The Securities and Exchange Commission and the Commodity Futures Trading Commission will jointly host a two-day public roundtable “to discuss the schedule” for implementing final rules to regulate the derivatives market, the SEC announced today in a statement. The event is scheduled to begin on May 2.

“The roundtable will provide the public with the opportunity to comment on whether to phase implementation of the new requirements,” the SEC said in the release. “Public comments on Title VII have helped inform the Commissions as to what requirements can be met sooner and which ones will take more time. The roundtable is intended to supplement the comments received to date.”

As mandated by the Dodd-Frank Act, the proposed rule, released jointly by the agencies in December, would authorize the CFTC to regulate over-the-counter derivatives and swaps, the SEC to regulate security-based swaps, and both agencies to regulate mixed swaps. The Division of Trading and Markets  has met with 40 companies and associations about the rule since August. 11 comments were submitted during the comment period, which ended on April 4.

This is the second roundtable the agencies will host to discuss this rule; the first, which focused on capital and margin requirements for swap dealers and participants, took place in December. The timeline of the rule's implementation emerged as a source of interest for participants at that event. “We're very sensitive to the fact that the requirements in terms of when we have to adopt rules don't preclude us from providing appropriate timeframes for people to adjust in reacting to them and dealing with them,” said John Ramsay, deputy director in the SEC's Division of Trading and Markets, at the conclusion of first roundtable, according to its transcript.

compliance dates for new rules for existing trading platforms and clearinghouses and the registration and compliance with rules for new platforms, such as swap and security-based swap execution facilities, and data repositories for swaps and security-based swaps;

compliance dates for new requirements for dealers and major participants in swaps and security-based swaps;

implementation of clearing mandates;

compliance dates for financial entities such as hedge funds, asset managers, insurance companies and pension funds subject to a clearing mandate and other requirements;

The roundtable next month will have panel discussions on the following topics, according to the release: and considerations with regard to non-financial end users.

The event will be held from 9:30 am to 4:00 pm at the CFTC's Headquarters and will be open to the public with seating on a first-come, first-serve basis, and can also be heard by telephone.

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