Witnesses testified on the implementation of Title VII of the Dodd-Frank financial regulations law, which deals with over-the-counter derivatives and swaps market regulations. Commodity Futures Trading Commission Chairman Gary Gensler said that his agency was making progress in fully implementing the law. Robert Cook testified that the Securities and Exchange Commission was continuing with a complex rule-making process. Then a panel of financial industry stakeholders and representatives testified about concerns such as compliance costs and lack of clarity in the rules and definitions.