Compliance Dates

The Commodity Futures Trading Commission is in the process of implementing the Dodd-Frank Wall Street Reform and Consumer Protection Act.

Final Rules

Rulemaking	Citation	Effective Date	Compliance Dates	Rule Adoption Meeting
Swap Data Recordkeeping and Reporting Requirements: Pre-Enactment and Transition Swaps	77 FR 35200	08/13/2012	View Dates	Seriatim Vote
10/12/2012 MSPs must report credit swaps and interest rate swaps. 1/10/2013 MSPs must report equity swaps, foreign exchange swaps, and other commodity swaps. 1/30/2013 SDs whose swap dealing activities exceeded either of the notional thresholds during the month of October, 2012 are required to be in compliance with the historical swap data reporting requirements of Part 46 for credit swaps and interest rate swaps (“Compliance Date 1 Swaps”). See Division of Market Oversight No-Action Letter, CFTC Letter No. 12-32 PDF Image, issued November 19, 2012. 3/30/2013 SDs whose swap dealing activities exceeded either of the notional thresholds during the month of October, 2012 are required to be in compliance with the historical swap data reporting requirements of Part 46 for equity swaps, foreign exchange swaps and other commodity swaps (“Compliance Date 2 Swaps”). See Division of Market Oversight No-Action Letter, CFTC Letter No. 12-41 PDF Image, issued December 5, 2012. See also Division of Market Oversight No-Action Letter, CFTC Letter No. 12-32 PDF Image, issued November 19, 2012. 4/10/2013 Non-SD/MSP counterparties are required to be in compliance with Part 46 for swaps in all asset classes. The Commodity Futures Trading Commission (``Commission'' or ``CFTC'') adopted rules under Part 46 to further implement the Commodity Exchange Act (``CEA'' or ``Act'') with respect to the new statutory framework regarding swap data recordkeeping and reporting established by the Dodd-Frank Wall Street Reform and Consumer Protection Act (``Dodd-Frank Act''). The Dodd-Frank Act, directs that rules adopted by the Commission shall provide for the reporting of data relating to swaps entered into before the date of enactment of the Dodd-Frank Act, the terms of which have not expired as of the date of enactment of the Dodd-Frank Act (``pre-enactment swaps'') and data relating to swaps entered into on or after the date of enactment of the Dodd-Frank Act and prior to the compliance date specified in the Commission's final swap data reporting rules (``transition swaps''). These final rules establish swap data recordkeeping and reporting requirements for pre-enactment swaps and transition swaps.
Swap Dealers and Major Swap Participants – Further Definitions (Jt. with SEC)	77 FR 30596	07/23/2012	View Dates	View Meeting (4/18/2012)
10/12/2012 Mandatory compliance with the registration and other substantive requirements is contingent on the effective date of the further definition of the term swap, October 12, 2012. 12/31/2012 Generally, compliance with the ECP retail forex regime is December 31, 2012. This compliance date includes the operation of CFTC Regulations §§ 1.3(m)(5) and 1.3(m)(6) as well as the element of §1.3(m)(8)(iii) requiring that a commodity pool be formed by a registered CPO for any person seeking to rely on such regulation. In accordance with the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (``Dodd-Frank Act''), the Commodity Futures Trading Commission (``CFTC'') and the Securities and Exchange Commission (``SEC'') (collectively, the ``Commissions''), in consultation with the Board of Governors of the Federal Reserve System (``Board''), are adopting new rules and interpretive guidance under the Commodity Exchange Act (``CEA''), and the Securities Exchange Act of 1934 (``Exchange Act''), to further define the terms ``swap dealer,'' ``security-based swap dealer,'' ``major swap participant,'' ``major security-based swap participant,'' and ``eligible contract participant.''
Commodity Options	77 FR 25320	06/26/2012	View Dates	View Meeting (5/18/2012)
10/12/2012 The compliance date for final and interim final rule is October 12, 2012. For purposes of complying with rules 32.2(a) (permitting commodity options subject to the CEA and CFTC rules, including the swaps rules) and 32.3 (permitting trade options), the compliance date shall be the compliance date associated with any such swaps rules. For Form TO, "Annual Notice Filing for Counterparties to Unreported Trade Options," the compliance date is March 1, 2014. Form TO, the notice filing requirement that requires annual reports regarding otherwise unreported trade options, is effective with respect to calendar year 2013. Therefore, on March 1, 2014, 60 days after the end of calendar year 2013, the first Forms TO, covering unreported trade options during calendar year 2013, are due. There is no Form TO filing requirement for unreported trade options entered into between the effective date of the commodity options rules and December 31, 2012. The Commodity Futures Trading Commission ("Commission" or "CFTC") issued a final rule to repeal and replace the Commission's current regulations concerning commodity options. The Commission also issued an interim final rule (with a request for additional comment) that incorporates a trade option exemption into the final rules for commodity options (added Sec. 32.3). For a transaction to be within the trade option exemption, the option, the offeror (seller), and the offeree (buyer), as applicable, must satisfy certain eligibility requirements, including that the option, if exercised, be physically settled, that the option seller meet certain eligibility requirements, and that the option buyer be a commercial user of the commodity underlying the option, and certain other regulatory conditions.
Internal Business Conduct Standards (Risk Management, Recordkeeping and CCOs)	77 FR 20128	06/04/2012	View Dates	View Meeting (2/23/2012)
23.200 through 23.205 (Reporting, Recordkeeping, and Daily Trading Records Requirements for SDs and MSPs): Compliance is required as of the date on which SDs and MSPs are required to apply for registration pursuant to § 3.10. Compliance with the following provision is deferred until May 1, 2013: § 23.201(b)(3)(ii) The Division of Swap Dealer and Intermediary Oversight has provided no-action relief that defers compliance with the following requirements until March 31, 2013: (i) the requirement that SDs and MSPs make and keep records of all oral communications related to pre-execution swap trade information (and communications that lead to the conclusion of a related cash or forward transaction) pursuant to Regulations 23.202(a) and (b), (ii) the requirement that SDs and MSPs maintain all transaction records and daily trading records in a manner “identifiable and searchable” by transaction and counterparty pursuant to Regulations 23.201(a)(1), 23.202(a) and 23.202(b), (iii) the requirement that SDs and MSPs use a UTC timestamp when recording quotations prior to and at the time of execution of a swap pursuant to Regulations 23.202(a)(1)(ii), (a)(2)(iv), (b)(3) and (b)(4), and (iv) the requirement that SDs and MSPs retain swap records at their principal places of business or such other principal offices as designated by the SDs or MSPs. (see CFTC Staff Letter 12-29 PDF Image). Also see 78 FR 17 PDF Image. 23.600 (Risk Management Program for SDs and MSPs), § 23.601 (Monitoring of Position Limits), § 23.602 (Diligent Supervision), § 23.603 (Business Continuity and Disaster Recovery), § 23.605 (Conflicts of Interest Policies and Procedures), § 23.606 (General Information: Availability for Disclosure and Inspection), and § 23.607 (Antitrust Considerations): Compliance is required as of the date on which SDs and MSPs are required to apply for registration pursuant to § 3.10.77 1.71 (Conflicts of Interest Policies and Procedures by FCMs and IBs): FCMs and IBs registered with CFTC as of 6/4/12 must comply by 6/4/12, except that such FCMs need not comply with § 1.71(d) until the date on which SDs and MSPs are required to apply for registration pursuant to § 3.10. FCMs and IBs not registered with CFTC as of 6/4/12 must comply upon registration with the CFTC, except that such FCMs need not comply with § 1.71(d) until the date on which SDs and MSPs are required to apply for registration pursuant to § 3.10. The Division of Swap Dealer and Intermediary Oversight provided no-action relief that deferred compliance with §§ 1.71(a)-(c), (e) and (f) until August 3, 2012 (see CFTC Staff Letter 12-26 PDF Image. 3.3 (Chief Compliance Officer – FCMs, SDs, and MSPs): SDs and MSPs currently regulated by U.S. prudential regulator or registered with SEC: Compliance is required as of the date on which SDs and MSPs are required to apply for registration pursuant to § 3.10. SDs and MSPs not currently regulated by U.S. prudential regulator and not registered with SEC: Compliance is required as of the later of 3/29/13 or the date on which SDs and MSPs are required to apply for registration pursuant to § 3.10. For FCMs that are (1) registered with CFTC as of 6/4/12, and (2) currently regulated by U.S. prudential regulator or registered with SEC, compliance is required by 9/30/12. For FCMs that are (1) registered with CFTC as of 6/4/12, and (2) not currently regulated by U.S. prudential regulator and not registered with SEC, compliance is required by 3/29/13. For FCMs not registered with CFTC as of 6/4/12, compliance is required upon registration with the CFTC. The Commodity Futures Trading Commission (Commission) adopted regulations to implement certain provisions of Title VII of the Dodd-Frank Wall Street Reform and Consumer Protection Act. These regulations set forth reporting and recordkeeping requirements and daily trading records requirements for swap dealers (SDs) and major swap participants (MSPs). These regulations also set forth certain duties imposed upon SDs and MSPs registered with the Commission with regard to: Risk management procedures; monitoring of trading to prevent violations of applicable position limits; diligent supervision; business continuity and disaster recovery; disclosure and the ability of regulators to obtain general information; and antitrust considerations. In addition, these regulations establish conflicts-of-interest requirements for SDs, MSPs, futures commission merchants (FCMs), and introducing brokers (IBs) with regard to firewalls between research and trading and between clearing and trading. Finally, these regulations also require each FCM, SD, and MSP to designate a chief compliance officer, prescribe qualifications and duties of the chief compliance officer, and require that the chief compliance officer prepare, certify, and furnish to the Commission an annual report containing an assessment of the registrant's compliance activities.
Commodity Pool Operators and Commodity Trading Advisors - Amendments to Compliance Obligations	77 FR 11252	04/24/2012	View Dates	Seriatim Vote
9/15/2012 4.27: Phase 1: CPOs with assets under management greater than or equal to $5 Bn.77 FR 11252 12/15/2012 4.27: Phase 2: All other registered CPOs and CTAs 12/31/2012 or 60 days after the effective date of the final rulemaking further defining "swap". Registration required for entities subject to 4.5 60 days following the final rule implementing the Commission's proposed harmonization effort for registered investment companies. Entities required to register due to the amendments to 4.5 shall be subject to the Commission's recordkeeping, reporting, and disclosure requirements under Part 4 12/31/2012 4.13(a)(4) (for CPOs claiming exemption prior to 4/24/2012), 4.13(a)(3), 4.7, 4.24, 4.34, 4.14, 4.5 Compliance Date 6: 4/24/2012 4/24/2012 4.13(a)(4) compliance for all entities not previously exempt under this provision The Commodity Futures Trading Commission (Commission) adopted amendments to its existing part 4 regulations and promulgated one new regulation regarding Commodity Pool Operators (CPOs) and Commodity Trading Advisors (CTAs). The Commission also adopted new data collections for CPOs and CTAs that are consistent with a data collection required under the Dodd-Frank Act for entities registered with both the Commission and the Securities and Exchange Commission. The adopted amendments rescind the exemption from registration; rescind relief from the certification requirement for annual reports provided to operators of certain pools offered only to qualified eligible persons (QEPs; modify the criteria for claiming relief); and require the annual filing of notices claiming exemptive relief under several sections of the Commission's regulations. Finally, the adopted amendments include new risk disclosure requirements for CPOs and CTAs regarding swap transactions. Please also see 77 FR 17328 (correction).
External Business Conduct Standards	77 FR 9734	04/17/2012	View Dates	View Meeting (1/11/2012)
Swap dealers and major swap participants must comply with the rules in subpart H of part 23 on the date on which swap dealers or major swap participants are required to apply for registration pursuant to Commission rule 3.10, except for the provisions identified below. 5/1/2013 Compliance with the following provisions is deferred until May 1, 2013: §§ 23.402; 23.410(c); 23.430; 23.431(a)-(c); 23.432; 23.434(a)(2), (b), and (c); 23.440; and 23.450. The Commodity Futures Trading Commission (Commission) adopted final rules to implement Section 4s(h) of the Commodity Exchange Act pursuant to Section 731 of Title VII of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010. These rules prescribe external business conduct standards for swap dealers and major swap participants.
Segregation for Cleared Swaps	77 FR 6336	04/09/2012	View Dates	View Meeting (1/11/2012)
11/8/2012 The rules will become effective April 9, 2012. 4/9/2012 All parties must comply with the Part 22 rules by November 8, 2012. All parties must comply with the Part 190 rules by April 9, 2012. The Commodity Futures Trading Commission (Commission) adopted final regulations to implement new statutory provisions enacted by Title VII of the Dodd-Frank Wall Street Reform and Consumer Protection Act. Specifically, these regulations impose requirements on futures commission merchants and derivatives clearing organizations regarding the treatment of cleared swaps customer contracts (and related collateral), and make conforming amendments to bankruptcy provisions applicable to commodity brokers under the Commodity Exchange Act.
Investment Adviser Reporting on Form PF (Jt. with SEC)	76 FR 71128	03/31/2012	View Dates	Seriatim Vote
6/15/2012 Phase 1: Advisers with assets under management greater than or equal to $5 billion.76 FR 71128 12/15/2012 Phase 2: All entities reporting on Form PF with AUM between $150 million and $1.5 billion. The Commodity Futures Trading Commission (CFTC) and the Securities and Exchange Commission (SEC) (collectively, Commissions) adopted rules under the Commodity Exchange Act and the Investment Advisers Act of 1940 to implement provisions of Title IV of the Dodd-Frank Wall Street Reform and Consumer Protection Act. The new SEC rule requires investment advisers registered with the SEC that advise one or more private funds and have at least $150 million in private fund assets under management to file Form PF with the SEC. The new CFTC rule requires commodity pool operators (CPOs) and commodity trading advisors (CTAs) registered with the CFTC to satisfy certain CFTC filing requirements with respect to private funds, should the CFTC adopt such requirements, by filing Form PF with the SEC, but only if those CPOs and CTAs are also registered with the SEC as investment advisers and are required to file Form PF under the Advisers Act. The new CFTC rule also allows such CPOs and CTAs to satisfy certain CFTC filing requirements with respect to commodity pools that are not private funds, should the CFTC adopt such requirements, by filing Form PF with the SEC. Advisers must file Form PF electronically, on a confidential basis.
Swap Dealers and Major Swap Participants Registration	77 FR 2613	03/19/2012	View Dates	View Meeting (1/11/2012)
10/12/2012 CFTC regulation § 3.10(a)(v)(C) and CFTC regulation § 23.21 require a person to apply to be registered as a swap dealer when, on or after October 12, 2012, the person comes within the definition of swap dealer. If a person is within the definition of swap dealer on October 12, 2012, it must apply to be registered on that date. If a person comes within the definition of swap dealer after October 12, 2012, it must apply to be registered on the date that it comes within the definition. A person that takes advantage of the de minimis exception in CFTC regulation § 1.3(ggg)(4) would not be a swap dealer on October 12, 2012 and would not be required to apply to be registered on October 12, 2012. Rather, the person must apply to be registered no later than two months after the end of the month in which it comes within the definition of a swap dealer. The Commodity Futures Trading Commission (Commission) adopted regulations under the Commodity Exchange Act (CEA) that establish the process for the registration of swap dealers (SDs) and major swap participants (MSPs) and that require SDs and MSPs to become and remain members of a registered futures association. The Commission also adopted regulations that define an "associated person" of an SD or MSP as a natural person and that implement the prohibition on an SD or MSP permitting an associated person who is statutorily disqualified from registration from effecting or being involved in effecting swaps on behalf of the SD or MSP.
Swap Data Recordkeeping and Reporting	77 FR 2136	03/13/2012	View Dates	View Meeting (12/20/2011)
10/12/2012 SEFs, DCMs, and MSPs must report credit swaps and interest rate swaps. 12/31/2012 SDs whose swap dealing activities exceeded either of the notional thresholds during the month of October, 2012 are required to be in compliance with the swap data recordkeeping and reporting requirements of Part 45 for credit swaps and interest rate swaps (“Compliance Date 1 Swaps”). See Division of Market Oversight No-Action Letter, CFTC Letter No. 12-32 PDF Image, issued November 19, 2012. 1/10/2013 SEFs, DCMs, and MSPs must report equity swaps, foreign exchange swaps, and other commodity swaps. 2/28/2013 SDs whose swap dealing activities exceeded either of the notional thresholds during the month of October, 2012 are required to be in compliance with the swap data reporting requirements of Part 45 for equity swaps, foreign exchange swaps and other commodity swaps (“Compliance Date 2 Swaps”). See Division of Market Oversight No-Action Letter, CFTC Letter No. 12-41 PDF Image, issued December 5, 2012. 4/10/2013 Non-SD/MSP counterparties are required to be in compliance with Part 45 for swaps in all asset classes. The Commodity Futures Trading Commission (Commission) adopted rules under Part 45 to implement the Commodity Exchange Act (CEA) relating to swap data recordkeeping and reporting requirements. These sections of the CEA were added by the Dodd-Frank Wall Street Reform and Consumer Protection Act. The rules adopted apply to swap data recordkeeping and reporting requirements for swap data repositories, derivatives clearing organizations, designated contract markets, swap execution facilities, swap dealers, major swap participants, and swap counterparties who are neither swap dealers nor major swap participants.