October 16, 2012

CFTC Issues Final Rule Amending Existing Commission Regulations to Incorporate Swaps

Washington, DC – The Commodity Futures Trading Commission (CFTC) today approved a final rule that amends certain current regulations in order to implement aspects of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act). The Dodd-Frank Act amended the Commodity Exchange Act in numerous ways to give the Commission the authority to regulate swaps. Today’s final rule amends certain existing Commission regulations to integrate them with the statutory and regulatory framework established under the Dodd-Frank Act. The Commission voted 5 to 0 via seriatim to approve the final rule, which will become effective 60 days after publication in the Federal Register.

Specifically, the CFTC has amended certain definitions and recordkeeping regulations so that they apply to both futures and swaps. As an example, futures commission merchants and introducing brokers will now be required to follow recordkeeping rules for swap transactions that are equivalent to those rules they presently follow for futures transactions.

Last Updated: October 16, 2012