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Appendix 3 – Dodd-Frank Rulemaking

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In complying with the requirements of the Dodd-Frank Act, the CFTC released on July 21, 2010, a list of 30 areas of rulemaking. Teams of staff within the agency were assigned to each rulemaking area and will see the process through, from analyzing the statute’s requirements, seeking broad consultation, recommending proposed rulemakings, soliciting and considering comments, to publishing final rules. The CFTC now anticipates there will be at least 55 separate rules. The CFTC is required to complete these rules generally in 360 days (some have deadlines of 90, 180 or 270 days).

Through January 2011, the Commission held 11 public meetings issuing one final rule and 43 proposed rules. Within the next month, the Commission expects to issue two more final rules and eight more proposed rules.

The rulemaking areas are divided into eight groups: Comprehensive Regulation of Swap Dealers & Major Swap Participants; Clearing; Trading; Data; Particular Products; Enforcement; Position Limits; and Other Titles.

The Commission requested input from the public on each of the rulemaking areas as well as established a defined comment period for each proposed rule.

Below is a listing of the Groupings and associated rules:

Comprehensive Regulation of Swap Dealers & Major Swap Participants:

  1. Registration
  2. Definitions, such as Swap Dealer, Major Swap Participant, Security-Based Swap Dealer and Major Security-Based Swap Participant, to be written jointly with SEC
  3. Business Conduct Standards with Counterparties
  4. Internal Business Conduct Standards
  5. Capital & Margin for Non-banks
  6. Segregation and Bankruptcy for both Cleared and Uncleared Swaps


  1. DCO Core Principle Rulemaking, Interpretation & Guidance
  2. Process for Review of Swaps for Mandatory Clearing
  3. Governance & Possible Limits on Ownership & Control
  4. Systemically Important DCO Rules Authorized Under Title VIII
  5. End-user Exception


  1. DCM Core Principle Rulemaking, Interpretation & Guidance
  2. SEF Registration Requirements and Core Principle Rulemaking, Interpretation & Guidance
  3. New Registration Requirements for Foreign Boards of Trade
  4. Rule Certification & Approval Procedures (applicable to DCMs, DCOs, SEFs)


  1. Swap Data Repositories Registration Standards and Core Principle Rulemaking, Interpretation and Guidance
  2. Data Record-keeping and Reporting Requirements
  3. Real-Time Reporting

Particular Products:

  1. Agricultural Swaps
  2. Foreign Currency (Retail Off-Exchange)
  3. Joint Rules with SEC, such as “Swap” and “Security-Based Swap”
  4. Portfolio Margining Procedures


  1. Anti-Manipulation
  2. Disruptive Trading Practices
  3. Whistleblowers

Position Limits:

  1. Position Limits, including Large Trader Reporting, Bona Fide Hedging Definition and Aggregate Limits

Other Titles:

  1. Investment Adviser Reporting
  2. Volcker Rule
  3. Reliance on Credit Ratings
  4. Fair Credit Reporting Act and Disclosure of Nonpublic Personal Information


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