SEC Asks Congress To Nix Dodd-Frank Indemnification Rule

Law360, New York (March 21, 2012, 4:09 PM EDT) -- The U.S. Securities and Exchange Commission urged lawmakers Wednesday to remove parts of the Dodd-Frank Act that could hinder the ability for international regulators to share data on the $700 trillion swaps market.

The SEC and a number of other financial agencies around the world want Congress to nix provisions of the Wall Street reform law that would require foreign regulators to indemnify the SEC and swap-data repositories before accessing confidential market information held by the repositories.

Under the Dodd-Frank law, if someone were to sue...
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