CFTC Hosts End-User Roundtable

The Commission responds to issues facing end-users as a result of derivatives reforms.

Title VII of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act) amended the Commodity Exchange Act (CEA) to establish a comprehensive regulatory framework for swaps. Since 2010, the US Commodity Futures Trading Commission (CFTC) has issued numerous regulations, no-action letters and interpretations implementing the Dodd-Frank Act. Although many of these regulations are aimed specifically at new categories of registered entities, such as swap dealers, major swap participants and swap execution facilities (SEFs), the CFTC’s rulemakings impose certain compliance obligations that affect all market participants, including commercial end-users and other unregistered entities. The CFTC has received numerous comments and requests for clarification from end-users and other non-registrants who have been impacted by the Dodd-Frank Act. Accordingly, the CFTC and its staff hosted a public roundtable (Roundtable) on April 3, 2014 to discuss the issues end-users face as a result of the derivatives reforms the CFTC adopted pursuant to the Dodd-Frank Act, namely:

• The obligations of end-users and other non-registrants under CFTC Regulation 1.35 concerning recordkeeping requirements for commodity interest transactions and related cash or forward transactions

• The appropriate regulatory treatment of forward contracts with embedded volumetric optionality

• The appropriate regulatory treatment for purposes of the US$25 million special entity de minimis threshold for swap dealing to government-owned electric utilities...

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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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