The Securities Industry and Financial Markets Association (SIFMA) has released the following statement from Ken Bentsen, executive vice president (EVP), public policy and advocacy, regarding the legislation that would extend the effective implementation date for the derivatives-related section of the Dodd-Frank Act.
“We believe that the current 21 July 2011 deadline for the derivatives section of Dodd-Frank rulemaking does not provide adequate time for regulators to consider the critical issues related to this new regulatory system for over-the-counter [OTC] derivatives markets. This legislation would provide additional time for regulators to draft rules, conduct additional cost-benefit analysis and consider the cumulative impacts of these rules on the market and how they would affect businesses and consumers. We applaud the Agriculture Committee for recognising the need for regulators and the industry to get these new rules right and for passing this legislation.”
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