The Derivative Project
Americans coming together to build sustainable value.

Testimony and Comments


The Derivative Project has moved!  Visit our new site here:

Blog.thederivativeproject.com




A Summary of The Derivative Project Congressional Testimony and Public Comments

Part of The Derivative Project’s mission is to assist individual investors in education and access to transparent capital markets that will serve to reduce future regulatory costs and to create vibrant markets to rebuild sustainable economic development, not speculative gains from betting on the demise of a corporation or government through speculative bets on credit default swaps.

February 2009

House of Representatives Committee on Agriculture Hearing to Review Derivative Legislation

Susan Seltzer Written Testimony on Page 268

http://www.docstoc.com/docs/20095823/HEARING-TO-REVIEW-DERIVATIVES- LEGISLATION----House-Congressional-Report-111th-Congress-2009

Susan Seltzer Written Testimony on Page 266, linked to here.


                      Wednesday, February 4, 2009


Lucas, Hon. Frank D., a Representative in Congress from Oklahoma, 
  opening statement..............................................   112
Peterson, Hon. Collin C., a Representative in Congress from 
  Minnesota, opening statement...................................   111
    Prepared statement...........................................   112


                               Witnesses


Masters, Michael W., Founder and Managing Member/Portfolio 
  Manager, Masters Capital Management, LLC, St. Croix, U.S. VI...   113
    Prepared statement...........................................   114
    Supplemental material........................................   262
Short, Johnathan H., Senior Vice President and General Counsel, 
  IntercontinentalExchange, Inc., Atlanta, GA....................   132
    Prepared statement...........................................   134
Taylor, Gary W., CEO, Cargill Cotton Company, Cordova, TN; on 
  behalf of National Cotton Council; American Cotton Shippers 
  Association; and AMCOT.........................................   137
    Prepared statement...........................................   139
Pickel, Robert G., Executive Director and CEO, International 
  Swaps and Derivatives Association, New York, NY................   141
    Prepared statement...........................................   143
Morelle, Hon. Joseph D., Assemblyman and Chairman, Standing 
  Committee on Insurance, New York Assembly; Chairman, Financial 
  Services and Investment Products Committee, National Conference 
  of Insurance Legislators, Troy, NY.............................   147
    Prepared statement...........................................   150
Concannon, Christoper R., Executive Vice President, Transaction 
  Services, NASDAQ OMX, New York, NY.............................   179
    Prepared statement...........................................   180
Hale, William M., Senior Vice President, Grain and Oilseed Supply 
  Chain North America, Cargill, Incorporated, Wayzata, MN; 
  accompanied by David Dines, President, Risk Management, 
  Cargill, Incorporated..........................................   185
    Prepared statement...........................................   187
Cooper, Karl D., Chief Regulatory Officer, NYSE Liffe, LLC, New 
  York, NY; on behalf of NYSE Euronext...........................   192
    Prepared statement...........................................   194
Cicio, Paul N., President, Industrial Energy Consumers of 
  America, Washington, D.C.......................................   196
    Prepared statement...........................................   197
Brickell, Mark C., CEO, Blackbird Holdings, Inc., New York, NY...   200
    Prepared statement...........................................   202
Book, Thomas, Member of the Executive Boards, Eurex and Eurex 
  Clearing AG, Frankfurt am Main, Germany........................   215
    Prepared statement...........................................   217
Kaswell, Stuart J., Executive Vice President and General Counsel, 
  Managed Funds Association, Washington, D.C.....................   223
    Prepared statement...........................................   224
Rosen, J.D., Edward J., Partner, Cleary Gottlieb Steen & Hamilton 
  LLP, New York, NY; on behalf of Securities Industry and 
  Financial Markets Association..................................   232
    Prepared statement...........................................   233
Weisenborn, Brent M., CEO, Agora-X, LLC, Parkville, MO...........   241
    Prepared statement...........................................   243
Fewer, Donald P., Senior Managing Director, Standard Credit 
  Group, LLC, New York, NY.......................................   245
    Prepared statement...........................................   247


                           Submitted Material


Chilton, Hon. Bart, Commissioner, U.S. CommodityFutures Trading 
  Commission, submitted statement................................   261
Jacoby, A. James, President, Standard Credit Securities, Inc., 
  submitted statement............................................   270
McDermott, Steve, COO, ICAP, submitted letter....................   272
National Grain and Feed Association, submitted statement.........   264
Seltzer, Susan O., Former Assistant Vice President, Synthetic 
  Securities, U.S. Bank, submitted letter and statement..........   266


 
               HEARING TO REVIEW DERIVATIVES LEGISLATION



November 2010

Comment to SEC on Proposed Money Market Reform
www.sec.gov/comments/4-619/4619-1.pdf

December 3, 2010

The Derivative Project met with three SEC Commissioners concerning Investor Protection Issues, the role of the SEC Investor Advocate and Proposed a New Paradigm for SEC Registered Investment Adviser Fiduciary and discussed current enforcement issues under Investment Advisors Act of 1940 and SEC enforcement of  US taxpayer losses from improper reporting of derivative positions.


SECInvestorAdvocateDec32010.pdf
291.6 KB


blog.thederivativeproject.com/.../TDP_SECInvestorAdvocateDec320...


December 30, 2010

The Derivative Project is quoted in this study, based on submissions to SEC:
Staff Study on Investment Advisers and Broker Dealers
www.sec.gov/news/studies/2011/913studyfinal.pdf

January 2011

Comment to Department of Labor on Proposed Definition of Fiduciary for Retail Retirement Plans, including IRA’s
www.dol.gov/ebsa/pdf/1210-AB32-028.pdf

February 17, 2011

Comments on 265-26 by Susan O. Seltzer, President, The ... - SEC www.sec.gov/comments/265-26/265-26-52.pdf

August 26, 2011

Memorandum to Title IX of Dodd Frank
Telephone Conversation with Susan Seltzer and Office of the Chairman, SEC, regarding Investor Protection

www.sec.gov/comments/df-title...advocate/investoradvocate-21.pdf

February 2012

Proposal to House Financial Services
Reduce Systemic Risk posed by speculative, uncollateralized credit default swaps, by moving them to regulated exchanges
blog.thederivativeproject.com/.../February_23,_2012_HFS_CDS_Fin...

March 9, 2012

blog.thederivativeproject.com/.../SEC_Request_for_Consulting.pdf Letter Submitted to SEC Chairman Mary Shapiro
RE: Four Crucial Investor Protections Issues that Cannot Wait for SEC Investor Advocate Appointment

April 3, 2012

The Derivative Project Submits Petition for Rule Making at the SEC, following March 9, 2012 Letter to SEC

Request for rulemaking to reestablish the original congressional intent for a clear dichotomy between "Salesperson" and "Investment Adviser" under the Investment Advisers Act of 1940

http://www.sec.gov/rules/petitions.shtml


May 29 , 2012

Written Comment to CFTC from The Derivative Project

The Derivative Project appreciates the opportunity to submit comments on the proposed “Restrictions on Proprietary Trading and Certain Interests in, and Relationships with, Hedge Funds and Private Equity Funds,”

http://comments.cftc.gov/PublicComments/

“We urge an immediate, thorough analysis of the on-going use of credit default swaps in over-the- counter derivative markets. We attach a proposal sent to the House Financial Services Committee, submitted on February 23, 2012.”

September 26, 2012

 Letter to SEC Chairman Shapiro and SEC Investor Advisory Committee

Money_Market_Reform_092612.pdf
238.8 KB


January 13, 2013

SEC_Investor_Advisory_Comments_11213-2.pdf
108.3 KB


November 14, 2013

Comments to SEC Investor Advisory Committee


The Derivative Project appreciates the opportunity to resubmit Petition for Rule Making, SEC File #4-648 originally submitted to the SEC on April 3, 2012 for consideration by the SEC Dodd-Frank Investor Advisory Committee, as it relates to their November 22, 2013 Agenda on a "fiduciary standard for broker-dealers."




Script embedded in HTML

Website Builder