NERA Vice President Dr. Sharon Brown-Hruska and Morrison and Foerster's David Kaufman presented a webinar on the implementation and economic consequences of the Wall Street Transparency and Accountability Act of 2010. The Act, part of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010, envisions sweeping reform of the over-the-counter derivatives markets, and requires regulators, including the Commodity Futures Trading Commission and the Securities and Exchange Commission, to conduct numerous rulemaking proceedings and studies over the course of the next few months and into the coming years. This two-hour webinar, hosted by the Practicing Law Institute, addressed topics including: the new key definitions; exceptions/exemptions available; treatment of existing swaps; the cost, risks, and challenges of central counterparty clearing; margin and collateral issues; the impact of "Volcker Rule" and pushout provisions; reporting obligations; fiduciary duty and business conduct standards; Basel III proposals relating to derivatives; and other areas of additional rulemaking still to come.