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CFTC Rulemaking Area Rule - Short Description Title of Federal Register Rule FR Final Rule
CFTC Rulemaking Area Rule - Short Description Title of Federal Register Rule FR Final Rule
CFTC Rulemaking Area
Rule - Short Description
Title of Federal Register Rule
FR Final Rule
FR Correction
FR Proposed
Effective Date
Compliance Date
Compliance Date Notes
Description
Clearing
Process for Review of Sw aps
Process for Review of Sw aps for Mandatory Clearing
76
FR 44464
9/26/2011
9/26/2011
As of the compliance date, DCOs must begin submitting to the Commission any sw ap,
or group, category, type, or class of sw aps that they plan to accept for clearing.
The CFTC adopted regulations to implement certain provisions of the Dodd-Frank Act. These regulations establish the process by
w
hich the CFTC w ill review sw aps to determine w hether the sw aps are required to be cleared.
1/9/2012
All provisions except those for w hich there is a compliance date of May 7, 2012 or
November 8, 2012.
5/7/2012
39.11, 39.12, 39.13 (except for 39.13(g)(8)(i)), 39.14
Clearing
DCO Core Principles
Derivatives Clearing Organization General Provisions and Core Principles
76
FR 69334
1/9/2012
11/8/2012
39.10(c), 39.13(g)(8)(i), 39.18, 39.19, 39.20
Final regulations to implement certain provisions of Title VII and Title VIII of the Dodd-Frank Act governing derivatives clearing
organization (DCO) activities. Regulations establish the regulatory standards for compliance w ith DCO Core Principles A
(Compliance), B (Financial Resources), C (Participant and Product Eligibility), D (Risk Management), E (Settlement Procedures), F
(Treatment of Funds), G (Default Rules and Procedures), H (Rule Enforcement), I (System Safeguards), J (Reporting), K
(Recordkeeping), L (Public Information), M (Information Sharing), N (Antitrust Considerations), and R (Legal Risk) set forth in
Section 5b of the CEA. CFTC also updated and added related definitions; adopted implementing rules for DCO chief compliance
officers (CCOs); revised procedures for DCO applications including the required use of a new Form DCO; adopted procedural
rules applicable to the transfer of a DCO registration; and added requirements for approval of DCO rules establishing a portfolio
margining program for customer accounts carried by a FCM that is also registered as a securities broker-dealer. In addition, CFTC
adopted certain technical amendments to parts 21 and 39, and adopted certain delegation provisions under part 140.
Clearing
Exemptions - End-User of Sw aps
End-User Exception to the Clearing Requirement for Sw aps
77
FR 42559
9/17/2012
See Notes
Parties w ho chose to elect the exception in this rule w ill need to comply w ith the
requirements applicable upon such election only after compliance w ith the proposed
clearing requirement rule begins.
Final regulations to implement certain provisions of the Dodd-Frank Act. These regulations govern the exception to the clearing
requirement available to sw ap counterparties meeting certain conditions under the CEA, as amended by the Dodd-Frank Act.
Clearing
Sw ap Clearing Requirement
Sw ap Transaction Compliance and Implementation Schedule: Clearing Requirement under
Section 2(h) of the CEA
77
FR 44441
9/28/2012
See Notes
See clearing requirement rules w hen finalized.
CFTC is adopting regulations to establish a schedule to phase in compliance w ith the clearing requirement under new section
2(h)(1)(A) of the CEA, enacted under Title VII of the Dodd-Frank Act. The schedule w ill provide additional time for compliance w ith
this requirement. This additional time is intended to facilitate the transition to the new regulatory regime established by the Dodd-
Frank Act in an orderly manner that does not unduly disrupt markets and transactions.
10/1/2012
For SDs and MSPs, the compliance date is the later of October 1, 2012 or the date the
SD/MSP registration rules are effective.
The CFTC adopted rules to implement new statutory provisions enacted by Title VII of the Dodd-Frank Act. These rules address:
See Notes
For FCMs, DCMs, and DCOs, these rules are effective October 1, 2012.
Clearing
Risk Management - DCOs
Customer Clearing Documentation, Timing of Acceptance for Clearing, and Clearing Member
Risk Management
77
FR 21278
10/1/2012
See Notes
For SEFs, the rules are effective on the later of October 1, 2012 or the date the rules
implementing the core principles for SEFs are effective.
documentation betw een a customer and a futures commission merchant that clears on behalf of the customer; timing of
acceptance or rejection of trades for clearing by derivatives clearing organizations and clearing members; and risk management
procedures of futures commission merchants, sw ap dealers, and major sw ap participants that are clearing members.
Proposed regulations to further implement new statutory provisions enacted by Title VII of the Dodd-Frank Act. Specifically, the
CFTC proposes requirements on the resolution of conflicts of interest in order to further implement core principles applicable to
DCOs, DCMs, and SEFs. Such substantive requirements address reporting, transparency in decision-making, and limitations on use
Governance Requirements for Derivatives Clearing Organizations, Designated Contract
Markets, and Sw ap Execution Facilities; Additional Requirements Regarding the Mitigation of
or
disclosure of non-public information, among other things. For DCOs and DCMs, the CFTC also proposes regulations to implement
core principles concerning governance fitness standards and the composition of governing bodies. Finally, for publicly-traded
Clearing
Governance & Conflicts of Interest
Conflicts of Interest
76 FR 722
N/A
DCMs, the CFTC proposes regulations to implement the core principle on diversity of Boards of Directors.
Clearing
Systemically Important DCO Rules
Financial Resources Requirements for Derivatives Clearing Organizations
75
FR 63113
N/A
Proposed rules to implement new statutory provisions enacted by Title VII and Title VIII of the Dodd-Frank Act. The proposed
regulations establish financial resources requirements for DCOs for the purpose of ensuring that they maintain sufficient financial
resources to enable them to perform their functions in compliance w ith the CEA and the Dodd-Frank Act.
Proposed rule to exempt sw aps betw een certain affiliated entities w ithin a corporate group from the clearing requirement (the
``inter-affiliate clearing exemption'' or the ``proposed exemption'') under Section 2(h)(1)(A) of the CEA. The CFTC also is proposing
rules that detail specific conditions counterparties must satisfy to elect the proposed inter-affiliate clearing exemption, as w ell as
reporting requirements for affiliated entities that avail themselves of the proposed exemption. The CFTC has finalized a rule that
addresses sw aps that are subject to the end-user exception. Counterparties to inter-affiliate sw aps that qualify for the end-user
exception w ould be able to elect to not clear sw aps pursuant to the end-user exception or the proposed rule. The proposed rule
does not address sw aps that an affiliate enters into w ith a third party that are related to inter-affiliate sw aps that are subject to
the end-user exception. The CFTC intends separately to propose a rule addressing sw aps betw een an affiliate and a third party
Clearing
Exemptions - Affiliated Entities
Clearing Exemption for Sw aps Betw een Certain Affiliated Entities
77
FR 50425
N/A
w
here the sw aps are used to hedge or mitigate commercial risk arising from inter-affiliate sw aps for w hich the end-user exception
Clearing
Clearing Determination - CEA Section 2(h)
Clearing Requirement Determination Under Section 2(h) of the CEA
77
FR 47169
N/A
Proposed regulations to establish a clearing requirement under new section 2(h)(1)(A) of the CEA, enacted under Title VII of the
Dodd-Frank Act. The regulations w ould require that certain classes of credit default sw aps (CDS) and interest rate sw aps (IRS),
described herein, be cleared by a derivatives clearing organization (DCO) registered w ith the CFTC. The CFTC also is proposing
regulations to prevent evasion of the clearing requirement and related provisions.
Proposed rule pursuant to its authority under Section 4(c) of the CEA allow ing cooperatives meeting certain conditions to elect not
to
submit for clearing certain sw aps that such cooperatives w ould otherw ise be required to clear in accordance w ith Section
Clearing
Exemptions - Cooperatives
Clearing Exemption for Certain Sw aps Entered Into by Cooperatives
77
FR 41940
N/A
2(h)(1) of the CEA.
The CFTC published an interim final rule to implement new statutory provisions introduced by Title VII of the Dodd-Frank Act.
Section 729 of the Dodd-Frank Act requires the CFTC to adopt, w ithin 90 days of enactment of the Dodd-Frank Act, an interim final
rule for the reporting of sw ap transactions entered into before July 21, 2010 w hose terms had not expired as of that date ("pre-
enactment unexpired sw aps"). Pursuant to this mandate, the CFTC adopted an interim final rule requiring specified counterparties
to
pre-enactment unexpired sw ap transactions to report certain information related to such transactions to a registered sw ap data
repository or to the CFTC by the compliance date to be established in reporting rules required under Section2(h)(5) of the CEA, or
w
ithin 60 days after an SDR becomes registered under Section 21 of the CEA, w hichever occurs first. An interpretive note to the
rule advises that counterparties that may be required to report to an SDR or the CFTC w ill need to preserve information pertaining
Data
Sw ap Data Requirements
Interim Final Rule for Reporting Pre-Enactment Sw ap Transactions
75
FR 63080
10/14/2010
See Notes
60
days from the date the appropriate SDR is registered w ith the Commission.
to
the terms of such sw aps.
The CFTC published for comment an interim final rule to implement new statutory provisions introduced by Title VII of the Dodd-
Frank Act. Section 723 of the Dodd-Frank Act amends Section 2 of the CEA by adding new Section 2(h)(5)(B), w hich directs that
rules adopted by the CFTC under this section shall provide for the reporting of "transition" sw aps--that is, sw aps entered into on
or
after the date of enactment of the Dodd-Frank Act and prior to the effective date of sw ap data reporting rules to implement
Data
Post-Enactment Sw ap Transactions
Reporting Certain Post-Enactment Sw ap Transactions
75
FR 78892
12/17/2010
12/17/2010
The compliance date and effective date are the same.
Section 2(h)(5)(B)--to a registered SDR or to the CFTC Each category of data is subject to a reporting timetable specified in Section
2(h)(5). In order to ensure the preservation of data pending implementation of rules implementing the sw ap data reporting
provisions of Section 2(h)(5)(B), the CFTC adopted an interim final rule directing specified counterparties to post-enactment, or
transition, sw ap transactions entered into prior to the effective date of the sw ap data reporting and recordkeeping rules
implementing Section 2(h)(5)(B) of the CEA to retain information pertaining to the terms of such sw aps
9/20/2011
Division of Market Oversight Conditional Relief for Reporting: issued September 16,
2011; provided relief from reporting until November 21, 2011 and January 20, 2012,
respectively, for cleared and uncleared sw aps (see below ).
11/21/2011
Reporting Date for Clearing Organizations and Clearing Members w ith Respect to
Cleared Sw aps.
1/20/2012
Reporting Date for Clearing Organizations and Clearing Members w ith Respect to
Uncleared Sw aps.
Data
Physical Sw aps - Large Trader Reporting
Large Trader Reporting for Physical Commodity Sw aps
76
FR 43851
9/20/2011
See Notes
Division of Market Oversight Conditional No-Action Relief for Less than Fully Compliant
Reporting: issued March 20, 2012; provides relief from fully compliant reporting until
July 2, 2012.
The CFTC adopted reporting regulations that require physical commodity sw ap and sw aption reports. The new regulations require
routine position reports from clearing organizations, clearing members and sw ap dealers and also apply to reportable sw ap trader
positions.
10/31/2012
Provisional registration accepted.
Data
SDR Core Principles
Sw ap Data Repositories: Registration Standards, Duties and Core Principles
76
FR 54538
10/31/2011
See Notes
Mandatory registration and compliance must occur on the effective date of the final
rule providing further definition of "sw ap".
Division of Market Oversight Conditional No-Action Relief for Less than Fully Compliant Reporting: issued March 20, 2012; provides
relief from fully compliant reporting until July 2, 2012.
See Notes
Later of 7/16/2012 or 60 days after the final rules related to the further definition of the
term "sw ap" for sw aps executed on a SEF or DCM, and the later of 7/16/2012 or 60
days after the final rules related to the further definitions of the terms "sw ap", "sw ap
dealer" and "major sw ap participant" for sw aps that are not executed pursuant to the
rules of a SEF or DCM. SEFs, DCMs, SDs and MSPs must report interest rates and
credit asset classes executed on a SEF or DCM or "off-facility" sw aps w here one
counterparty is an SD or MSP. All SDRs for interest rate and credit classes must
accept sw ap transaction and pricing data for those asset classes.
90
days after Compliance date 1. SEFs, DCMs, SDs and MSPs must report equity,
FOREX, and other commodity asset classes executed on a SEF or DCM or "off-facility"
sw aps w here one counterparty is an SD or MSP. SDRs for interest rate, credit, equity,
See Notes
FOREX, and other commodity asset classes must accept and disseminate transactions
for those asset classes.
90
days after Compliance date 2. Reporting and public dissemination of all publicly
Data
Sw aps Real-Time Reporting
Real-Time Reporting for Sw aps
77
FR 1182
3/9/2012
See Notes
reportable sw ap transactions in all asset classes by SEFs, DCMs, SDs and MSPS, and
non-SD/MSP to non-SD/MSP off facility transactions.
CFTC adopted regulations to implement certain statutory provisions enacted by the Dodd-Frank Act. Specifically, the CFTC adopted
rules to implement a framew ork for the real-time public reporting of sw ap transaction and pricing data for all sw ap transactions.
See Notes
Credit sw aps and interest rate sw aps: the later of July 16, 2012, or 60 calendar days
after the publication in the Federal Register of the later of the Commission's final rule
providing further definition of "sw ap dealer" or "major sw ap participant", or the
Commission's final rule providing further definition of "sw ap" (Compliance Date 1).
See Notes
Equity sw aps, foreign exchange sw aps, and other commodity sw aps. Compliance
date 2, the compliance date w ith respect to equity sw aps, foreign exchange sw aps,
and other commodity sw aps, shall be 90 calendar days after compliance date 1.
The CFTC adopted rules to implement the CEA relating to sw ap data recordkeeping and reporting requirements. These sections of
the CEA w ere added by the Dodd-Frank Act. The rules adopted apply to sw ap data recordkeeping and reporting requirements for
sw
ap data repositories, derivatives clearing organizations, designated contract markets, sw ap execution facilities, sw ap dealers,
Data
Sw ap Data - Recordkeeping
Sw ap Data Recordkeeping and Reporting
77
FR 2136
3/13/2012
See Notes
Compliance date for non-SD/MSP counterparties. Non-SD/MSP counterparties shall
commence full compliance w ith all provisions of this part for all sw aps on compliance
date 3, w hich shall be 90 calendar days after compliance date 2.
major sw ap participants, and sw ap counterparties w ho are neither sw ap dealers nor major sw ap participants.
See Notes
Credit sw aps and interest rate sw aps: the later of July 16, 2012, or 60 calendar days
after the publication in the Federal Register of the later of the Commission's final rule
providing further definition of "sw ap dealer" or "major sw ap participant", or the
Commission's final rule providing further definition of "sw ap" (Compliance Date 1).
See Notes
Equity sw aps, foreign exchange sw aps, and other commodity sw aps. Compliance
date 2, the compliance date w ith respect to equity sw aps, foreign exchange sw aps,
and other commodity sw aps, shall be 90 calendar days after compliance date 1.
The CFTC is adopting rules to further implement the CEA w ith respect to the new statutory framew ork regarding sw ap data
recordkeeping and reporting established by the Dodd-Frank Act. The Dodd-Frank Act, w hich amended the CEA, directs that rules
adopted by the CFTC shall provide for the reporting of data relating to sw aps entered into before the date of enactment of the
Dodd-Frank Act, the terms of w hich have not expired as of the date of enactment of the Dodd-Frank Act (``pre-enactment
Compliance date for non-SD/MSP counterparties. Non-SD/MSP counterparties shall
commence full compliance w ith all provisions of this part for all sw aps on compliance
date 3, w hich shall be 90 calendar days after compliance date 2.
sw
aps'') and data relating to sw aps entered into on or after the date of enactment of the Dodd-Frank Act and prior to the
compliance date specified in the Commission's final sw ap data reporting rules (``transition sw aps''). These final rules establish
Data
Sw ap Data - Pre-Enactment
Sw ap Data Recordkeeping and Reporting Requirements: Pre-Enactment and Transition Sw aps
77
FR 35200
8/13/2012
See Notes
sw
ap data recordkeeping and reporting requirements for pre-enactment sw aps and transition sw aps.
Data
SDR Confidentiality
Sw ap Data Repositories: Interpretative Statement Regarding the Confidentiality and
Indemnification Provisions of Section 21(d) of the Commodity Exchange Act
77
FR 26709
N/A
CFTC is proposing this interpretative statement to provide guidance regarding the applicability of confidentiality and indem-
nification provisions set forth in new section 21(d) of the CEA added by section 728 of the Dodd-Frank Act. The CFTC requests
comment on all aspects of the proposed interpretative statement. The interpretative statement clarifies that the provisions of
section 21(d) should not operate to inhibit or prevent foreign regulatory authorities from accessing data in w hich they have an
independent and sufficient regulatory interest, even if that data also has been reported pursuant to the CEA and CFTC regulations.
The CFTC is proposing regulations to implement certain statutory provisions enacted by Title VII of the Dodd-Frank Act. Specifically,
in
accordance w ith section 727 of the Dodd-Frank Act, the CFTC is proposing regulations that w ould define the criteria for
Procedures to Establish Appropriate Minimum Block Sizes for Large Notional Off-Facility
grouping sw aps into separate sw ap categories and w ould establish methodologies for setting appropriate minimum block sizes for
each sw ap category. In addition, the CFTC is proposing further measures under the CFTC's regulations to prevent the public
Data
Minimum Block Sizes
Sw aps and Block Trades
77
FR 15460
N/A
disclosure of the identities, business transactions and market positions of sw ap market participants.
The CFTC adopted final rules pursuant to section 753 of the Dodd-Frank Act to implement amended subsections (c)(1) and (c)(3)
Enforcement
Anti-Manipulation
Prohibition on the Employment, or Attempted Employment, of Manipulative and Deceptive
Devices - Prohibition on Price Manipulation
of
section 6 of the CEA. These rules broadly prohibit fraud and manipulation in connection w ith any sw ap, or contract of sale of
76
FR 41398
8/15/2011
8/15/2011
The compliance date and effective date are the same.
any commodity in interstate commerce, or contract for future delivery on or subject to the rules of any registered entity.
Enforcement
Whistleblow er Provisions
Final Rules for Implementing the Whistleblow er Provisions of Section 23 of the Commodity
Exchange Act
76
FR 53172
10/24/2011
10/24/2011
For information regarding the Commission’s w histleblow er program, see
http://w w w .cftc.gov/ConsumerProtection/Whistleblow erInformation/index.htm
The CFTC adopted final rules and new forms to implement Section 23 of the CEA, entitled "Commodity Whistleblow er Incentives
and Protection." The rules implement the Dodd-Frank Act’s requirement that the CFTC establish a Whistleblow er program that
requires the CFTC to pay an aw ard, under regulations prescribed by the CFTC and subject to certain limitations, to eligible
Whistleblow ers w ho voluntarily provide the CFTC w ith original information about a violation of the CEA that leads to the successful
enforcement of a covered judicial or administrative action, or a related action.
Enforcement
Disruptive Trading Practices
Antidisruptive Practices Authority (Proposed Interpretive Order)
76
FR 14943
N/A
The CFTC is proposing this interpretive order to provide interpretive guidance regarding the three statutory disruptive practices set
forth in new section 4c(a)(5) of the CEA pursuant to section 747 of the Dodd-Frank Act. The CFTC requests comment on all
aspects of the proposed interpretive order.
9/21/2012
Phase 1: FCMs, CPOs, CTAs, IBs, RFEDs
Other
Business Affiliate Marketing and Disposal of Consumer Information
76
FR 43879
9/20/2011
See Notes
Phase 2: SDs and MSPs (60 days after the effective date of the final rule providing
further definition of "sw ap dealer" and "Major sw ap participant")
The CFTC adopted regulations to implement new statutory provisions enacted by Title X of the Dodd-Frank Act. These regulations
apply to futures commission merchants, retail foreign exchange dealers, commodity trading advisors, commodity pool operators,
introducing brokers, sw ap dealers and major sw ap participants. The Dodd-Frank Act provides the CFTC w ith authority to
implement regulations under sections 624 and 628 of the Fair Credit Reporting Act. The regulations implementing section 624 of the
Fair Credit Reporting Act require CFTC-regulated entities to provide consumers w ith the opportunity to prohibit affiliates from using
certain information to make marketing solicitations to consumers. The regulations implementing section 628 of the FCRA require
CFTC-regulated entities that possess or maintain consumer report information in connection w ith their business activities to
develop and implement w ritten policies and procedures for the proper disposal of such information.
11/21/2011
Phase 1: FCMs, CPOs, CTAs, IBs, RFEDs
Other
Privacy of Consumer Financial Information
Privacy of Consumer Financial Information; Conforming Amendments under Dodd-Frank Act
76
FR 43874
9/20/2011
See Notes
Phase 2: SDs and MSPs (60 days after the final rule providing further definition of
"sw ap dealer" and "major sw ap participant" is effective)
The CFTC amended its rules to implement new statutory provisions enacted by titles VII and X of the Dodd-Frank Act. Section 1093
of the Dodd-Frank Act provides for certain amendments to title V of the Gramm-Leach-Bliley Act (the "GLB Act"). The GLB Act
sets forth certain protections for the privacy of consumer financial information and w as amended by the Dodd-Frank Act to affirm
the CFTC’s jurisdiction in this area. The amendments broaden the scope of part 160 to cover tw o new entities created by title VII of
the Dodd-Frank Act: sw ap dealers and major sw ap participants.
Other
Reliance on Credit Ratings
Removing Any Reference to or Reliance on Credit Ratings in Commission Regulations;
Proposing Alternatives to the Use of Credit Ratings
76
FR 44262
9/23/2011
9/23/2011
The compliance date and effective date are the same.
The CFTC implemented new provisions of Title IX of the Dodd-Frank Act by removing references to or reliance on credit ratings,
and replacing any such reference w ith an appropriate alternative standard.
A
futures commission merchant (FCM) or derivatives clearing organization (DCO) that
w
as already in compliance w ith Regulation 1.25 as of the effective date may not invest
funds during the period of time betw een the effective date and the compliance date
(the Compliance Period) if such investments w ould cause the FCM or DCO to move out
The CFTC amended its regulations regarding the investment of customer segregated funds subject to CFTC Regulation 1.25
(Regulation 1.25) and funds held in an account subject to CFTC Regulation 30.7 (Regulation 30.7, and funds subject thereto, 30.7
funds). Certain amendments reflect the implementation of new statutory provisions enacted under Title IX of the Dodd-Frank Act.
The amendments address: certain changes to the list of permitted investments (including the elimination of in-house transactions),
a
of compliance. An FCM or DCO that did not comply w ith Regulation 1.25 as of the
effective date has until the compliance date to fully comply. How ever, during the
Investment of Customer Funds and Funds Held in an Account for Foreign Futures and Foreign
Options Transactions
Compliance Period such an FCM or DCO may only alter its investments in a manner that
advances its efforts to come into compliance – it may not pursue investments that
clarification of the liquidity requirement, the removal of rating requirements, and an expansion of concentration limits including
asset-based, issuer-based, and counterparty concentration restrictions. They also address revisions to the acknow ledgment
letter requirement for investment in a money market mutual fund (MMMF), revisions to the list of exceptions to the next-day
redemption requirement for MMMFs, the elimination of repurchase and reverse repurchase agreements w ith affiliates, the
application of customer segregated funds investment limitations to 30.7 funds, the removal of ratings requirements for depositories
Other
Investment of Customer Funds (1.25)
76
FR 78776
2/17/2012
6/18/2012
w
ould move it further out of compliance.
of
30.7 funds, the elimination of the option to designate a depository for 30.7 funds, and certain technical changes.
Other
CPO / CTA Compliance Obligations
Commodity Pool Operators and Commodity Trading Advisors: Compliance Obligations
77
FR 17328
3/26/2012
See Notes
See 77 FR 11252
77
FR 17328 is correction to 77 FR 11252.
6/15/2012
Phase 1: Advisers w ith assets under management greater than or equal to $5 billion.
Other
Reporting on Form PF
Reporting by Investment Advisers to Private Funds and Certain Commodity Pool Operators and
Commodity Trading Advisors on Form PF
76
FR 71128
3/31/2012
12/15/2012
Phase 2: All entities reporting on Form PF w ith AUM betw een $150 million and $1.5
billion.
The CFTC and the CFTC (collectively, Commissions) adopted rules under the CEA and the IAA of 1940 to implement provisions of
Title IV of the Dodd-Frank Act. The new SEC rule requires investment advisers registered w ith the SEC that advise one or more
private funds and have at least $150 million in private fund assets under management to file Form PF w ith the SEC. The new CFTC
rule requires commodity pool operators (CPOs) and commodity trading advisors (CTAs) registered w ith the CFTC to satisfy certain
CFTC filing requirements w ith respect to private funds, should the CFTC adopt such requirements, by filing Form PF w ith the SEC,
but only if those CPOs and CTAs are also registered w ith the SEC as investment advisers and are required to file Form PF under
the Advisers Act. The new CFTC rule also allow s such CPOs and CTAs to satisfy certain CFTC filing requirements w ith respect to
commodity pools that are not private funds, should the CFTC adopt such requirements, by filing Form PF w ith the SEC. Advisers
must file Form PF electronically, on a confidential basis.
9/15/2012
4.27: Phase 1: CPOs w ith assets under management greater than or equal to $5 Bn.
12/15/2012
4.27: Phase 2: All other registered CPOs and CTAs.
See Notes
12/31/2012 or 60 days after the effective date of the final rulemaking further defining
"sw ap". Registration required for entities subject to 4.5.
60
days follow ing the final rule implementing the Commission's proposed harmonization
See Notes
effort for registered investment companies. Entities required to register due to the
amendments to 4.5 shall be subject to the Commission's recordkeeping, reporting, and
disclosure requirements under Part 4.
12/31/2012
4.13(a)(4) (for CPOs claiming exemption prior to 4/24/2012), 4.13(a)(3), 4.7, 4.24, 4.34,
4.14, 4.5 Compliance Date 6: 4/24/2012.
Other
CPO / CTA Amendments
Commodity Pool Operators and Commodity Trading Advisors: Amendments to Compliance
Obligations
77
FR 11252
4/24/2012
4/24/2012
4.13(a)(4) compliance for all entities not previously exempt under this provision
The CFTC adopted amendments to its existing part 4 regulations and promulgated one new regulation regarding Commodity Pool
Operators (CPOs) and Commodity Trading Advisors (CTAs). The CFTC also adopted new data collections for CPOs and CTAs that
are consistent w ith a data collection required under the Dodd-Frank Act for entities registered w ith both the CFTC and the SEC.
The adopted amendments rescind the exemption from registration; rescind relief from the certification requirement for annual
reports provided to operators of certain pools offered only to qualified eligible persons (QEPs; modify the criteria for claiming
relief); and require the annual filing of notices claiming exemptive relief under several sections of the CFTC's regulations. Finally,
the adopted amendments include new risk disclosure requirements for CPOs and CTAs regarding sw ap transactions. Please also
see 77 FR 17328 (correction).
Other
Registration of Intermediaries
Registration of Intermediaries
77
FR 51898
10/29/2012
See Notes
The Part 3 regulations only impact a firm once it initiates the registration process as
required by other rules.
The CFTC is adopting regulations to further implement new statutory provisions enacted by Title VII of the Dodd-Frank Act
regarding registration of intermediaries. Specifically, the CFTC is adopting certain conforming amendments to the CFTC's
regulations regarding the registration of intermediaries, consistent w ith other CFTC rulemakings issued pursuant to the Dodd-Frank
Act, and other non- substantive, technical amendments to its regulations.
Other
Part 4 Conforming Amendments
Amendments to Commodity Pool Operator and Commodity Trading Advisor Regulations
Resulting From the Dodd-Frank Act
77
FR 54355
11/5/2012
11/5/2012
Persons w ho come w ithin the CPO or CTA definition by virtue of sw aps activity
become subject to applicable disclosure, reporting and recordkeeping requirements.
The CFTC is amending its regulations governing the operations and activities of commodity pool operators (CPOs) and commodity
trading advisors (CTAs) in order to have those regulations reflect changes made to the CEA by the Dodd-Frank Act.
Other
Adaptation to Incorporate Sw aps
Adaptation of Regulations To Incorporate Sw aps
77
FR 66288
1/2/2013
1/2/2013
The compliance date and effective date are the same.
The Dodd-Frank Act established a comprehensive new statutory framew ork for sw aps and security-based sw aps. The Dodd-
Frank Act repeals some sections of the CEA, amends others, and adds a number of new provisions. The Dodd-Frank Act also
requires the CFTC to promulgate a number of rules to implement the new framew ork. The Commission has proposed and finalized
numerous rules to satisfy its obligations under the Dodd-Frank Act. This rulemaking makes a number of conforming amendments to
integrate the CFTC’s regulations more fully w ith the new framew ork created by the Dodd-Frank Act. This rulemaking contains
amendments of three different types: ministerial, accommodating, and substantive.
Other
Harmonization of CPOs and RIAs
Harmonization of Compliance Obligations for Registered Investment Companies Required to
Register as Commodity Pool Operators
77
FR 11345
N/A
The CFTC is proposing amendments to its regulations regarding requirements applicable to investment companies registered under
the Investment Company Act of 1940 (``registered investment companies'') w hose advisors w ill be subject to registration as
commodity pool operators due to changes that the CFTC is adopting.
Other
Volcker Rule
Prohibitions and Restrictions on Proprietary Trading and Certain Interests in, and Relationships
With, Hedge Funds and Covered Funds
77
FR 8332
N/A
The CFTC is requesting comment on a proposed rule that w ould implement Section 619 of the Dodd-Frank Act w hich contains
certain prohibitions and restrictions on the ability of a banking entity and nonbank financial company supervised by the Board of
Governors of the Federal Reserve System (``Board'') to engage in proprietary trading and have certain interests in, or
relationships w ith, a hedge fund or private equity fund (``CFTC Rule''). On November 7, 2011, the Office of the Comptroller of the
Currency, Treasury (``OCC''); the Board; the Federal Deposit Insurance Corporation (``FDIC''); and the SEC published a joint
proposed rule implementing Section 619 of the Dodd-Frank Act (the ``Joint Release''). The CFTC is adopting the entire text of the
proposed common rules section from the Joint Release (the ``Joint Rule'') as part of its proposed rule Similar to the OCC, the Board,
the FDIC, and the SEC in the Joint Release, the CFTC is modifying the Joint Rule w ith CFTC-specific rule text. The CFTC Rule also
contains additional questions specific to the CFTC in Section III and does not include Subpart E of the Joint Release because
Subpart E deals exclusively w ith the Board. The Commission solicits comments on all aspects of this proposed rule.
See Notes
Phase 1: Spot month limits in 28 commodities and non-spot month limits in 9 legacy
agricultural commodities. (60 days after the final rule providing further definition of
"sw ap" is published in the Federal Register).
Position Limits
Position Limits - Futures and Sw aps
Position Limits for Futures and Sw aps, including Bona Fide Hedging Definition & Aggregate
Limits
76
FR 71626
1/17/2012
See Notes
Phase 2: Non-spot month limits in 19 commodities (1st calendar day of 3rd calendar
month follow ing publication of order after collecting 12 months of sw ap positional
data).
The CFTC adopted regulations establishing position limits for 28 exempt and agricultural commodity futures and options contracts
and the physical commodity sw aps that are economically equivalent to such contracts.
Position Limits
Position Limits - Aggregation
Aggregation, Position Limits for Futures and Sw aps
77
FR 31767
N/A
On November 18, 2011, the CFTC published in the Federal Register a final rule and interim final rule, w hich establish a position limits
regime for 28 exempt and agricultural commodity futures and options contracts and the physical commodity sw aps that are
economically equivalent to such contracts. In response to a petition for exemptive relief under the CEA and certain comments to
the CFTC's interim final rule for spot-month limits for cash-settled contracts, this notice proposes certain modifications to the
CFTC's policy for aggregation under the position limits regime in CFTC regulations.
Products
NFA Forex Registration Functions
Performance of Registration Functions by National Futures Association With Respect to Retail
Foreign Exchange Dealers and Associated Persons
75
FR 55310
9/10/2010
9/10/2010
The compliance date and effective date are the same.
The CFTC is authorizing the National Futures Association (‘‘NFA’’), effective September 10, 2010, to process and grant applications
for initial registration, renew ed registration and w ithdraw als of retail foreign exchange dealers (‘‘RFEDs’’) and their associated
persons (‘‘APs’’) and to issue temporary licenses to eligible APs; to conduct proceedings to deny, condition, suspend, restrict or
revoke the registration of any RFED or AP of an RFED, or an applicant for registration in either category; and to maintain records
regarding RFEDs and their APs, and to serve as the official custodian of those CFTC records.
Products
Off-Exchnage Forex Transactions
Regulation of Off-Exchange Retail Foreign Exchange Transactions and Intermediaries
75
FR 55409
10/18/2010
10/18/2010
The compliance date and effective date are the same.
The CFTC is adopting a comprehensive regulatory scheme to implement the provisions of the Dodd-Frank Act of 2010 and the
CFTC Reauthorization Act of 2008 w ith respect to offexchange transactions in foreign currency w ith members of the retail public
(i.e., ‘‘retail forex transactions’’). The new regulations and amendments to existing regulations published today establish
requirements for, among other things, registration, disclosure, recordkeeping, financial reporting, minimum capital, and other
operational standards.
Products
Off-Exchnage Forex Regulation
Regulation of Off-Exchange Retail Foreign Exchange Transactions and Intermediaries
75
FR 55410
10/18/2010
10/18/2010
The compliance date and effective date are the same.
The CFTC adopted regulations and amendments to existing regulations to establish requirements for, among other things,
registration, disclosure, recordkeeping, financial reporting, minimum capital, and other operational standards w ith respect to off-
exchange transactions in foreign currency w ith members of the retail public.
Products
Conforming Amendments for Forex
Retail Foreign Exchange Transactions; Conforming Changes to Existing Regulations in
Response to the Dodd-Frank Wall Street Reform and Consumer Protection Act
76
FR 56103
9/12/2011
9/12/2011
The compliance date and effective date are the same.
The CFTC amended its regulations governing off-exchange foreign currency transactions w ith members of the retail public (i.e.,
retail forex transactions). These amendments incorporate into Part 5 of the CFTC's regulations changes made to the CEA by the
Dodd-Frank Act. The CFTC also issued certain related technical interpretations of various provisions of the CEA as amended by
the Dodd-Frank Act w ith respect to retail forex transactions.
The CFTC adopted rules to implement new statutory provisions enacted by Title VII of the Dodd-Frank Act. The Dodd-Frank Act,
w
hich amends the CEA, includes provisions applicable to "a sw ap in an agricultural commodity (as defined by the CFTC)." This
Products
Agricultural Commodity Definition
Agricultural Commodity Definition
76
FR 41048
9/12/2011
9/12/2011
The compliance date and effective date are the same.
release defined that term for purposes of the CEA or CFTC regulations.
Products
Retail Forex Transactions
Retail Foreign Exchange Transactions; Conforming Changes to Existing Regulations in
Response to the Dodd-Frank Wall Street Reform and Consumer Protection Act
76
FR 56103
9/12/2011
9/12/2011
The compliance date and effective date are the same.
The CFTC amended its regulations governing off-exchange foreign currency transactions w ith members of the retail public (i.e.,
retail forex transactions). These amendments incorporate into Part 5 of the CFTC's regulations changes made to the CEA by the
Dodd-Frank Act. The CFTC also issued certain related technical interpretations of various provisions of the CEA as amended by
the Dodd-Frank Act w ith respect to retail forex transactions.
The CFTC finalized rules to implement new statutory provisions enacted by Title VII of the Dodd-Frank Act. The Dodd-Frank Act
provides that sw aps in an agricultural commodity (as defined by the CFTC) are prohibited unless entered into pursuant to a rule,
regulation or order of the CFTC adopted pursuant to certain provisions of the CEA. The CFTC finalized rules that w ould, among
other things, implement regulations w hereby sw aps in agricultural commodities may transact subject to the same rules as all other
sw
aps. The rules for sw aps in an agricultural commodity repealed and replaced the CFTC’s regulations concerning the exemption
Products
Agricultural Sw aps
Agricultural Sw aps
76
FR 49291
12/31/2011
See Notes
Effective date of the final rule providing further definition of "sw ap."
of
sw ap agreements.
1/9/2012
All provisions except those for w hich there is a compliance date of May 7, 2012 or
November 8, 2012.
5/7/2012
39.11, 39.12, 39.13 (except for 39.13(g)(8)(i)), 39.14
Products
Portfolio Margining Procedures
Derivatives Clearing Organization General Provisions and Core Principles
76
FR 69334
1/9/2012
11/8/2012
39.10(c), 39.13(g)(8)(i), 39.18, 39.19, 39.20
The CFTC adopted final regulations to implement certain provisions of Title VII and Title VIII of the Dodd-Frank Act governing
derivatives clearing organization (DCO) activities. The regulations establish the regulatory standards for compliance w ith DCO
Core Principles A (Compliance), B (Financial Resources), C (Participant and Product Eligibility), D (Risk Management), E (Settlement
Procedures), F (Treatment of Funds), G (Default Rules and Procedures), H (Rule Enforcement), I (System Safeguards), J
(Reporting), K (Recordkeeping), L (Public Information), M (Information Sharing), N (Antitrust Considerations), and R (Legal Risk) set
forth in Section 5b of the Commodity Exchange Act. The CFTC also updated and added related definitions; adopted implementing
rules for DCO chief compliance officers (CCOs); revised procedures for DCO applications including the required use of a new
Form DCO; adopted procedural rules applicable to the transfer of a DCO registration; and added requirements for approval of DCO
rules establishing a portfolio margining program for customer accounts carried by a futures commission merchant that is also
registered as a securities broker-dealer. In addition, the CFTC is adopted certain technical amendments to parts 21 and 39, and ado
See Notes
For the final rule and interim final rule – 60 days after the term "sw ap" is further
defined pursuant to section 721 of the Dodd-Frank Act.
See Notes
For purposes of complying w ith rules 32.2(a) (permitting commodity options subject to
the CEA and CFTC rules, including the sw aps rules) and 32.3 (permitting trade
options), the compliance date shall be the compliance date for the rules further defining
the term "sw ap".
For Form TO, "Annual Notice Filing for Counterparties to Unreported Trade Options," the
compliance date is March 1, 2014. Form TO, the notice filing requirement that requires
17
CFR Parts 3, 32, and 33 Commodity Options. The CFTC is issuing a final rule to repeal and replace the CFTC's current
annual reports regarding otherw ise unreported trade options, is effective w ith respect
to
calendar year 2013. Therefore, on March 1, 2014, 60 days after the end of calendar
regulations concerning commodity options. The CFTC is also issuing an interim final rule (w ith a request for additional comment)
that incorporates a trade option exemption into the final rules for commodity options (added Sec. 32.3). For a transaction to be
w
ithin the trade option exemption, the option, the offeror (seller), and the offeree (buyer), as applicable, must satisfy certain
eligibility requirements, including that the option, if exercised, be physically settled, that the option seller meet certain eligibility
requirements, and that the option buyer be a commercial user of the commodity underlying the option, and certain other regulatory
Products
Commodity Options
Commodity Options
77
FR 25320
6/26/2012
See Notes
year 2013, the first Forms TO, covering unreported trade options during calendar year
2013, are due. There is no Form TO filing requirement for unreported trade options
entered into betw een the effective date of the commodity options rules and December
31, 2012.
conditions. Only comments pertaining to the interim final rule w ill be considered in any further action related to these rules.
10/12/2012
Final Rules and Interpretations, w ith certain exceptions described below .
In
accordance w ith section 712(a)(8), section 712(d)(1), sections 712(d)(2)(B) and (C), sections 721(b) and (c), and section
See Notes
Effective date of rules to be proposed w ith regard to the regulatory implications of the
interpretation regarding guarantees of sw aps.
Products
Definition of Sw ap & Security-Based Sw ap
Further Definition of ``Sw ap,'' ``Security-Based Sw ap,'' and ``Security-Based Sw ap
Agreement''; Mixed Sw aps; Security-Based Sw ap Agreement Recordkeeping
77
FR 48207
10/12/2012
2/11/2013
Solely for the purposes of the Order Granting Temporary Exemptions under the
Securities Exchange Act of 1934 in Connection w ith the Pending Revision of the
Definition of "Security" to Encompass Security-Based Sw aps and the Exemptions for
Security-Based Sw aps.
761(b) of the Dodd-Frank Act, the CFTC and the SEC (collectively, "Commissions"), in consultation w ith the Board of Governors of
the Federal Reserve System ("Board"), are jointly adopting new rules and interpretations under the CEA and the Securities
Exchange Act of 1934 ("Exchange Act") to further define the terms "sw ap," "security-based sw ap," and "security-based sw ap
agreement" (collectively, "Product Definitions"); regarding "mixed sw aps;" and governing books and records w ith respect to
"security-based sw ap agreements." The CFTC requests comment on its interpretation concerning forw ards w ith embedded
volumetric optionality, contained in Section II.B.2.(b)(ii) of this release.
Persons w ho come w ithin the SD or MSP definition must apply for registration as an SD
or MSP, respectively, by no later than the latest effective date of the regulations
adopted to further define the terms sw ap dealer, major sw ap participant, and sw aps.
Persons w ho believe they w ill come w ithin the MSP or SD definition may apply for
registration as an SD or MSP, respectively, from and after March 19, 2012.
The CFTC adopted regulations under the CEA that establish the process for the registration of sw ap dealers (SDs) and major
sw
ap participants (MSPs) and that require SDs and MSPs to become and remain members of a registered futures association. The
SD / MSP
Registration - SD / MSP
Registration of Sw ap Dealers and Major Sw ap Participants
77
FR 2613
3/19/2012
See Notes
CFTC also adopted regulations that define an "associated person" of an SD or MSP as a natural person and that implement the
prohibition on an SD or MSP permitting an associated person w ho is statutorily disqualified from registration from effecting or being
involved in effecting sw aps on behalf of the SD or MSP.
SD / MSP
Segregation & Bankruptcy for Sw aps
Protection of Cleared Sw aps Customer Contracts and Collateral; Conforming Amendments to
the Commodity Broker Bankruptcy Provisions
77
FR 6336
4/9/2012
11/8/2012
The rules w ill become effective April 9, 2012. All parties must comply w ith the Part 22
rules by November 8, 2012, and w ith the Part 190 rules by April 9, 2012.
The CFTC adopted final regulations to implement new statutory provisions enacted by Title VII of the Dodd-Frank Act. Specifically,
these regulations impose requirements on futures commission merchants and derivatives clearing organizations regarding the
treatment of cleared sw aps customer contracts (and related collateral), and make conforming amendments to bankruptcy
provisions applicable to commodity brokers under the CEA.
Sw ap dealers and major sw ap participants must comply w ith the rules in subpart H of
part 23 on the later of 180 days after the effective date of these rules or the date on
w
hich sw ap dealers or major sw ap participants are required to apply for registration
See Notes
pursuant to Commission rule 3.10.
SD / MSP
External Business Conduct - SD / MSP
Business Conduct Standards for Sw ap Dealers and Major Sw ap Participants With
Counterparties
77
FR 9734
4/17/2012
See Notes
Compliance w ith the follow ing provisions of subpart H is deferred until January 1,
2013: §§ 23.402; 23.410(c); 23.430; 23.431(a)-(c); 23.432; 23.434(a)(2), (b), and (c);
23.440; and 23.450.
The CFTC adopted final rules to implement Section 4s(h) of the CEA pursuant to Section 731 of Title VII of the Dodd-Frank Act of
2010. These rules prescribe external business conduct standards for sw ap dealers and major sw ap participants.
§§ 23.200 through 23.205 (Reporting, Recordkeeping, and Daily Trading Records
Requirements for SDs and MSPs): SDs and MSPs currently regulated by U.S. prudential
regulator or registered w ith SEC: The later of 7/2/12 or the date on w hich SDs and
MSPs are required to apply for registration pursuant to § 3.10. SDs and MSPs not
currently regulated by U.S. prudential regulator and not registered w ith SEC: The later
of 9/30/12 or the date on w hich SDs and MSPs are required to apply for registration
pursuant to § 3.10.
§
23.600 (Risk Management Program for SDs and MSPs): SDs and MSPs currently
regulated by U.S. prudential regulator or registered w ith SEC: The later of 7/2/12 or the
date on w hich SDs and MSPs are required to apply for registration pursuant to § 3.10.
SDs and MSPs not currently regulated by U.S. prudential regulator and not registered
w
ith SEC: The later of 9/30/12 or the date on w hich SDs and MSPs are required to
apply for registration pursuant to § 3.10.
§
23.603 (Business Continuity and Disaster Recovery): SDs and MSPs currently
regulated by U.S. prudential regulator or registered w ith SEC: The later of 9/30/12 or
the date on w hich SDs and MSPs are required to apply for registration pursuant to §
3.10. SDs and MSPs not currently regulated by U.S. prudential regulator and not
registered w ith SEC: The later of 12/29/12 or the date on w hich SDs and MSPs are
required to apply for registration pursuant to § 3.10.
§
23.601 (Monitoring of Position Limits), § 23.602 (Diligent Supervision), § 23.605
(Conflicts of Interest Policies and Procedures), § 23.606 (General Information:
Availability for Disclosure and Inspection), and § 23.607 (Antitrust Considerations):The
later of 6/4/12 or the date on w hich SDs and MSPs are required to apply for
registration pursuant to § 3.10.
§
1.71 (Conflicts of Interest Policies and Procedures by FCMs and IBs):FCMs and IBs
registered w ith CFTC as of 6/4/12 must comply by 6/4/12, except that such FCMs need
not comply w ith § 1.71(d) until the later of 6/4/12 or the date on w hich SDs and MSPs
are required to apply for registration pursuant to § 3.10. FCMs and IBs not registered
w
ith CFTC as of 6/4/12 must comply upon registration w ith the CFTC, except that such
FCMs need not comply w ith § 1.71(d) until the later of their registration or the date on
w hich SDs and MSPs are required to apply for registration pursuant to § 3.10.
§ 3.3 (Chief Compliance Officer – FCMs, SDs, and MSPs): SDs and MSPs currently
regulated by US prudential regulator or registered w ith SEC: The later of 9/30/12 or the
date on w hich SDs and MSPs are required to apply for registration pursuant to § 3.10.
SDs and MSPs not currently regulated by US prudential regulator and not registered
The CFTC adopted regulations to implement certain provisions of Title VII of the Dodd-Frank Act. These regulations set forth
reporting and recordkeeping requirements and daily trading records requirements for sw ap dealers (SDs) and major sw ap
participants (MSPs). These regulations also set forth certain duties imposed upon SDs and MSPs registered w ith the CFTC w ith
w
ith SEC: The later of 3/29/13 or date on w hich SDs and MSPs are required to apply
for registration pursuant to § 3.10. FCMs (1) registered w ith CFTC as of 6/4/12, and (2)
regard to: Risk management procedures; monitoring of trading to prevent violations of applicable position limits; diligent supervision;
business continuity and disaster recovery; disclosure and the ability of regulators to obtain general information; and antitrust
considerations. In addition, these regulations establish conflicts-of-interest requirements for SDs, MSPs, futures commission
merchants (FCMs), and introducing brokers (IBs) w ith regard to firew alls betw een research and trading and betw een clearing and
trading. Finally, these regulations also require each FCM, SD, and MSP to designate a chief compliance officer, prescribe
qualifications and duties of the chief compliance officer, and require that the chief compliance officer prepare, certify, and furnish
SD / MSP
Internal Business Conduct - SD / MSP
Sw ap Dealer and Major Sw ap Participant Recordkeeping, Reporting, and Duties Rules; Futures
Commission Merchant and Introducing Broker Conflicts of Interest Rules; and Chief Compliance
Officer Rules for Sw ap Dealers, Major Sw ap Participants, and Futures Commission Merchants
77
FR 20128
6/4/2012
currently regulated by US prudential regulator or registered w ith SEC: 9/30/12. FCMs
(1) registered w ith CFTC as of 6/4/12, and (2) not currently regulated by US prudential
regulator and not registered w ith SEC: 3/29/13. FCMs not registered w ith CFTC as of
6/4/12 must comply w ith § 3.3 upon registration w ith the CFTC.
to
the CFTC an annual report containing an assessment of the registrant's compliance activities.
10/12/2012
The effective date for the definition of sw ap dealer, major sw ap participant and eligible
contract participant is 60 days after publication in the Federal Register. How ever,
mandatory compliance w ith the registration and other substantive requirements is
contingent on the effective date of the further definition of the term sw ap.
SD / MSP
Definition - SD / MSP / ECP
Further Definition of ‘‘Sw ap Dealer,’’ ‘‘Security-Based Sw ap Dealer,’’ ‘‘Major Sw ap Participant,’’
‘‘Major Security-Based Sw ap Participant’’ and ‘‘Eligible Contract Participant’’
77
FR 30596
77
FR 39626
7/23/2012
12/31/2012
Generally, compliance w ith the ECP retail forex regime is December 31, 2012. This
compliance date includes the operation of CFTC Regulations §§ 1.3(m)(5) and 1.3(m)(6)
as w ell as the element of §1.3(m)(8)(iii) requiring that a commodity pool be formed by a
registered CPO for any person seeking to rely on such regulation.
The CFTC and SEC, in consultation w ith the Board of Governors of the Federal Reserve System, adopted new regulations and
interpretive guidance under the Commodity Exchange Act, and the Securities Exchange Act of 1934, to further define the terms
"sw ap dealer," "security-based sw ap dealer," "major sw ap participant," "major security-based sw ap participant," and "eligible
contract participant."
See Notes
The effective date of Sw ap Trading Relationship Documentation—§ 23.504 w ill be the
date that is 60 days after publication of the final rules in the Federal Register.
The effective date of §§ 23.500 and Sw ap Confirmation—§ 23.501 w ill be the date that
See Notes
is
60 days after publication of the final rules in the Federal Register.
See Notes
The effective date of Portfolio Reconciliation & Compression §§ 23.502 and 23.503 w ill
be the date that is 60 days after publication of the final rules in the Federal Register.
Compliance Date Extension for Certain Business Conduct Standards With
Counterparties. ISDA members have requested that the CFTC align the compliance
dates for the provisions of subpart H of part 23 that involve documentation 50 w ith the
trading relationship documentation rules in this release. ISDA members have
represented that industry-led efforts are underw ay to facilitate compliance w ith new
Dodd-Frank Act documentation requirements and an alignment of compliance dates
w
ould allow the most efficient transition to compliance w ith part 23’s documentation
requirements. The CFTC has decided to defer the compliance dates for certain
provisions of subpart H until January 1, 2013. Compliance w ith the follow ing provisions
The CFTC is adopting regulations to implement certain provisions of Title VII of the Dodd-Frank Act. Section 731 of the Dodd-Frank
Act added a new section 4s(i) to the CEA, w hich requires the CFTC to prescribe standards for sw ap dealers (SDs) and major
w
ill be deferred until January 1, 2013: §§ 23.402; 23.410(c); 23.430; 23.431(a)–(c);
sw
ap participants (MSPs) related to the timely and accurate confirmation, processing, netting, documentation, and valuation of
sw
aps. These regulations set forth requirements for sw ap confirmation, portfolio reconciliation, portfolio compression, and sw ap
SD / MSP
Internal Business Conduct - SD / MSP
Confirmation, Portfolio Reconciliation, Portfolio Compression, and Sw ap Trading Relationship
Documentation Requirements for Sw ap Dealers and Major Sw ap Participants
77
FR 55904
11/13/2012
See Notes
23.432; 23.434(a)(2), (b), and (c); 23.440; and 23.450. Compliance w ith all other
provisions w ill continue to be required by October 15, 2012.
trading relationship documentation for SDs and MSPs.
SD / MSP
Capital and Margin for Non-Banks
Capital Requirements of Sw ap Dealers and Major Sw ap Participants
76
FR 27802
N/A
The CFTC is proposing regulations that w ould implement the new statutory framew ork in the CEA, added by the Dodd-Frank Act.
These new provisions of the CEA require, among other things, the Commission to adopt capital requirements for certain sw ap
dealers (SDs) and major sw ap participants (MSPs). The proposed rules also provide for related financial condition reporting and
recordkeeping by SDs and MSPs. The CFTC further proposes to amend existing capital and financial reporting regulations for
futures commission merchants (FCMs) that also register as SDs or MSPs. The proposed regulations also include requirements for
supplemental FCM financial reporting to reflect section 724 of the Dodd-Frank Act. In order to align the comment periods for this
proposed rule and the CFTC 's earlier proposed rulemaking on margin requirements for uncleared sw aps, the comment period for
the proposed margin rulemaking is being extended elsew here in the Federal Register today, so that commenters w ill have the
opportunity to review the proposed capital and margin rules together before the expiration of the comment periods for either
proposed rule.
The CFTC is proposing regulations that w ould establish a schedule to phase in compliance w ith previously proposed requirements,
including the sw ap trading relationship documentation requirement under proposed 17 CFR 23.504, 76 FR 6715 (Feb. 8, 2011) and
the margin requirements for uncleared sw aps under proposed 17 CFR 23.150 through 23.158, 76 FR 23732 (Apr. 28, 2011). This
Sw ap Transaction Compliance and Implementation Schedule: Trading Documentation and
Margining Requirements under Section 4s of the CEA
release is a continuation of those rulemakings. The proposed schedules w ould provide relief in the form of additional time for
compliance w ith these requirements. This relief is intended to facilitate the transition to the new regulatory regime established by
the Dodd-Frank Act in an orderly manner that does not unduly disrupt markets and transactions. The CFTC is requesting comment
SD / MSP
Capital and Margin for Non-Banks
76
FR 58176
N/A
on
the proposed compliance schedules, Sec. Sec. 23.175 and 23.575, described in this release.
Trading
Rule Certification - DCMs, DCOs, SEFs
Provisions Common to Registered Entities
76
FR 44776
76
FR 45666
9/26/2011
9/26/2011
The compliance date and effective date are the same.
The CFTC adopted regulations to implement certain statutory provisions of the Dodd-Frank Act. The CFTC also is amended its
existing regulations governing the submission of new products, rules, and rule amendments. The final regulations establish the
procedural framew ork for the submission of new products, rules, and rule amendments by designated contract markets,
derivatives clearing organizations, sw ap execution facilities, and sw ap data repositories. In addition, the final regulations prohibit
event contracts involving certain excluded commodities, establish special submission procedures for certain rules proposed by
systemically important derivatives clearing organizations, and stay the certifications and the approval review periods of novel
derivative products pending jurisdictional determinations.
The Commodity Futures Trading Commission (Commission) issued final rules to implement new statutory provisions enacted by Title
VII
of the Dodd-Frank Wall Street Reform and Consumer Protection Act to establish a registration system for foreign boards of
trade that w ish to provide their identified members or other participants located in the United States w ith direct access to their
Trading
Registration - FBOTs
Registration of Foreign Boards of Trade
76
FR 80674
2/21/2012
8/20/2012
Foreign Boards of Trade currently providing for direct access under Commission staff
no-action relief letters that w ant to continue to provide for direct access must submit
registration applications, determined in good faith by the applicant to be complete, not
later than August 20, 2012.
electronic trading and order matching systems.
10/17/2012
DCMs must comply w ith the rules adopted in this release (except § 38.151(a)) by
October 17, 2012.
Trading
DCM Core Principle
Core Principles and Other Requirements for Designated Contract Markets
77
FR 36611
8/20/2012
See Notes
With respect to existing members and market participants, DCMs must comply w ith §
38.151(a) w ithin 180 days follow ing the effective date. With respect to new members
and market participants, DCMs must comply w ith § 38.151(a) on the effective date.
The CFTC is adopting new and amended rules, guidance, and acceptable practices to implement certain statutory provisions
enacted by Title VII of the Dodd-Frank Act. The final rules, guidance and acceptable practices, w hich apply to the designation and
operation of contract markets, implement the Dodd-Frank Act's new statutory framew ork that, among other things, amends section
5 of the CEA concerning designation and operation of contract markets, and adds a new CEA section 2(h)(8) to mandate the
listing, trading and execution of certain sw aps on designated contract markets ("DCMs").
Trading
Designated Contract Markets
Core Principles and Other Requirements for Designated Contract Markets
75
FR 80572
N/A
The CFTC is proposing new rules and amended guidance and acceptable practices to implement the new statutory provisions
enacted by Title VII of the Dodd-Frank Act. The proposed rules, guidance and acceptable practices, w hich apply to the designation
and operation of contract markets, implement the Dodd-Frank Act’s new statutory framew ork that, among other things, amends
Section 5 of the CEA concerning designation and operation of contract markets, and adds a new CEA Section 2(h)(8) to include
the listing, trading and execution of sw aps on designated contract markets. The CFTC requests comment on all aspects of the
proposed rules, guidance and acceptable practices.
The CFTC is proposing regulations that establish a process for a designated contract market (``DCM'') or sw ap execution facility
(``SEF'') to make a sw ap ``available to trade'' as set forth in new Section 2(h)(8) of the CEA pursuant to Section 723 of the Dodd-
Frank Act. Only comments pertaining to the regulations proposed in this document w ill be considered as part of this further notice
Trading
DCM / SEF Sw ap Availability to Trade
Process for a Designated Contract Market or Sw ap Execution Facility to Make a Sw ap
Available to Trade under Section 2(h)(8) of the Commodity Exchange Act
76
FR 77728
N/A
of
proposed rulemaking (``Notice'').
Trading
Sw ap Transaction Compliance
Sw ap Transaction Compliance and Implementation Schedule: Clearing and Trade Execution
Requirements under Section 2(h) of the CEA
76
FR 58186
N/A
The CFTC is proposing regulations that w ould establish a schedule to phase in compliance w ith certain new statutory provisions
enacted under Title VII of the Dodd-Frank Act. These provisions include the clearing requirement under new section 2(h)(1)(A) of
the CEA, and the trade execution requirement under new section 2(h)(8)(A) of the CEA. The proposed schedules w ould provide
relief in the form of additional time for compliance w ith these requirements. This relief is intended to facilitate the transition to the
new regulatory regime established by the Dodd-Frank Act in an orderly manner that does not unduly disrupt markets and
transactions. The CFTC requests comment on the proposed compliance schedules for these clearing and trade execution
requirements.
Trading
SEF Core Principles
Core Principles and Other Requirements for Sw ap Execution Facilities
76
FR 1214
N/A
The CFTC is proposing new rules, and guidance and acceptable practices to implement the new statutory provisions enacted by
Title VII of the Dodd-Frank Act. The proposed rules, guidance, and acceptable practices, w hich apply to the registration and
operation of a new type of regulated entity named a sw ap execution facility, implement the new statutory framew ork that, among
other things, adds a new Section 5h to the CEA concerning the registration and operation of sw ap execution facilities, and new
Section 2(h)(8) to the CEA concerning the listing, trading and execution of sw aps on sw ap execution facilities. The CFTC requests
comment on all aspects of the proposed rules, guidance and acceptable practices.