Second Amendment to Effective Date for Swap Regulation


On May 10, the Commodity Futures Trading Commission issued a notice of a proposed second amendment that extends the CFTC’s prior grant of temporary relief from certain swap-related provisions of the Dodd-Frank Wall Street Reform and Consumer Protection Act.

The proposed amendment includes four changes. First, the definitions of the terms “swap dealer,” “major swap participant,” and “eligible contract participant” are excluded from the proposed order, because they were defined on April 18. Second, the CFTC proposes to extend the effective date for swap regulation from July 16 to December 31 or until the CFTC’s rules and regulations go into effect. The amended order also provides that agricultural swaps may be cleared in the same manner as any other swap without the need for additional guidance from the CFTC. Finally, the relief for exempt commercial markets (ECM) and exempt boards of trade (EBOT) previously granted by the Commission will expire on the effective date of the designated contract market (DCM) or swap execution facility (SEF) rules, whichever is later, unless the ECM or EBOT files a DCM or SEF application on or before the effective date of the DCM or SEF final rules, in which case the relief will remain in place during the pendency of the application.

The proposal will be published in the Federal Register for a 14 day comment period.

Click here for more information.


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.

© Katten Muchin Rosenman LLP | Attorney Advertising

Written by:


Katten Muchin Rosenman LLP on:

Readers' Choice 2017
Reporters on Deadline

"My best business intelligence, in one easy email…"

Your first step to building a free, personalized, morning email brief covering pertinent authors and topics on JD Supra:

Sign up to create your digest using LinkedIn*

*By using the service, you signify your acceptance of JD Supra's Privacy Policy.

Already signed up? Log in here

*With LinkedIn, you don't need to create a separate login to manage your free JD Supra account, and we can make suggestions based on your needs and interests. We will not post anything on LinkedIn in your name. Or, sign up using your email address.