Following the approval on July 11 by the Commodity Futures Trading Commission of the definitional rules for "swaps" and other derivatives products, and defining the "end user exemption," the compliance dates for many of the CFTC's implementing rules for the regulation of derivatives under the Dodd-Frank Act are becoming clearer. The Clifford Chance law firm has put together a helpful publication providing actual and estimated dates by which the sweeping new regulations governing swaps and OTC derivatives become effective.
Because the effective and compliance dates of several major CFTC swap market regulations were triggered by the definitional rules approved on July 11, many of the important dates depend on when the July 11 rules are published in the Federal Register.
- Table 1 lists rules for which the compliance date is dependent upon the publication date of the rules approved on July 11, as well as projected compliance dates for the first mandatory clearing determinations. For purposes of Table 1, Clifford Chance has assumed that the rules adopted by the CFTC and SEC on July 11 defining "swaps" and other derivatives products, and laying out the "end user exemption" will be published in the Federal Register on August 1, 2012 with an approximate effective date of September 30, 2012, noting that actual effective dates may differ if the the publication date in the Federal Register differs.
- Table 2 lists upcoming compliance dates for rules that are not contingent on the publication date of the rules approved on July 11.
- Table 3 lists certain rules for which compliance is already required.
The full Clifford Chance publication is available
here.