Adaptation of CFTC Regulations to Incorporate Swaps - Comment Letter - Environmental Markets Association - July 21, 2011

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Adaptation of CFTC Regulations to Incorporate Swaps
July 21, 2011

From the comment letter:

"In this letter, the EMA supplements the arguments advanced in its prior comment letter. The EMA argues that regulations cannot expand the authority granted to the CFTC by the statute, and notes that the paths potentially proposed by the CFTC could lead to CFTC jurisdiction over all intangible personal property, which is not provided by Dodd-Frank. The EMA notes the very broad definition of the word “physical” in current CFTC regulations certainly encompasses Environmental Commodities. We then show that Environmental Commodities satisfy the requirements of “physical” within the meaning of Dodd-Frank. Finally, the EMA notes that the exception to the definition of “swap” of Section 1a47(B) does not swallow the rule of what may be a “swap” in the first place under Section 1a47(A)."


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