CFTC Open Meeting, October 19, 2010

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Dodd-Frank Timeline, Agricultural Swaps
Final Rule Issue Effective Date No-action Deadline
August 10, 2011 December 31, 2011 December 31, 2012
Dodd-Frank Timeline, Agricultural Commodities Definition
Proposal Date Final Rule Effective/Compliance Date
October 26,2010 July 13, 2011, September 12, 2011
Timeline, Position Reports for Physical Commodity Swaps
Final Rule Effective Date No-action Relief Deadline
July 22, 2011 September 20, 2011 June 30, 2013
Dodd-Frank Timeline, Business Affiliate Marketing
Final Rule Issue Effective Date Compliance Date
July 22, 2011 September 20, 2011 September 21, 2012
Dodd-Frank Timeline, Privacy of Consumer Financial Information
Final Rule Issue Effective Date Compliance Date, SD/MSPs
July 22, 2011 November 21, 2011 October 12, 2012; no-action relief pending

The Commodity Futures Trading Commission (CFTC) held a public meeting on October 19, 2010, at 9:30 a.m. to consider the issuance of proposed rulemakings under the Dodd-Frank Wall Street Reform and Consumer Protection Act on the following topics:[1]

  • Definition of “agricultural commodity”
  • Position reports for physical commodity swaps and swaptions
  • Expanding scope of privacy protections for consumer financial information under the Gramm-Leach-Bliley Act, and
  • Business affiliate marketing and disposal of consumer information rules under the Fair Credit Reporting Act

Archived webcast:

Meeting Summary

All of the meeting's proposals passed 5-0. The Agricultural Commodity Definition proposal entered the Federal Register on October 26th, and the comment period closed on November 26th, 2010. The Position Reports for Physical Commodity Swaps proposal entered the Federal Register on November 2, and the comment period closed on December 2, 2010.

Related Documents

Agricultural Swaps and Commodities - ANPR

Read comment letters.png
Read proposed rule.png

Agricultural Commodities Definitions

Read comment letters.png
Read proposed rule.png

Privacy of Consumer Financial Information

Read proposed rule.png

Business Affiliate Marketing

Read proposed rule.png

Position Reports for Physical Commodity Swaps

Read comment letters.png
Read proposed rule.png

Speakers

Chairman Gary Gensler; giving statement on support of the Dodd-Frank rulemaking, which included support for:

  • The official definition for "Agricultural Commodity"
  • The Large Trader Reporting Rule for physical commodities
  • The Fair Credit Reporting Act(FCRA)
  • The Gramm-Leach-Blilet Act (GLBA)

Commissioner Michael V. Dunn; whose statements include:

  • His belief that a principles based regulatory regime is the appropriate model for the CFTC to follow.
  • His request that staff present alternative approaches to achieving the goals of Dodd-Frank to himself personally and also to the public for comment on the proposed rules.
  • His concern with the precarious budgetary situation the CFTC finds itself in.

Commissioner Jill E. Sommers; whose statements include:

  • Her support for the proposal to receive daily position reports for physical commodity swaps and swaptions.
  • Her concerns about moving forward with position limits on four specific energy contracts.
  • Her belief that the Commission is currently unable to place position limits, as they lack the proper information to determine what those position limits should be.

Commissioner Scott O’Malia; whose statements include:

  • His concerns with the reporting methodology being developed by the Commission.
  • His fear that the Commission is rushing to implement new reporting methodologies without taking into consideration how each of the new and existing reporting requirements fit together as their foundation.
  • His desire to see a position limit proposal that will:
    • protect bona fide hedgers, including looking through the swap dealer to the actual commercial trader to determine whether or not to issue an exemption;
    • ensure that we establish limits on contracts that have clear price linkages based on empirical data; and
    • not adversely impact commercial interests such as a utility that uses these markets to hedge the multi-year commercial risk of building a new power plant or an airline that uses a variety of futures and swaps to hedge its jet fuel exposure.

References

  1. Open Meeting on Second Series of Proposed Rules under the Dodd-Frank Act. CFTC. Retrieved on February 16, 2011.

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