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Australia to get Dodd-Frank Thumbs Up

Risk Magazine is reporting the Australia is set to get positive approval from the CFTC for the purposes of substituted compliance, enabling Australian firms to follow local rules in order to comply with the Dodd-Frank Act.

According to the article, specific areas where approval is expected include:

  • internal and external business conduct;
  • capital requirements;
  • trade data storage;
  • clearing requirements;
  • risk management procedures for monitoring of position limits;
  • business continuity planning; and
  • conflicts of interest.

However, substituted compliance is not expected to be granted in several other areas, including:

  • restrictions on counterparty clearing relationships;
  • clearing member risk; and
  • large trade reporting.


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