Reopening and Extension of Comment Periods for Rulemakings Implementing the Dodd-Frank Wall Street Reform and Consumer Protection Act

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At its April 27, 2011 open meeting, the CFTC approved a proposal to reopen the comment periods for 32 of its rule proposals related to the Dodd-Frank Act. According to Chairman Gensler, "With the substantial completion of the proposal phase of rule-writing, the public now has the opportunity to review the whole mosaic of rules. This will allow market participants to evaluate the entire regulatory scheme as a whole. To further facilitate this process, this morning we will consider reopening or extending the comment periods for most of our Dodd-Frank proposed rules for an additional 30 days."<ref>Opening Statement, Meeting of the Commodity Futures Trading Commission, Chairman Gary Gensler. CFTC. Retrieved on May 6, 2011.</ref>

As an appendix to the proposal, Commissioner O'Malia submitted a statement requesting that the commission decide upon and publish its expected timeline for final rule issuance. In the statement, O'Malia suggests implementing the final rulemakings in four phases:

Phase I

  • Federal Energy Regulatory Commission (FERC) Memorandums of Understanding
  • Whistleblower
  • Fair Credit Reporting Act (FCRA) Rules
  • Reliance on Credit Ratings
  • Swap Data Repositories
    • Data Recordkeeping
    • Large Trader reporting
    • Investment advisor reporting
    • Pre-enactment & Transition swaps
    • Governance of SDRs
    • Process to define a clearable swap

Phase II

  • Swap Dealer (SD)/Major Swap Participant (MSP)
    • End-User Exemption
    • SD/MSP Registration
    • Small Bank Exemption Rule
    • Business Conduct Standards for SD/MSP (Internal business conduct; Documentation; Conflicts of Interest; Capital and Margin; External Business conduct
    • Inter-Affiliate Transactions
  • Product Rules
    • Agricultural Swaps
    • Swaps
    • Agricultural commodity definition

Phase III

  • Position Limits
  • Clearing
    • Designated Clearing Organization (DCO)
    • Core Principles
    • Systemically Important Designated
    • Clearing Organizations (SIDCOs)
    • Governance of DCO
  • Execution
    • Real-time Reporting
    • Swaps Execution Facility (SEF) & Block
    • Trade Rule
    • Designated Contract Market (DCM)
    • Foreign Board of Trade (FBOT)
    • Part 40 Rule Certification
    • Governance of SEFs & DCMs

Phase IV

Commissioner Scott D. O’Malia]. Federal Register. Retrieved on May 6, 2011.</ref>

The entire proposal, as it appeared in the Federal Register on May 4th, 2011, can be found below.


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