Joint Report on Retail Swaps as Required by Section 105(c) of the Commodity Futures Modernization Act of 2000

摘要

The Commodity Futures Modernization Act of 2000 (CFMA) requires the Board of Governors of the Federal Reserve System (Board), the Secretary of the Treasury (Treasury), the Commodity Futures Trading Commission (CFTC), and the Securities and Exchange Commission (SEC) to conduct a study of issues involving the offering of swap agreements to persons other than eligible contract participants. This Report responds to the CFMAs requirement that the agencies submit to Congress by December 21, 2001, the findings and conclusions of the study and their recommendations on whether any legislative action is necessary and appropriate. This Report does not cover retail swap agreements in foreign currency because Congress has addressed these transactions in the CFMAs revisions to the Treasury Amendment. However, in the CFMA, Congress did not address CEA issues involving retail swap agreements on underlying assets or instruments not covered in the clarifications to the Treasury Amendment. Instead, Section 105(c) of the CFMA posed the following topics for the agencies to investigate in the study: 1. The potential uses of swap agreements by persons other than eligible contract participants. 2. The extent to which financial institutions are willing to offer swap agreements to persons other than eligible contract participants. 3. The appropriate regulatory structure to address customer protection issues that may arise in connection with the offer of swap agreements to persons other than eligible contract participants. 4. Such other relevant matters deemed necessary or appropriate to address.