Jurisdiction(s):
United Kingdom

Key definition

Dodd-Frank definition

What does Dodd-Frank mean? In legal practice, “Dodd‑Frank” describes the United States’ Dodd‑Frank Wall Street Reform and consumer Protection Act 2010, a federal statute enacted after the financial crisis and used as shorthand for the post‑crisis US financial regulatory framework. It is legislation (not a UK or Irish legal term) and is commonly referenced in cross‑border matters. Key features include: the Volcker Rule (limits on proprietary trading and certain fund activities), derivatives regulation under Title VII (SEC/CFTC oversight, central clearing, margin and swap‑dealer registration), the Consumer Financial Protection Bureau (CFPB), enhanced prudential standards and stress testing for large institutions, the Financial Stability Oversight Council...

Dodd‑Frank United States derivatives regulation: swap/security‑based swap definitions, dealer/MSP registration, clearing, reporting, end‑user exemption, ISDA protocols and cross‑border issues for UK lawyers

Published by a LexisNexis Financial Services expert

Practice notes

Background to the Dodd-Frank Act

After the 2008 turmoil in US capital markets, the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 was adopted to strengthen regulation of the US financial system. In relation to financial Derivatives, Dodd-Frank:

requires the registration and supervision of ‘swap dealers’ and ‘major swap participants’ (both terms are discussed below)
imposes clearing and trade execution obligations on standardised Derivative contracts
mandates record-keeping and data reporting for swaps, including real-time public disclosure
expands federal agencies’ oversight of the swaps sector

Under Dodd-Frank, the US Commodity Futures Trading Commission (CFTC), which supervises the futures and options markets, and the US Securities and Exchange Commission (SEC) jointly oversee derivatives. The CFTC regulates ‘swaps’ under the Commodity Exchange Act (CEA), while the SEC regulates ‘security-based swaps’ under the Securities Exchange Act of 1934, as amended (the Exchange Act). The CFTC and SEC share authority over ‘mixed swaps’, as defined in Section 721 (7 USCS § 6) of Dodd-Frank. These terms are defined and discussed in the ‘2012 Definitions Release’ below.

Swap dealers and major swap participants

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Web page updated on 21/05/2026

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