H.R.3300 - Derivative Trading Accountability and Disclosure Act

To provide increased transparency and regulatory requirements for the trading of certain derivative financial instruments. view all titles (2)

All Bill Titles

  • Official: To provide increased transparency and regulatory requirements for the trading of certain derivative financial instruments. as introduced.
  • Short: Derivative Trading Accountability and Disclosure Act as introduced.

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Introduced
 
House
Passes
 
Senate
Passes
 
President
Signs
 

 
07/21/09
 
 
 
 
 
 
 

Official Summary

7/22/2009--Introduced.Derivative Trading Accountability and Disclosure Act - Establishes within the Department of the Treasury the Office of Derivatives Supervision (Office) to: (1) implement this Act and oversee the registration of derivatives traders; (2) coordinate with the Securities a

Official Summary

7/22/2009--Introduced.Derivative Trading Accountability and Disclosure Act - Establishes within the Department of the Treasury the Office of Derivatives Supervision (Office) to:
(1) implement this Act and oversee the registration of derivatives traders;
(2) coordinate with the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) in developing comprehensive, standardized regulations for derivatives transactions; and
(3) facilitate information exchange among specified agencies regarding the development of derivatives regulations. Makes it unlawful for any unregistered derivatives trader to make use of the mails or any means or instrumentality of interstate commerce to effect any transactions in, or to induce or attempt to induce the purchase or sale of any type of derivative. Prescribes registration requirements for derivatives traders. Grants the SEC and CFTC authority to:
(1) issue separate proposed regulations imposing specified requirements governing trading in the derivative instruments over which each Commission has jurisdiction;
(2) impose civil penalties;
(3) issue cease and desist orders; and
(4) order an accounting and disgorgement. Requires the Office to invite representatives of the SEC, the CFTC, regulators of domestic and foreign boards of trade, and other experts, to participate in a working group of international regulators to review international standards in order to evaluate international regulations regarding harmonization of substantive commodities and securities regulation for economically equivalent instruments.

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