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Wednesday, April 18, 2012

CFTC & SEC Approve Joint Final Swaps Rules

The CFTC has approved by 4-1 a final rule regarding further definition of "swap dealer," "major swap participant," and "eligible contract participant." The rule would define a regulated dealer in the market as one that conducts swaps with a notional value of at least $8 billion in a 12-month period. The proposal would have required swaps to be tied to the financial terms of the loan, but the final IDI exemption will also include swaps required by loan underwriting criteria as a condition of the loan to hedge the borrower’s commodity price risks. The SEC has also approved the final rule by 5-0.

The CFTC has also approved by 5-0 a final rule regarding commodity options. The rule would require commodity options be treated in the same manner as all other swaps.


Read the CFTC’s fact sheet on further defining "swap dealer," "major swap participant," and "eligible contract participant."

View the archived video of the SEC meeting.
Watch the archived video of the CFTC meeting and more.

Read the CFCT’s fact sheet regarding the final rule on commodity options.

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