Effective Date for Swap Regulation

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Gavel.png FINAL ORDER: On December 19, 2011, the CFTC issued a final order granting no-action relief until July 16, 2012 for certain Dodd-Frank Act related provisions. On May 10, 2012, the deadline was extended through December 31, 2012.
Dodd-Frank Timeline, Order to Address Effective Date for Swap Regulations, CFTC
2nd Proposal Date Comment Deadline Extension Date
May 16, 2012 May 30, 2012 December 31, 2012
Dodd-Frank Timeline, Sequencing of Compliance Dates, SEC
Statement Date Comment Deadline Reopened Comment Period Deadline
June 11, 2012 August 13, 2012 July 22, 2013

CFTC Final Order: Effective Date for Swap Regulation

On June 14, 2011, the Commodity Futures Trading Commission (CFTC) held an open meeting to consider effective dates of provisions in the Dodd-Frank Wall Street Reform and Consumer Protection Act. [1]

At its October 18, 2011 open meeting, the commission voted 5-0 to extend the effective date for swap regulations until July 16, 2012. All other provisions, as described in the documents below, remain the same. On December 19, 2011, a final order was issued by the commission.

As the July 2012 deadline approaches, the CFTC has acknowledged that its rulemakings will not be completed. On May 3, 2012, the commission announced that it would be addressing the matter at its May 10, 2012 open meeting. However, the issue was not addressed at the May 10 meeting.

On July 3, 2012, the commission issued a second amendment to the July 2011 order which amended the dates, but with a few modifications, specifically:

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SEC Policy Statement: Sequencing of Compliance Dates for Final Rules Applicable to Security-Based Swaps, June 2012

On June 11, 2012, the SEC issued a policy statement describing the order in which it expects new rules regulating the derivatives market would take effect. The statement covers final rules to be adopted by the SEC under the 2010 Dodd-Frank Wall Street Reform and Consumer Protection Act.[3]

The statement sets out the order in which its Dodd-Frank related rulemakings may be issued, and outlines the phased-in compliance requirements. Because certain rules are contingent upon the finalization of other rules, the guidance sets out the general order of rulemakings, but does not spell out exact dates for implementation and compliance.

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References

  1. CFTC to Hold Open Meeting to Consider Effective Dates of Provisions in the Dodd-Frank Act. CFTC. Retrieved on June 14, 2011.
  2. CFTC Issues Final Order Amending the Effective Date for Swap Regulation Order Issued on July 14, 2011. CFTC. Retrieved on July 5, 2012.
  3. SEC Issues “Roadmap” on Phase in of Derivatives Regulation. SEC. Retrieved on June 13, 2012.

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