Depending on who you talk to, a bill passed in the House of Representatives this week will either harmonize derivatives rulemaking that is inefficiently split between the Securities and Exchange Commission and Commodity Futures Trading Commission, or unravel the Dodd-Frank Act’s efforts to disallow cross-border practices used to sneak trades past U.S. oversight.
H.R. 1256, the Swap Jurisdictional Certainty Act, passed in the House on Wednesday by a vote of 301 to 124. It would require the SEC and CFTC to have identical cross-border rules.
