New York and SEC Move to Regulate Credit Default Swaps
On September 22, 2008, New York Governor David Paterson announced that New York State will regulate part of the credit default swap market, and the New York State Department of Insurance (the “NYS Department of Insurance”) issued guidelines concerning this market. On September 23, 2008, SEC Chairman Christopher Cox asked Congress to grant the SEC jurisdiction over the credit default swap market. There has been a large volume of preliminary commentary, much of which appears to be inaccurate, regarding these developments. This newsflash is intended to report what we understand to be the current state of affairs.
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