On December 18, 2012, the US Commodity Futures Trading Commission’s (the “Commission”) approved interim final rules (the “Interim Final Rules”) for swap dealers (“SDs”) and major swap participants (“MSPs”) that delay compliance with certain business conduct and documentation requirements under Part 23 of the Commission’s Regulations until May 1, 2013 and July 1, 2013 (as discussed below).
SDs and MSPs have not only received some relief in the meantime from such requirements, but this also likely gives market participants a little more time to adhere to the ISDA August 2012 Dodd-Frank Protocol (the “Protocol”).
The Commission has requested comments (to be received no later than 30 days after the date of publication of the Interim Final Rules in the Federal Register) and notes that it will revise the Interim Final Rules, if warranted.
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Topics: Business Conduct Standards, CFTC, Compliance, Dodd-Frank, ISDA, Major Swap Participants, Required Documentation, Swap Dealers, Swaps
Published In: Administrative Agency Updates, Finance & Banking Updates, Securities Updates
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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