On October 21, 2009, the House Agriculture Committee approved the “Derivatives Markets Transparency & Accountability Act” (the “Agriculture Committee Bill”) as an amendment in the nature of a substitute for the “Over-the-Counter Derivatives Market Act of 2009” approved by the House Financial Services Committee on October 15, 2009. The Agriculture Committee Bill was first introduced on October 16, 2009 by Agriculture Committee Chairman Collin C. Peterson and is based on the Treasury’s proposed derivatives legislation issued in August 2009, which was discussed in Goodwin Procter’s August 27, 2009 Client Alert. The Agriculture Committee’s proposal also incorporates elements from its earlier bill (H.R. 977) approved by the Agriculture Committee in February 2009. Under the Agriculture Committee’s proposal, sweeping additions to the Commodity Exchange Act and the Securities Exchange Act would create an entirely new regulatory regime for derivatives market.
Alert October 27, 2009