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Return to Comments
Margin and Capital Requirements for Covered Swap Entities (Proposed Rule)
Type: Regulation
Federal Register Document Type: Reproposed
Description:
FCA is seeking comment on a proposed joint rule to establish minimum margin and capital requirements for registered swap dealers, major swap participants, security based swap dealers; and major security based swap participants for which the FCA is a prudential regulator.


Text of Comment Letter
We do not see how the Basel Committee on Banking Supervision and the Bank for International Settlements should govern the laws of the United States of America.
 
We elect none of the Board
 
We cannot see what court of law would have jurisdiction over for judicial action.
 
Board of the International Organization of Securities Commissions has no jurisdiction under the laws of the United States of America.   Securities and Exchange Commission and Commodity Futures Trading Commission are members, not the country.
 
Are conferences from membership organizations and not the Rule of Law governing our financial markets?
 
We elect representatives and expect the governance to stem from the US Constitution.
 
Swaps, derivatives under any name are highly speculative.  Legal entities should be held responsible, not consolidated groups.
 
Joyce Dillard
P.O. Box 31377
Los Angeles, CA 90031
 
 
 

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