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  • Countdown Starts To Implement Financial Reform Legislation in U.S.

  • More on This Topic

  • Dodd-Frank at a Glance

  • Financial Reform in Europe

  • European Commission Unveils Proposed Financial Reform Legislation

  • EMIR at a Glance

  • DTCC's Repositories

  • DTCC and EMIR

  • The process for implementing a bill involves multiple stages in the U.S. Here’s how it works in the case of Dodd-Frank and the Commodity Futures Trading Commission (CFTC).

    • CFTC staff review the Dodd-Frank bill to identify rulemakings that fall within their jurisdiction.
    • The staff draft proposed rules and present them during an open meeting to the five CFTC Commissioners, who vote to approve or disapprove
    • If approved, the rules are published in the Federal Register and are then subject to a public comment period, which typically lasts between 30 and 60 days.
    • At the conclusion of this process, the CFTC reviews the comments and may make revisions to the rules.
    • The rules are again presented to the Commissioners during a public meeting and voted up or down.
    • Approved rules are implemented either immediately or phased-in over a period of months or years.