Effective Date for Swap Regulation

Résumé

Pursuant to section 754 of the Dodd-Frank Wall Street Reform and Consumer Protection Act ("Dodd-Frank Act"), the general effective date for certain provisions of subtitle A of title VII of the Dodd- Frank Act ("Title VII") that do not require a rulemaking is 360 days after enactment, or July 16, 2011, unless another effective date is specifically provided. Following the general effective date, market participants may be subject to certain Commodity Exchange Act ("CEA" or "Act") requirements but not others. To provide greater clarity regarding the applicability of various statutory and regulatory requirements, the Commodity Futures Trading Commission ("CFTC" or the "Commission") is proposing to grant, pursuant to its section 4(c) exemptive authority, temporary relief in two parts with respect to various requirements of the CEA that apply or may apply to certain agreements, contracts, and transactions. In part one, the Commission is proposing to temporarily exempt persons or entities with respect to provisions of the CEA added or amended by the Dodd-Frank Act that reference one or more terms regarding entities or instruments that Title VII requires be "further defined," such as the t