Financial Markets Regulatory Roundtable: Over-the-Counter Derivatives and Private Fund Provisions of the Financial Regulatory Reform Legislative Proposals Pending in Congress: An Update for Market Participants, Dealers, Funds, and Advisers

In December 2009, the US House of Representatives passed the Wall Street Reform and Consumer Protection Act by a vote of 223-202. The debate on overhauling how the financial services industry is regulated now continues in the US Senate. Two areas facing substantial regulation in the new legislation are over-the-counter (OTC) derivatives and private investment funds. Among the areas we will cover are:

• Registration and regulation for OTC derivative dealers and other major market participants.
• Centralized clearing and exchange trading of derivatives.
• Registration, reporting, and record-keeping requirements for private fund advisers.
• An overview of the House bill's provisions on OTC derivatives and private funds and an update on the current status of the Senate bill.