Complex sentence: The Commodity Futures Modernization Act of 2000 ("CFMA") is United States federal legislation that clarified that most'over-the-counter derivatives' would not be subject to regulation by barring the CFTC, the SEC, and the states from regulating these products.
Split into simpler sentences: The Commodity Futures Modernization Act of 2000 ("CFMA") is United States federal legislation that removed government oversight from a certain type of financial product, called'over-the-counter derivatives'. The law barred the CFTC, the SEC, and the states from regulating these products.