Title VII of the Dodd Frank Wall Street Reform and Consumer Protection Act (the Dodd-Frank Act), entitled “Wall Street Transparency and Accountability Act,” contains significant reforms of the over-the-counter derivatives markets. The actual extent of many of these reforms may turn on the extent of regulatory “reach” under Title VII, which in turn will be determined by the meaning to be given to certain key terms used in Title VII. Importantly, Section 712(d) of the Dodd-Frank Act requires that the Commodities and Futures Trading Commission (CFTC) and the Securities and Exchange Commission (SEC), in consultation with the Federal Reserve Board, jointly further define these key terms.

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