An article focused on the Securities and Exchange Commission’s (SEC) regulatory agenda quoted Diana about the implementation of the Dodd-Frank Act. Her commentary focused on the timeline for the Volcker Rule. She emphasized the need for interagency and international harmonization so there would not be jurisdictional battles.

At the GFMI Collateral Management Conference, Diana spoke on multiple panels about the impact of the Dodd-Frank Act on collateral management. In particular she discussed liquidity and collateral optimization, emphasizing the impact on banks and the new regulatory frameworks for the swap and security-based swaps markets.

The ABA seeks CFTC and SEC rulemaking, an interpretive letter, exemptive relief, or other guidance on the eligible contract participant (ECP) definition. As a result of Dodd-Frank Act rulemaking implementation effective October 12, 2012, only ECPs are able to enter into over-the-counter swaps. Banks need clarity on the ECP definition and it has a particular impact on small and medium-sized businesses. The CFTC issued a No-Action and Interpretation Letter on the implementation date.

This article focuses on the implementation of the new regulations for the swap markets, including registration, reporting, business conduct, and other requirements. It also discusses the cross-border implications for swap dealers and major swap participants. Diana is quoted as encouraging the CFTC to adhere to its pledge to work with market participants to ensure a smooth transition.

The article provides an overview of the role of clearing and the Dodd-Frank Act mandate to move most swaps to clearinghouses. It forecasted an exemption for banks with less than $10 billion in assets that use swaps to hedge and mitigate risk. Diana is quoted as advocating for a risk-based measurement because it will better reflect potential market risk.