CFTC Issues Interim Final Rule With Respect to Reporting Requirements for Pre-Enactment Swaps

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The Commodity Futures Trading Commission (the CFTC) recently adopted an interim final rule with respect to the time frame for reporting pre-enactment swaps (i.e., swaps outstanding on July 21, 2010, the date of enactment of the Dodd-Frank Wall Street Reform and Consumer Protection Act1 (the Dodd-Frank Act)) as required by Section 729 of the Dodd-Frank Act. The interim final rule requires that certain information related to these transactions be reported to a registered swap data repository or to the CFTC within 60 days of the appropriate swap data repository’s registration under Section 21 of the Commodity Exchange Act (CEA), or by another date to be established in the permanent rule adopted by the CFTC pursuant to the new Section 2(h)(5) of the CEA (which is found in Section 723 of the Dodd-Frank Act). At this time, the final text of the interim final rule has not been published in the Federal Register. However, the CFTC staff provided a summary of the rule when it was presented to the commissioners at an open meeting held on October 1, 2010. In addition, the CFTC has issued a press release and a Q&A discussing the interim final rule.

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