of end users is large. The U.S. Commodities Futures Trading Commission (“CFTC”) estimates that 125 entities will fit under the swap dealer (“SD”) definition, which is down from its estimate of 300 last year, while the number of end users may be greater than 100,000. This paper will focus on the end users and the major issues they are facing currently under the Dodd Act.
FTC's First Attempt to Crack Down on AI-Generated Fake Reviews
On August 14, the FTC announced its final rule banning fake reviews and testimonials.