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The relevant federal financial regulatory agencies will have access, on a confidential basis, to the OTC derivative transactions and the open positions of market participants, and the public will have access to aggregated data on trading volumes and open positions. A key component to achieving this transparency will be new reporting requirements imposed on all current and future market participants obligating them to disclose the terms of swaps to either a registered swap repository or the CFTC. This requirement relates both to swaps entered into prior to the effective date of the proposed legislation, as well as swaps entered into after such date. As currently drafted, the legislation would require that all swaps entered into prior to the enactment of the legislation be reported to an approved swap repository or the CFTC.

For further information on financial regulatory reform and securities laws, please contact your principal Squire Sanders lawyer or one of the individuals listed in this Alert.

The contents of this update are not intended to serve as legal advice related to individual situations or as legal opinions concerning such situations. Counsel should be consulted for legal planning and advice.

©Squire, Sanders & Dempsey L.L.P. All Rights Reserved 2009

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