CFTC Issues Final Order to Provide Temporary Relief from Provisions of the Dodd-Frank Act Slated to Become Effective on July 16, 2011 and Releases Agenda for Upcoming Meetings

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On July 14, 2011, the Commodity Futures Trading Commission (CFTC) finalized its order providing temporary exemptive relief from certain provisions of Title VII of the Dodd-Frank Wall Street Reform and Consumer Protection Act (the Dodd-Frank Act) that would otherwise take effect tomorrow (July 16, 2011). A copy of the final order is available here. According to the final order’s preamble and a press release issued by the CFTC, the final order is essentially the same as the corresponding proposed order originally published by the CFTC on June 17, 2011. A copy of Sutherland's Legal Alert addressing the CFTC’s proposed order is available here.

Temporary Relief From Certain Provisions of the Dodd-Frank Act Provided by the CFTC’s Final Order

The CFTC's order provides temporary exemptions from certain provisions of the Commodity Exchange Act (the CEA) in two parts:

The first part provides temporary relief from provisions of the CEA added or amended by the Dodd-Frank Act that reference one or more terms such as “swap,” "swap dealer," "major swap participant," and "eligible contract participant" which the Dodd-Frank Act requires to be further defined. These provisions are listed in Category 2 of the Appendix to the CFTC's final order. The temporary relief under this portion of the order will expire upon the earlier of: (1) the effective date of the applicable final rule further defining the relevant term; or (2) December 31, 2011.

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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