Swap Dealers and Major Swap Participants – Further Definitions (Jt. with SEC)
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.''
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.