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Updated 8/14/2012
CFTC PROPOSED AND FINAL RULES
CFTC NOPRs/Comment Final Rules Summary of Key Final Rules
Request
1. ANOPR - Definitions Contained in
Title VII of Dodd-Frank Wall Street
Reform and
Consumer Protection Act –
Comments due 9/20/2009 –
Comments Filed
2. Orders Regarding the Treatment of
Petitions Seeking Grandfather Relief
for Exempt Commercial Markets and
Exempt Boards of Trade Notice; Final
Orders - Petitions due 9/20/2010;
Comments due 10/18/2010 – Not File
3. Notice Regarding the Treatment of Response to Petitions (75 CFR CFTC decline to grant grandfather relief. EEI received letter to that
Petitions Seeking Grandfather Relief 56512, September 16, 2010) effect December 2010
for Trading Activity Done in Reliance
Upon Section 2(h)(1)-(2) of the
Commodity Exchange Act Notice -
Petitions due 9/20/2010; Comments
due 10/18/2010 – Petition Filed
Joint Association Request to
Reconsider Petitions filed May 24,
2011.
4. Regulation of Off-Exchange Retail Regulation of Off-Exchange Retail http://www.cftc.gov/ucm/groups/public/@lrfederalregister/documents/file/2010-
Foreign Exchange Transactions and Foreign Exchange Transactions and 21729a.pdf
Intermediaries – Comments due Intermediaries (75 FR 55410,
3/22/2010 – Not File September 10 , 2010)
17 CFR Parts 1, 3, 4, 5, 10, 140, 145,
147, 160, and 166 – Effective
October 18, 2010
Retail Foreign Exchange http://www.cftc.gov/ucm/groups/public/@lrfederalregister/documents/file/2011-
Transactions; Conforming Changes to 23155a.pdf
Existing Regulations in Response to
the Dodd-Frank Wall Street Reform
(76 FR 56103, September 12, 2011)
17 CFR Part 5 – Effective September
12, 2011
5. ANOPR - Agricultural Swaps - Agricultural Swaps (76 CFR 154, http://www.cftc.gov/ucm/groups/public/@lrfederalregister/documents/file/2011-
Comments due 10/28/2010 – Not File August. 10, 2011) 20337a.pdf
17 CFT Part 35 – Effective December
31, 2011
6 Interim Final Rule for Reporting Pre- Interim Final Rule for Reporting Pre- Interim Rule applies to swaps entered into prior to the enactment of the Dodd-Frank
Enactment Swap Transactions – Enactment Swap Transactions ( 75 Act of 2010 (July 21, 2010) the terms of which had not expired as of the date of
Comments due 11/15/2010 – CFR 63080, October 14, 2010) enactment of that Act. Requires a counterparty to a pre-enactment unexpired swap
Comments Filed 17 CFR Part 144 – transaction to provide the following:
Effective October 14, 2012 (i) A copy of the transaction confirmation, in electronic form if available, or in
written form if there is no electronic copy; and
(ii) The time, if available, that the transaction was executed; and
Each counterparty to a pre-enactment unexpired swap transaction required to retain,
in its existing format, all information and documents, to the extent and in such form
as they presently exist, relating to the terms of a swap transaction, including but not
limited to any information necessary to identify and value the transaction; the date
and time of execution of the transaction; information relevant to the price of the
transaction; whether the transaction was accepted for clearing and, if so, the identity
of such clearing organization; any modification(s) to the terms of the transaction;
and the final confirmation of the transaction.
http://www.cftc.gov/ucm/groups/public/@lrfederalregister/documents/file/2010-
25325a.pdf
7 Requirements for DCOs, DCMs, and
SEFs Regarding the Mitigation of
Conflicts of Interest – Comments due
11/17/2010 – Not File
2
8 Agricultural Commodity Definition – Agricultural Commodity Definition http://www.cftc.gov/ucm/groups/public/@lrfederalregister/documents/file/2011-
Comments due 11/26/2010 – Not File (76 FR 41048, July 13, 2011) 17626a.pdf
17 CFR Pt 1 – Effective September
12, 2011
9 Removing Any Reference to or Removing Any Reference to or http://www.cftc.gov/ucm/groups/public/@lrfederalregister/documents/file/2011-
Reliance on Credit Ratings in Reliance on Credit Ratings in 18777a.pdf
Commission Regulations; Proposing Commission Regulations; Proposing
Alternatives to the Use of Credit Alternatives to the Use of Credit
Ratings - Comments due 12/2/2010 - Ratings (76 FR 44262, July 25, 2011)
Not File 17 CFR Pts. 1 &4 - Effective
September 23, 2011
5.
10 Position Reports for Physical Large Trader Reporting for Physical New reporting regulations require physical commodity swap and swaption reports
Commodity Swaps - Comments due Commodity Swaps (76 FR 43851, through routine position reports from clearing organizations, clearing members and
12/2/2010 - Not File July 22, 2011) swap dealers. Regulations also apply to reportable swap trader positions. The
17 CFR Pts. 15 & 20 – First part following categories are subject to reporting:
applies to clearing organizations (1) swaps directly or indirectly linked to the price of a referenced DCM contract;
and clearing members and is (2) swaps directly or indirectly linked to the price of the same commodity for
effective September 20, 2011, delivery at the same location as that of a referenced DCM contract. The Reporting
second part effective when swap Rules rely on the definition of “swap agreement” in Part 35 of the CFTC’s
dealer is defined regulations until the effective date of any swap definitional rulemaking by the
Commission under section 1a of the CEA. Forwards as currently excluded from the
CEA are also outside the scope of the definition of “swap” as used in the reporting
scheme. The definition of paired swaps (i.e., economically equivalent swaps)
identifies two distinct categories of instruments:
paired swaps that are directly or indirectly linked to the price of a Covered
Futures Contract.
paired swaps that directly or indirectly link to, including being partially or
fully settled or priced at a differential to, the price of the same commodity
for delivery at the same location or locations as that of a Covered Futures
Contract.
http://www.cftc.gov/ucm/groups/public/@lrfederalregister/documents/file/2011-
18054a.pdf
Temporary and Conditional Relief Letter relieves clearing organizations and clearing members as a class from the
from the Requirements of §§ 20.3 and reporting requirements of §§ 20.3 and 20.4 until November 21, 2011 for cleared
20.4 of the Commission’s swaps, and January 20, 2012 for uncleared swaps
Regulations Regarding Large Swap
3
Trader Reporting for Physical http://www.cftc.gov/ucm/groups/public/@newsroom/documents/file/relief_letter_09
Commodities (Relief letter September 1611.pdf
16, 2011)
11 Proposed Rule - Investment of Investment of Customer Funds and http://www.gpo.gov/fdsys/pkg/FR-2011-12-19/pdf/2011-31689.pdf
Customer Funds and Funds Held in an Funds Held in an Account for Foreign
Account for Foreign Futures and Futures and Foreign Option
Foreign Options Transactions - Transactions (76 FR 78776,
Comments due 12/3/2010 – Not File December 19, 2011)
17 CFR Parts 1 and 30 – Effective
February 17, 2012. All persons shall
be in compliance no later than June
18, 2012
12 Financial Resources Requirements for
DCOs - Comments due 12/13/2010 –
Not File
13 Public Input for the Study Regarding
the Oversight of Existing and
Prospective Carbon Markets –
Comments due 12/17/2010 –
Comments Filed
14 Business Affiliate Marketing and Business Affiliate Marketing and http://www.cftc.gov/ucm/groups/public/@lrfederalregister/documents/file/2011-
Disposal of Consumer Information Disposal of Consumer Information 17711a.pdf
Rules – Comments due 12/27/2010 – Rules (76 FR 43879, July 22, 2011) –
Not File Effective September 9, 2011
15 Privacy of Consumer Financial Privacy of Consumer Financial http://www.cftc.gov/ucm/groups/public/@lrfederalregister/documents/file/2011-
Information; Conforming Amendments Information; Conforming 17710a.pdf
Under Dodd-Frank Act – Comments Amendments (76 FR 43874, July 22,
due 12/27/2010 – Not File 2011 ) - Effective September 20,
2011
16 Request for Comment - Acceptance of
Public Submissions on a Study
Mandated by Section 719(b) of Dodd-
Frank Act - Comments due
12/31/2010 – Not File
4
17 Prohibition of Market Manipulation – Prohibition on the Employment, or The CFTC clarified in the Final Rule that it is not, by this rulemaking, imposing any
Comments due 1/3/2011 – Comments Attempted Employment, of new affirmative duties of inquiry, diligence, or disclosure. Final Rule 180.1
Filed Manipulative and Deceptive Devices prohibits, among other things, manipulative and deceptive devices, i.e., fraud and
and Prohibition on Price fraud based manipulative devices and contrivances employed intentionally or
Manipulation (76 FR 41398, July 14, recklessly, regardless of whether the conduct in question was intended to create or
2011) did create an artificial price. Final Rule 180.2 makes it unlawful to ‘‘manipulate or
17 CFR Pt. 180 – Effective August attempt to manipulate the price of any swap, or of any commodity in interstate
15, 2011 commerce, or for future delivery on or subject to the rules of any registered entity.
Commission clarified that the standard for 180.2 is specific intent to which the
traditional 4 part test applies.
http://www.cftc.gov/ucm/groups/public/@lrfederalregister/documents/file/2011-
17549a.pdf
18 ANOPR on Anti-Disruptive Trading ANOPR Terminated – Interpretive
Practices - Comments due 1/3/2011 - Order issued March 18, 2011-
Comments Filed Comments due 5/17/2011 – Not file
19 Process for Review of Swaps for Process for Review of Swaps for Regulations establish the process by which the CFTC will determine if a swap needs
Mandatory Clearing - Comments due Mandatory Clearing (76 FR 44464, to be cleared. Commission clarified that the final regulations will apply to all swaps
1/3 2011 - Not File July 26, 2011) submitted or considered submitted to the CFTC, including the pre-enactment swaps.
17 CFR Pts 39 & 140 – Effective
September 26, 2011 http://www.cftc.gov/ucm/groups/public/@lrfederalregister/documents/file/2011-
18663a.pdf
O’Malia seek comment on Final Rule –
Comments due 9/14/2011 –
Comments filed with Agricultural
Retailers Association, AGA, APPA,
Commodity Markets Council, EPSA,
National Corn Growers Association,
NRECA, NGSA, The Fertilizer
Institute
20 Provisions Common to Registered Provisions Common to Registered The final regulations establish the Commission’s procedural framework for the
Entities - Comments due 1/3/2011 – Entities (76 FR 44776, July 27, 2011) submission of new products, rules, and rule amendments by designated contract
Not File Correction Notice (76 FR 45666 markets (‘‘DCMs’’), derivatives clearing organizations (‘‘DCOs’’), swap execution
(August 1, 2011) facilities (‘‘SEFs’’), and swap data repositories (‘‘SDRs’’).
17 CFR Pt 40 – Effective September
26, 2011 http://www.cftc.gov/ucm/groups/public/@lrfederalregister/documents/file/2011-
18661a.pdf
5
Swap Dealer and Major Swap http://www.cftc.gov/ucm/groups/public/@lrfederalregister/documents/file/2012-
21 Implementation of Conflict of Interest Participant Recordkeeping, Reporting 5317a.pdf
Policies and Procedures by Futures and Duties Rules; Future Commission
Commission Merchants and Merchant and Introducing Broker
Introducing Brokers - Comments due Conflict of Interest Rules; and Chief
1/18 2011 – Not File Compliance Officer Rules for Swap
Dealers, Major Swap Participants and
Future Commission Merchants
(77 FR 20128, April 3, 2012)
17 CFR Parts 1,3 and 23 – Effective
June 4, 2012
NOTE: Final Rule also addresses
NOPRs listed at #’s 23, 27, 28 and
32 in this chart.
22 Registration of Foreign Boards of Registration of Foreign Boards of Foreign exchanges that allow direct access to their markets by U.S. market
Trade - Comments due 1/18/2011 – Trade (76 FR 80674, December 23, participants have been operating for many years under no-action letter relief granted
Not File 2011) by the CFTC. Per Section 738 of the Dodd-Frank Act the final rules imposes formal
17 CFR Part 48 – Effective February registration and other requirements on foreign exchanges, known as foreign boards
21, 2012 of trade (FBOTs)
http://www.cftc.gov/ucm/groups/public/@lrfederalregister/documents/file/2011-
31637a.pdf
23 Designation of a Chief Compliance Swap Dealer and Major Swap FCM, SD and MSP required to designate an individual to serve as CCO who must
Officer; Required Compliance Policies; Participant Recordkeeping, Reporting report to, meet annually with and have compensation determined by the board of
and Annual Report of a Futures and Duties Rules; Future Commission directors or the senior officer. CCO can be member of the legal department or the
Commission Merchant, Swap Dealer, Merchant and Introducing Broker general counsel. The CCO must take steps to ensure compliance with CEA and
or Major Swap Participant – Conflict of Interest Rules; and Chief CFTC regulations and prepare an annual compliance report and certify that it is
Comments 1/18/2011 - Comments Compliance Officer Rules for Swap accurate and complete.
Filed Dealers, Major Swap Participants and
Future Commission Merchants http://www.cftc.gov/ucm/groups/public/@lrfederalregister/documents/file/2012-
(77 FR 20128, April 3, 2012) 5317a.pdf
17 CFR Parts 1,3 and 23 – Effective
June 4, 2012
NOTE: Final Rule also addresses
NOPRs listed at #’s 21, 28 and 32
in this chart.
6
24 Protection of Cleared Swap Customers
Before and After Bankruptcy –
Comments due 1/18/2011 -
Comments filed with NGSA
25 Interim Final Rule Reporting Post Interim Final Rule Reporting Post http://www.cftc.gov/ucm/groups/public/@lrfederalregister/documents/file/2010-
Enactment Swap Transactions – Enactment Swap Transactions (75 31579a.pdf
Comments due 1/18/2011 – FR 78892, December 17, 2010)
Comments Filed 17 CFR Part 44
Effective December 17, 2010
26 Registration of Swap Dealers and Registration of Swap Dealers and http://www.cftc.gov/ucm/groups/public/@lrfederalregister/documents/file/2012-
Major Swap Participants - Comments Major Swap Participants (77 FR 792a.pdf
due 1/24/2011 - Not File 2613, January 19, 2012)
17 CFR Parts 1, 3, 23 and 170 –
Effective March 19, 2012
27 Regulations Establishing and Swap Dealer and Major Swap http://www.cftc.gov/ucm/groups/public/@lrfederalregister/documents/file/2012-
Governing the Duties of Swap Dealers Participant Recordkeeping, Reporting 5317a.pdf
and Major Swap Participants - and Duties Rules; Future Commission
Comments due 1/24/ 2011 – Merchant and Introducing Broker
Comments Filed Conflict of Interest Rules; and Chief
Compliance Officer Rules for Swap
Dealers, Major Swap Participants and
Future Commission Merchants
(77 FR 20128, April 3, 2012)
17 CFR Parts 1,3 and 23 – Effective
June 4, 2012
NOTE: Final Rule also addresses
NOPRs listed at #’s 21, 23, 28 and
32 in this chart.
Implementation of Conflict of Interest Swap Dealer and Major Swap Final Rule requires that research analyst remain separate from non-research
28 Policies for Swap Dealers and Major Participant Recordkeeping, Reporting personnel and that clearing function remain separate from affiliated business trading
Swap Participants – Comments due and Duties Rules; Future Commission units. The Final Rule sets forth requirements of how these separations are to be
1/24/2011 - Comments Filed Merchant and Introducing Broker completed.
Conflict of Interest Rules; and Chief http://www.cftc.gov/ucm/groups/public/@lrfederalregister/documents/file/2012-
Compliance Officer Rules for Swap 5317a.pdf
7
Dealers, Major Swap Participants and
Future Commission Merchants
(77 FR 20128, April 3, 2012)
17 CFR Parts 1,3 and 23 – Effective
June 4, 2012
NOTE: Final Rule also addresses
NOPRs listed at #’s 21, 23, 27 and
32 in this chart.
29 Protection of Collateral of
Counterparties to Uncleared Swaps –
Comments due 2/1/2011 - Comments
Filed
30 Implementing the Whistleblower Whistleblower Incentives & The Final Rules include the specific procedures and forms that a potential
Provisions – Comments due 2/4/2011 – Protection (76 FR 53172, August 25, whistleblower must follow and file to make a claim. The Final Rules also
Comments Filed with NRECA 2011) detail the standards that the Commission will use in determining whether an award
17 CFR Part 135 – is appropriate and the amount of an award. Commission did not require that
Effective October 24, 2011 whistleblowers report violations internally to be eligible for an award. However, the
Commission will consider a whistleblowers internal report as a factor in increasing
awards. Retain “original information” requirement from NOPR. Increased amount
of time that an entity has to report a violation from 90 days to 120 days before an
excluded source can go to the Commission.
http://www.cftc.gov/ucm/groups/public/@lrfederalregister/documents/file/2011-
20423a.pdf
31 Real Time Public Reporting of Swap Real Time Public Reporting of Swap Compliance Dates- staggered in three groups.
Transactions and Pricing Data – Transaction Data (77 FR 1182, Compliance date 1 applies to SEF’s, DCM’s, SD and MSP publicly reportable
Comments due 2/7/2011 - Comments January 9, 2012) swap transactions in the interest rate and credit asset classes and will be the date
Filed with EPSA, AGA, NGSA 17 CFR Part 43 – Effective March 9, that is the later of (1) July 16, 2012 of this Adopting Release in the Federal Register,
2012 or (2) 60 calendar days after the publication in the Federal Register of the last
Commission regulations defining the terms ‘‘swap,’’ ‘‘swap dealer’’ and ‘‘major
swap participant.
Compliance Date 2 applies to SEFs, DCMs, SDs and MSPs will be required part 43
requirements with respect to publicly reportable swap transactions in the foreign
exchange, equity and ‘‘other commodity’’ asset classes and begins 90 days after
commencement of Compliance Date 1.
Compliance Date 3 applies to all other publicly reportable swap transactions in all
asset classes and begins 90 days after the commencement of Compliance Date 2
8
http://www.cftc.gov/ucm/groups/public/@lrfederalregister/documents/file/2011-
33173a.pdf
Real Time Public Reporting of Swap The corrected version of the Final Rule makes clear that certain, and not all, covered
Transaction Data – Correction transactions as described in Sections 23A and 23B of the Federal Reserve Act may
(77 FR 48060, August 13, 2012) be considered ‘‘publicly-reportable swap transactions.'' The Corrected Version of the
17 CFR Part 43 – Effective August Final Rule revises the language of the last sentence of footnote 44 on page 1187 of
13, 2012 the Federal Register to read as follows: ‘‘Certain covered transactions between
affiliates as described in Sections 23A and 23B of the Federal Reserve Act may be
considered to be publicly reportable swap transactions.''
http://www.cftc.gov/ucm/groups/public/@lrfederalregister/documents/file/2012-
19664a.pdf
Reporting, Recordkeeping and Daily Swap Dealer and Major Swap Final Rule prescribes specific documents that must be kept in addition to the real-
32 Trading Requirements for Swap Participant Recordkeeping, Reporting time reporting rules (#31 in this chart) and permanent reporting rule (#33 in this
Dealers and Major Swap Participants – and Duties Rules; Future Commission chart). These include: : (i) transactional records for each swap transaction and
Comments due 2/7/2011 – Not File Merchant and Introducing Broker position; (ii) daily trading records for all executed swaps and all related cash or
Conflict of Interest Rules; and Chief forward transactions; and (iii) business records relating to governance, financials,
Compliance Officer Rules for Swap marketing or complaints. The Rules also will require an SD or MSP to keep all
Dealers, Major Swap Participants and information and data that the SD or MSP is required to report to a Swap Data
Future Commission Merchants Repository under previously adopted reporting rules. Records must be searchable
(77 FR 20128, April 3, 2012) and identifiable by transaction and counterparty and made available for inspection
17 CFR Parts 1,3 and 23 – Effective by the CFTC and certain other federal agencies, upon request.
June 4, 2012
NOTE: Final Rule also addresses http://www.cftc.gov/ucm/groups/public/@lrfederalregister/documents/file/2012-
NOPRs listed at #’s 21, 23, 27 and 5317a.pdf
28 in this chart.
Swap Data Recordkeeping and Swap Data Recordkeeping and Compliance Dates - (1) Swap execution facilities, designated contract markets,
33 Reporting Requirement - Comments Reporting Requirements (77 FR derivatives clearing organizations, swap data repositories, swap dealers, and major
due 2/7/2011- Comments Filed with 2136, January 13, 2012) swap participants shall commence full compliance with this part with respect
EPSA 17 CFR Part 45 – Effective March 13, to credit swaps and interest rate swaps on the later of: July 16, 2012; or 60
2012 calendar days after the publication in the Federal Register of the later of the
Commission’s final rule defining the term ‘‘swap’’ or the Commission’s final rule
defining the terms ‘‘swap dealer’’ and ‘‘major swap participant.” (2) Swap
execution facilities, designated contract markets, derivatives clearing organizations,
swap data repositories, swap dealers, and major swap participants shall commence
full compliance with this part with respect to equity swaps, foreign exchange
9
swaps, and other commodity swaps on or before 90 days after the compliance date
for credit swaps and interest rate swaps. (3) Non-SD/MSP counterparties shall
commence full compliance with this part with respect to all swaps on or before
90 days after the compliance date applicable to swap execution facilities,
designated contract markets, derivatives clearing organizations, swap data
repositories, swap dealers, and major swap participants with respect to equity
swaps, foreign exchange swaps, and other commodity swaps.
http://www.cftc.gov/ucm/groups/public/@lrfederalregister/documents/file/2011-
33199a.pdf
General Regulations and Derivative Derivatives Clearing Organizations http://www.cftc.gov/ucm/groups/public/@lrfederalregister/documents/file/2011-
34 Clearing Organizations – Comment General Provisions and Core 27536a.pdf
Date 2/11/2011 - Not File Principles (76 FR 69334, November
8, 2011)
17 CFR Parts 1,21,29 and 140 –
Effective January 9, 2012 except §§
39.11; 39.12; 39.13 (except for
39.13(g)(8)(i)); and 39.14 by May 7,
2012; with §§ 39.10(c);
39.13(g)(8)(i); 39.18; 39.19; and
39.20 by November 8, 2012.
NOTE: Final Rule also addresses
NOPRs listed at #’s 35, 46 and 50 in
this chart
Information Management Derivatives Clearing Organizations http://www.cftc.gov/ucm/groups/public/@lrfederalregister/documents/file/2011-
35 Requirements for Derivatives General Provisions and Core 27536a.pdf
Clearing Organizations – Comments Principles (76 FR 69334, November
due 2/14/2011 - Not File 8, 2011)
17 CFR Parts 1,21,29, 140 –
Effective January 9, 2012 except §§
39.11; 39.12; 39.13 (except for
39.13(g)(8)(i)); and 39.14 by May 7,
2012; with §§ 39.10(c);
39.13(g)(8)(i); 39.18; 39.19; and
39.20 by November 8, 2012.
NOTE: Final Rule also addresses
NOPRs listed at #’s 34, 46 and 50 in
10
this chart
Core Principles and Other Core Principles and Other Compliance date except for §38.151(a) is October 17, 2012
36 Requirements for Designated Contract Requirements for Designated
Markets – Comments due 2/22/2011 - Contract Markets ( 77 FR 36612, http://www.cftc.gov/ucm/groups/public/@lrfederalregister/documents/file/2012-
Extended to 4/18/2011– Not File June 19, 2012) 12746a.pdf
17 CFR Parts 1,16 and 138, Effective
August 20, 2012
Further Definition of Swap Dealer, Further Definition of Swap Dealer, The “de minimis” level of swap dealing activity, below which an entity is not
37 Security Based Swap Dealer, Major Security Based Swap Dealer, Major required to register, will be raised to $3 billion from the proposed level of $100
Swap Participant and Eligible Contract Swap Participant and Eligible million. In addition, there will be a phase-in period, during which the threshold
Participant – Comments due 2/22/2011 Contract Participant Final Rule and would be $8 billion. Swap between majority owned affiliates excluded
[SEC comments due 2/22/2011] – Interim Final Rule (77 FR 30596,
Comments filed with EPSA at CFTC May 23, 2012) Tests that would have limited the exception to only those entities transacting in
17 CFR Part 1 (part 240 for SEC) fewer than 20 swaps and with fewer than 15 counterparties per year removed.
Effective July 23, 2012except for
CFTC regulations at 17 CFR The final rule includes an IFR excluding hedges of physical market positions,
1.3(m)(5) and (6), which are effective when outlined The IFR that will exclude certain hedges from dealing activity will
December 31, 2012. be based on a modified version of the definition of “hedging or mitigating
commercial risk.”
The “de minimis” level for transactions with special entities (as defined in Section
731 of Dodd-Frank, “special entities” include Federal Agencies; States, State
agencies, cities, counties, municipalities and other subdivisions of a State;
employee benefit plans; governmental plans; and endowments) will remain very
low, at $25 million.
The “de minimis” level will be subject to change: Commission will
study the data reported to Swap Data Repositories (SDRs) in the first
two and a half years of reporting; The Commission may then propose
rules to adjust the de minimis level up or down; if the Commission takes
no action after five years, the level will revert to $3 billion.
The rule will require market participants to determine if they are a swap dealer by
applying a facts and circumstances test. .
http://www.cftc.gov/ucm/groups/public/@lrfederalregister/documents/file/2012-
10562a.pdf
11
IFR in Final Rule Bona Fide Hedge
– Comments filed July 23, 2012
End User Exception – Comments due End User Exception to the Clearing Rather than a 10-12 field, transaction-by-transaction reporting requirement, end
38 2/22/2011 - Comments filed with Requirement for Swaps (77 FR users will be able to provide most information on an annual basis. For each
EPSA 42560, July 19, 2012) uncleared transaction, end users will only need to indicate (1) that they are electing
17 CFR Part 39, Effective 9/17/2012 the exception and (2) provide the legal name of the entity electing the exception.
All other required information can be provided in an annual filing.
http://www.cftc.gov/ucm/groups/public/@lrfederalregister/documents/file/2012-
17291a.pdf
Business Conduct Standards for Swap Business Conduct Standards for Swap Compliance Date: Swap dealers and major swap participants must comply with the
39 Dealers and Major Swap Participants Dealers and Major Swap Participants rules in subpart H of part 23 on the later of 180 days after the effective date of these
with Counterparties – Comments due with Counterparties (77FR 9734, rules or the date on which swap dealers or major swap participants are required to
2/22/2011- Not File February 17, 2012) apply for registration pursuant to Commission Rule 3.10.
17 CFR Parts 4 and 23, Effective
April 17, 2012 http://www.cftc.gov/ucm/groups/public/@lrfederalregister/documents/file/2012-
1244a.pdf
Swap Data Repositories – Comments Swap Data Repositories: Registration Note: Applicants may apply for registration as SDRs on 10/31 but are not required
40 due 2/22/2011 – Not File Standards, Duties & Core Principles to do so. Mandatory registration and compliance with the registration rules upon the
(76 FR 45538, September 1, 2011) effective date of the swap definition rulemaking.
17 CFR Part 49, Effective October
31, 2011 http://www.cftc.gov/ucm/groups/public/@lrfederalregister/documents/file/2011-
20817a.pdf
Confirmation, Portfolio Reconciliation
41 and Portfolio Compression Required
for Swap Dealers and Major Swap
Participants – Comments due
2/28/2011 – Not File
Governance Requirements for
42 Derivative Clearing Organization,
Designated Contract Market and Swap
Execution Facilities – Comments due
3/7/2011 – Not File
12
Core Principles & Other Requirements
43 for Swap Execution Facilities –
Comments due 3/8/2011 – Not File
Opportunity for Comment Reporting
44 Pre-Enactment Swap Transactions –
Comments due 3/14/2011 – Not File
Publication of the Systems of Records
45 Managed by the CFTC – Comments
due 3/14/2011 – Not File
Risk Management Requirements for Derivatives Clearing Organizations http://www.cftc.gov/ucm/groups/public/@lrfederalregister/documents/file/2011-
46 Derivative Clearing Organizations – General Provisions and Core 27536a.pdf
Comments due 3/21/2011 – Reopened Principles (76 FR 69334, November
until 4/25/2011 - Not File 8, 2011)
17 CFR Parts 1,21,29, 140 –
Effective January 9, 2012 except §§
39.11; 39.12; 39.13 (except for
39.13(g)(8)(i)); and 39.14 by May 7,
2012; with §§ 39.10(c);
39.13(g)(8)(i); 39.18; 39.19; and
39.20 by November 8, 2012.
NOTE: Final Rule also addresses
NOPRs listed at #’s 34, 35 and 50 in
this chart
Proposed Rule – Proposed Regulations Position Limits for Futures and Compliance Dates. Compliance with position visibility levels, spot-month and non-
47 Regarding Position Limits for Swaps, Final Rule and Interim Final spot month limits for certain legacy agricultural Referenced Contracts (and
Derivatives – Comments due Rule (76 FR 71626, November 18, aggregation requirements associated with such limits), and DCM/SEF position limits
4/28/2011 - Comments Filed with 2011) and accountability rules will be 60 days after the final rule further defining the term
EPSA 17 CFR Parts 1, 150 and 151, “swap” is published in the Federal Register.
Effective January 17, 2011 Non-legacy Referenced Contracts. Non-spot month limits for non-legacy
Referenced Contracts become effective on the first day of the third month
Effective Date. The nominal immediately following publication on the CFTC’s web site of a Commission order
effective date of the position limit establishing such limits.
rule is January 17, 2012; however,
13
this date only applies to the revised http://www.cftc.gov/ucm/groups/public/@lrfederalregister/documents/file/2011-
position limits for legacy agricultural 28809a.pdf
Referenced Contracts listed in
§ 150.2.
Interim Final Rule – Comments due
1/17/2012 – Comments Filed
Petition for Exemptive Relief of
Certain Bona Fide Hedge Transactions
Under Section 4a(a)(7) of the CEA
filed March 1, 2012 (AGA and EPSA
joined)
Petitions for Order to Exempt Owned NOPR issued in response to
Non-Financial Entities from aggregation petition. See # 89 in
Aggregation for Compliance with this chart.
Position Limits and Order to
Broaden and Clarify Rule 151.7(i)
filed March 1, 2012 (AGA join)
Request for Guidance on Bona Fide
Hedge Transactions filed July 12,
2012 with EPSA, NGSA and COPE
Recommendations for Pre-Trading
48 Practices for Trading Firms, Clearing
Firms & Exchanges – Comments due
3/31/2011 – Not File
Commodity Options and Agricultural Commodity Options Final Rule and Under the final rule commodity options will to continue to be transacted under the
49 Swaps - Comments due 4/4/2011 – Interim Final Rule (77 FR 25320, same rules as other swaps. The IFR creates an exemption for certain physical
Comments Filed with EPSA April 27, 2012) delivery commodity options. Options contracts that, if exercised, call for physical
17 CFR Parts 3, 32 and 33 delivery (but that would not result in delivery if not exercised) will be regulated as
Effective Date of Final Rule and “trade options” under the IF R that was approved by the Commission the new trade
Interim Final Rule June 26, 2012 option rule will impose some swap regime requirements, including position limits
and reporting requirements. The new trade option exemption will be available in
transactions where: The offeror is a commercial end user or Eligible Contract
Participant; the offeree is a commercial end user; and the option, if exercised, is
intended to be physically settled.
14
http://www.cftc.gov/ucm/groups/public/@lrfederalregister/documents/file/2012-
9888a.pdf
Interim Final Rule Trade Option
Exemption - Comments due June 26,
2012 – Comments filed with EPSA,
NRECA, APPA
Requirements for Processing, Clearing Derivatives Clearing Organizations http://www.cftc.gov/ucm/groups/public/@lrfederalregister/documents/file/2011-
50 and Transferring Customer Positions – General Provisions and Core 27536a.pdf
Comments due 4/11/2011 – Not File Principles (76 FR 69334, November
8, 2011)
17 CFR Parts 1,21,29, 140 –
Effective January 9, 2012 except §§
39.11; 39.12; 39.13 (except for
39.13(g)(8)(i)); and 39.14 by May 7,
2012; with §§ 39.10(c);
39.13(g)(8)(i); 39.18; 39.19; and
39.20 by November 8, 2012.
NOTE: Final Rule also addresses
NOPRs listed at #’s 34, 35 and 46
in this chart
Orderly Liquidation Termination
51 Provisions in Swap Trading
Documents for Swap Dealer and Major
Swap Participants – Comments due
4/11/2011 – Comments Filed with
NRECA
Swap Trading Relationship
52 Documentation Requirements for
Swap Dealers and Major Swap
Participants – Comments due
4/11/2011 – Comments Filed with
NRECA, APPA, LPPC
15
Commodity Pool Operators & Commodity Pool Operators & http://www.cftc.gov/ucm/groups/public/@lrfederalregister/documents/file/2012-
53 Commodity Trading Advisors: Commodity Trading Advisors 3390a.pdf
Amendments to Compliance Compliance Obligation (77 FR
Obligation – Comments due 4/12/2011 11252, February 24, 2012)
– Not File 17 CFR Parts 4, 145 and 147 –
Effective April 24, 2012
Joint Proposed Rule – Reporting by Reporting by Investment Advisers to http://www.cftc.gov/ucm/groups/public/@lrfederalregister/documents/file/2011-
54 Investment Advisors to Private Funds Private Funds and Certain 28549a.pdf
& Certain Commodity Pool Operators Commodity Pool Operators and
& Commodity Trading Advisors on Commodity Trading Advisors on
Form PF – Comments due 4/12/2011 – Form PF (76 FR 71128, November
Not File 16, 2011)
17 CFR Part 5, Effective March 31,
2012
Core Principles & Other Requirements Core Principles and Other http://www.cftc.gov/ucm/groups/public/@lrfederalregister/documents/file/2012-
55 of Designated Contract Markets Requirements for Designated 12746a.pdf
comment period extended from Contract Markets (77 FR 36612, June
12/22/20100 to allow comments on 19, 2012)
off-market volume data released by the 17 CFR Parts 1, 16 and 38, Effective
Commission – Comments due August 20, 2012
4/18/2011 – Not File
Proposed Rule – Amendments to
56 Commodity Pool Operator and
Commodity Advisor Regulations
Resulting from Dodd-Frank –
Comments due 5/2/2011 – Not File
Proposed Rule – Registration of
57 Intermediaries – Comments due
5/9/2011 – Not File
Roundtable on Schedule for Final
58 Rules and Implementation of Final
Rules under Dodd Frank – Comments
due 5/3/2011 – Comments filed with
NRECA, APPA, LPPC, EPSA
16
Notice Extending Comment Period –
59 Comments due 6/3/2011 – Comments
filed individually and with NRECA,
APPA, LPPC, EPSA
Swap Data Recordkeeping and Swap Data Recordkeeping and Compliance: Non- SD/MSP counterparties shall commence full compliance with this part
60 Reporting Requirements: Pre- Reporting Requirements: Pre- with respect to all swaps on or before 90 days after the compliance date applicable to
Enactment and Transition Swaps – Enactment and Transition Swaps ( 77 swap dealers and major swap participants with respect to equity swaps, foreign exchange
Comments due 6/9/2011 – Comments FR 35200, June 12, 2012 ) swaps, and other commodity swaps.
filed with NRECA, APPA and EPSA 17 CFR Part 46
Effective August 13, 2012 http://www.cftc.gov/ucm/groups/public/@lrfederalregister/documents/file/2012-
12531a.pdf
Prudential Regulators Capital and
*61 Margin Requirements for Covered
Swap Entities – Comments due
6/24/2011 - Comment date extended
to 7/11/2011 – Comments filed with
NRECA, EPSA, APPA, LPPC.
Proposed Order – Effective Date Swap Effective Date for Swap Regulation Extends the effective dates for Dodd – Frank provisions as follows:
62 Regulation – Comments due 7/1/2011 (76 FR 42508, July 19, 2011) Category 1 provisions – require rulemaking - effective date 60 days after
– Not file 17 CFR Chapter 1 Final Rule issued
Effective July 14, 2011 Category 2 provisions - action taken depends on rulemaking on
category 1 provisions - effective date is the earlier of December 31,
2011 or such other time as specified in a Final Rule
Category 3 provisions - take effect on July 16 - these are generally the
exclusion sections in the current CEA (Sections 2(de), 2(g), 2(h),and
5d)- exclusions remain in place until December 31, 2011 or the date
when the CFTC's new regulatory framework for swaps takes effect.
The Commission will re-visit this deadline in November if needed.
Category 4 provisions are self effectuating and took effect on
July 16.
http://www.cftc.gov/ucm/groups/public/@lrfederalregister/documents/file/201
1-18248a.pdf
Margin Requirements for Uncleared
63 Swaps for Swap Dealers and Major
Swap Participants – Comments due
7/11/2011 – Comments filed with
17
NRECA, EPSA, APPA, LPPC, AGA
Extension of Comment Period Until
September 14, 2012 to file comments
in response to the consultative paper by
the Basel Committee – Not File
Capital Requirements for Swap
64 Dealers and Major Swap Participants –
Comments due 7/11/2011 - Comments
filed with NRECA, EPSA, APPA,
LPPC, AGA
CFTC and SEC Product Definitions – Further Definition of ‘‘Swap,’’ http://www.cftc.gov/ucm/groups/public/@lrfederalregister/documents/file/2012-
65 Comments due 7/22/2011 – ‘‘Security-Based Swap,’’ and 18003a.pdf
Comments filed with NRECA, ‘‘Security-Based Swap Agreement’’;
EPSA, APPA, LPPC Mixed Swaps; Security-Based Swap
Agreement Recordkeeping
Supplemental Comments filed with
(77 FR 48208, August 13, 2012)
EPSA 8/10/2011
17 CFR Parts 230, 240 and 241
Effective October 12, 2012
Final Rule requests comments on
interpretive guidance on contracts with
embedded optionality – Comments to
be filed 10/12/2012
Adaptation of Regulations to
66 Incorporate Swaps – Comments due
8/8/2011 – Comments filed with
NRECA, APPA, LPPC
Protection of Cleared Swaps Customer Protection of Cleared Swaps New requirements on FCMs and DCO’s when handling customer collateral pledged
67 Contracts and Collateral; Conforming Customer Contracts and Collateral; as margin for cleared swaps. Imposes a regime of local segregation with operational
Amendments to the Commodity Conforming Amendments to the comingling which is known as LSOC (Complete Local Segregation). Under LSOC,
Broker Bankruptcy Provisions – Commodity Broker Bankruptcy the FCM or DCO may commingle customer funds in a single account however the
Comments due 8/8/2011 – Not File Provisions (77FR 6336, February 7, FCM and DCO must account for each swaps customer, ensure that the customer
2012) account is separate from any account holding FCM/DCO or non-swap customer
17 CFR Parts 22 and 190 – Effective property and may not use a swap customers fund to cover the default of another
April 9, 2012 customer. LSOC must be implemented by November 8, 2012.
18
Note: All parties must comply
with the Part 22 rules by November 8, http://www.cftc.gov/ucm/groups/public/@lrfederalregister/documents/file/2012-
2012. All parties must comply with the 1033a.pdf
Part 190 rules by April 9, 2012
Agency Information Collection
68 Activities: Notice of Intent to Renew
Collection, Exemptions From
Speculative Limits Notice – Comments
due – August 22, 2011 – Not File
Request for Information Reducing
69 Regulatory Burden; Retrospective
Review Under E.O. 13563 –
Comments due 8/29/2011 – Not File
Acceptance of Public Submission for
70 Study on International Swap
Regulation Mandated by 719 ( c) of the
Dodd-Frank Act – Comments due
9/26/2011 – Not File
Customer Clearing Documentation and Customer Clearing Documentation, The Final Rule addresses: The documentation between a customer and a futures
71 Timing of Acceptance for Clearing – Timing of Acceptance for Clearing commission merchant that clears on behalf of the customer; the timing of acceptance
Comments due 9/30/2011 – and Clearing Member Risk or rejection of trades for clearing by derivatives clearing organizations and clearing
Comments Filed Management (77 FR 21278, April 9, members; and the risk management procedures of futures commission merchants,
2012) swap dealers, and major swap participants that are clearing members.
17 CFR Parts 1, 23, 37, 38 and 39 –
Effective October 1, 2012 In comments filed with the CFTC, EEI expressed concern that the proposed rule
would prohibit the use of optional trilateral execution annexes such as the one
Note: Final Rule also addresses contained within the FIA-ISDA Cleared Derivatives Execution Agreement. The
NOPRs listed at #72 in this chart Final Rule does not prohibit all trilateral clearing agreements. However, the final
rules prohibit provisions in agreements related to clearing that would (i) disclose to
the FCM, any SD or any MSP the identity of the customer's original executing
counterparty; (ii) limit the number of counterparties with whom a customer may
enter into a trade; (iii) restrict the size of position a customer may take with any
counterparty (except an overall credit limit for all positions held by a customer at the
FCM); (iv) impair the customer's access to execution of a trade on terms with a
reasonable relationship to the best terms available; and (v) prevent compliance with
the time limits imposed on submitting and accepting swaps into clearing as
articulated in the Rule.
19
Compliance dates: 1) for SDs/MSPs, the later of October 1, 2012, or the date that
SD/MSP registration rules become effective, and 2) for SEFs, the later of October 1,
2012, or the date the SEF core principles become effective.
http://www.cftc.gov/ucm/groups/public/@lrfederalregister/documents/file/2012-
7477a.pdf
Clearing Member Risk Management – Customer Clearing Documentation,
72 Comments due 9/30/2011 - Not File Timing of Acceptance for Clearing http://www.cftc.gov/ucm/groups/public/@lrfederalregister/documents/file/2012-
and Clearing Member Risk 7477a.pdf
Management (77 FR 21278, April 9,
2012)
17 CFR Parts 1, 23, 37, 38 and 39 –
Effective October 1, 2012
Note: Final Rule also addresses
NOPRs listed at #71 in this chart
Net Position Change Data Reports –
73 Comments due 10/3/2011 – Not File
Request for Comment – Acceptance of
74 Public Submissions Regarding the
Study of Stable Value Contracts –
Comments due 9/26/2011 – Not File
Swap Transaction Compliance and
75 Implementation Schedule: Trading
Documentation and Margining
Requirements under Section 4s of the
CEA – Comments due 11/4/2011 –
Comments filed with NRECA, EPSA
Swap Transaction Compliance and
76 Implementation Schedule: Clearing
and Trade Execution Requirements
under Section 2(h) of the CEA –
Comments due 11/4/2011 –
Comments filed with NRECA, EPSA
20
Effective Date for Swap Regulation – Amendment to July 14, 2011 Order Extends expiration date of exemptive relief to July 16, 2012
77 Comments due 11/25/2011 – Not File for Swap Regulation (76 FR 80233,
December 23, 2011) http://www.cftc.gov/ucm/groups/public/@lrfederalregister/documents/file/2011-
17 CFR Chapter 1 – Effective 32841a.pdf
December 23, 2011
Commodity Pool Operators: Relief http://www.cftc.gov/ucm/groups/public/@lrfederalregister/documents/file/2011-
78 from Compliance with Certain 11551a.pdf
Disclosure, Reporting and
Recordkeeping Requirements (76 FR
28641, May 18, 2011)
17 CFR Part 4 - Effective June 17,
2011
Foreign Futures and Options Contracts Foreign Futures and Options http://www.cftc.gov/ucm/groups/public/@lrfederalregister/documents/file/2011-
79 on a Non-Narrow-Based Security Contracts on a Non-Narrow-Based 24609a.pdf
Index; Commission Certification Security Index; Commission
Procedures – Comments due 1/12/2011 Certification Procedures ( 76 FR
– Not File 59241, September 26, 2011)
17 CFR Part 30, Effective October
26, 2011)
Interpretation - Retail Commodity Interpretation - Retail Commodity Interpretation of the term “actual delivery” in section 2(c)(2)(D)(ii)(III)(aa) of the
80 Transactions under the Commodity Transactions under the Commodity CEA. Commission indicates that interpretation of whether “actual delivery” has
Exchange Act - Comments due on Exchange Act (76 FR 77670, occurred requires consideration of evidence regarding delivery beyond the four
interpretation of “actual delivery” December 14, 2011) corners of the contract. In determining whether actual delivery has occurred within
2/13/2012 – Not File 17 CFR Part 1 – Effective December 28 days, as required by statute, Commission will employ a functional approach
14, 2011 examining how the transaction is marketed, managed, and performed.
http://www.cftc.gov/ucm/groups/public/@lrfederalregister/documents/file/2011-
31355a.pdf
Process for a Designated Contract
81 Market or Swap Execution Facility to
make a Swap Available for Trade –
Comments due 2/13/2012 – Not File
17 CFR Part 75 Prohibitions and
82 Restrictions on Proprietary Trading
and Certain Interests in and
Relationships with Hedge Funds and
Covered Funds – aka Volker Rule –
21
Comments due 4/16/2012 –
Comments filed with NRCEA, LPPC
Public Roundtable on Additional
83 Customer Collateral Protection held
February 29 and March 1 – Comments
due 4/23/2012 – Not File
17 CFR Part 4 Harmonization of
84 Compliance Obligations for Registered
Investment Companies Required to
Register as Commodity Pool Operators
– Comments due 4/24/2012 – Not File
Commodity Futures Trading
85 Commission 17 CFR Part 162
Securities Exchange Commission 17
CFR Part 248 Identity Theft Red Flags
Rules – Comments due 5/7/2012 – Not
File
17 CFR Part 43 Procedures to
86 Establish Appropriate Minimum Block
Sizes for Large Notational Off-Facility
Swaps and Block Trades – Comments
due 5/14/2012 – Comments Filed
Swap Data Repositories: Interpretative
87 Statement Regarding the
Confidentiality and Indemnification
Provisions of Section 21(d) of the
Commodity Exchange Act –
Comments due 6/6/2012 – Not File
Second Amendment to July 14, 2011 Second Amendment to July 14, 2011 Extend latest potential expiration date from July 16, 2102 to December 31, 2012
88 Order for Swap Regulation – Order for Swap Regulation (77 FR
Comments due 5/30/ 2012 – Not File 41260, July 13, 2012) http://www.cftc.gov/ucm/groups/public/@lrfederalregister/documents/file/2012-
17 CFR Part 1, Effective July 3, 2012 16987a.pdf
Aggregation Under Part 151 – Position
89 Limits for Futures and Swaps –
Comments due 6/29/ 2012 –
Comments filed
22
Rules Prohibiting the Aggregation of
90 Orders To Satisfy Minimum Block
Sizes or Cap Size Requirements, and
Establishing Eligibility Requirements
for Parties to Block Trades –
Comments due 7/27 2012 – Not File
Cross Border Application of Certain
100 Swaps Provisions of the Commodity
Exchange Act - Comments due
8/27/ 2012 – Not File
Exemptive Order Regarding
101 Compliance with Certain Swap
Regulations – Comments due
8/13/2012 – Not File
Clearing Exemption for Certain Swaps
102 Entered into by Cooperatives –
Comments due 8/16/2012 – Not File
Clearing Requirement Determination
103 Under Section 2(h) of the CEA –
Comments due 9/6/2012 – Not File
23
