Recognizing this risk, foreign jurisdictions have widely rejected the Dodd-Frank approach. For example, European lawmakers did not include an indemnification requirement in its derivatives reform package, known as European Market Infrastructure Regulation.
The unintended consequences of indemnification and plenary access have gained considerable attention among U.S. lawmakers. There now appears to be broad bipartisan and bicameral support in Congress for a legislative measure to correct these technical drafting errors. With concerns over extraterritoriality growing here and overseas, Congress must act to ensure that regulators continue to have access to as much information tomorrow as they do today.
Dan Cohen is managing director and head of government relations for the Depository Trust and Clearing Corp., a noncommercial cooperative that serves as the primary post-trade infrastructure organization for U.S. capital markets.
Rep. Bill Cassidy has his blood drawn by Alesha Barbour during a free hepatitis screening in the Rayburn House Office Building hosted by the Congressional Viral Hepatitis Caucus to recognize "National Viral Hepatitis Testing Day."
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