CFTC Final Rule: Provisions Common to Registered Entities

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Gavel.png FINAL RULE: At its July 19, 2011 open meeting, the CFTC approved its final rules regarding provisions common to registered entities. The changes made to "Part 40" as instructed by Dodd-Frank include the implementation of "a new statutory framework for certification and approval procedures for new products, new rules and rule amendments submitted to the Commission by registered entities" as well as a new timeline for "self-certified submissions of new rules and rule amendments (and, notably, does not apply to self-certified new products)."
Dodd-Frank Timeline-Provisions Common to Registered Entities
Proposal Date Final Rule Issue Effective/Compliance Date
November 2, 2010 July 27, 2011 September 26, 2011

The CFTC in its final rule requires a 60-day advance notice of any rule changes by systemically important derivatives clearing organizations (SIDCOs) in the case that that rule change affects risk information presented by the SIDCO.

Specific prohibitions:

  • "The listing, trading, or clearing of products that involve terrorism, assassination, war, gaming, or an activity that is unlawful under any State or Federal Law."
  • "The listing, trading, or clearing of a product involving similar activities and that the Commission determines, in a future rulemaking, to be contrary to the public interest."[1]

Related Documents: Fact Sheet, Q&A, and Federal Register Entry

Background on CFTC Proposed Rule

On October 26, 2010, the CFTC held its third in the series of open meetings to consider the issuance of proposed rulemakings under the Dodd-Frank Act. One of the agenda items was a proposed rule regarding the the implementation of new statutory provisions common to registered entities ("Part 40 of commission regulations").[2]

The proposal appeared in the Federal Register on November 2, 2010.

Read comment letters.png
Read proposed rule.png

References

  1. Open Meeting on Three Final Rule Proposals and Two Proposed Rules under the Dodd-Frank Act. CFTC. Retrieved on July 19, 2011.
  2. Open Meeting on Third Series of Proposed Rules under the Dodd-Frank Act. CFTC. Retrieved on March 3, 2011.

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