Law360, New York (February 04, 2009, 12:00 AM ET) -- With new regulation of credit default swaps seemingly a foregone conclusion, state regulators are making their case that the states should take the lead in overseeing the multitrillion-dollar market.
Testifying before the U.S. House Agriculture Committee on Wednesday, Assemblyman Joseph D. Morelle of New York made the case that covered credit default swaps — where holders of the CDS also hold an interest in the underlying asset — are in essence insurance products and should be regulated the same as other insurance products.
Morelle, the chairman...
State Insurance Regulators Enter CDS Oversight Fray
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