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Thursday, July 5, 2012

CFTC Amends Effective Date for Swap Regulation Order

The CFTC issued a final Order regarding the effective date for swap regulation. The Order will extend the temporary exemptive relief from certain provisions of the Commodity Exchange Act that otherwise would have taken effect on the general effective date of Title VII of the Dodd-Frank Act – from July 16, 2011 to December 31, 2012.

The final order extends the previous Order with certain modifications. Specifically, it removes references to the entities terms, including “swap dealer,” “major swap participant,” and “eligible contract participant” in light of the final joint rulemaking of the CFTC and SEC further defining those terms; allows the clearing of agricultural swaps; and removes any reference to the exempt commercial market and exempt board of trade grandfather relief previously issued.

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