Commodity Futures Modernization Act of 2000
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The Commodity Futures Modernization Act of 2000 (CFMA) is United States federal legislation that clarified most over-the-counter derivatives ( OTC derivatives ) transactions between sophisticated parties would not be regulated as futures under the Commodity Exchange Act (CEA) or as securities under the federal securities laws. Instead, the major dealers of those products (banks and securities firms) would continue to have their dealings in OTC derivatives supervised by their federal regulators under general safety and soundness standards. Functional regulation of derivatives products by the…mehr

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The Commodity Futures Modernization Act of 2000 (CFMA) is United States federal legislation that clarified most over-the-counter derivatives ( OTC derivatives ) transactions between sophisticated parties would not be regulated as futures under the Commodity Exchange Act (CEA) or as securities under the federal securities laws. Instead, the major dealers of those products (banks and securities firms) would continue to have their dealings in OTC derivatives supervised by their federal regulators under general safety and soundness standards. Functional regulation of derivatives products by the Commodity Futures Trading Commission (CFTC) was rejected for continued entity-based supervision of OTC derivatives dealers. Before and after the CFMA, federal banking regulators imposed capital and other requirements on banks that entered into OTC derivatives.