Energy Industry Prepares for CFTC Rulemakings and "Robust Oversight" in Swap
07 September 2010Energy Alert
The Dodd-Frank Wall Street Reform and Consumer Protection Act (the Act) will have a major impact on the energy industry. The Act dramatically expands the Commodity Futures Trading Commission's (CFTC) jurisdiction regarding over-the-counter derivatives and enables what Chairman Gary Gensler has promised to be "robust oversight" of the over-the-counter derivatives marketplace. The CFTC has identified 30 key subject areas that will require rulemaking. Because the Act leaves much to the CFTC's discretion, the choices made in the CFTC rulemaking processes will largely determine the regulatory impact to energy companies.