SEC, CFTC Preparing OTC Derivatives Legislation

Law360, New York (June 11, 2009, 12:00 AM EDT) -- The U.S. Securities and Exchange Commission and the U.S. Commodity Futures Trading Commission are reportedly in the process of drafting legislation to increase their ability to regulate over-the-counter derivatives, splitting the oversight responsibility between them.

The legislation being drafted shows that plans to combine the two agencies are increasingly unlikely to come to fruition, Reuters reported Wednesday, citing sources familiar with the discussions who said the agencies will likely share regulatory authority of OTC derivatives. The Obama administration's early idea to combine the two agencies has...
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