Amendments to Effective Date for Swap Regulation
The Commodity Futures Trading Commission (the CFTC) has proposed to extend its earlier exemptive order that provides temporary relief from certain swap-related provisions of the Dodd-Frank Wall Street Reform and Consumer Protection Act (the Dodd-Frank Act) that would otherwise have taken effect on July 16 (the Order). Specifically, the Order provided relief with respect to (1) self-effectuating provisions of the Dodd-Frank Act that referenced terms requiring further definition, and (2) self-effectuating provisions of the Dodd-Frank Act that repealed existing statutory safe harbors for over-the-counter derivatives transactions.
The Order originally included an outside “sunset” date of December 31, after which the relief granted by the Order would expire. Under the proposed amendment, the latest “sunset” date for the Order would be extended until July 16, 2012.
The proposed amendment may be found here.
