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Appendix C: Dodd-Frank Act Rulemaking

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(CFTC Press Release issued on July 21, 2010)

CFTC Releases List of Areas of Rulemaking for Over-the-Counter Derivatives

The Commodity Futures Trading Commission (CFTC) today released the list of 30 areas of rulemaking to implement the Wall Street Reform and Consumer Protection Act. Some of these areas will require only one rule, while others may require more. The CFTC is required to complete these rules generally in 360 days, though some are required to be completed within 90, 180 or 270 days.

“The CFTC, working along with the SEC and other regulators, will have a full and busy rule-writing agenda over the coming year,” CFTC Chairman Gary Gensler said. “The financial reform bill presents new responsibilities and authorities for the Commission. The Commission looks forward to taking on these new responsibilities to lower risk, promote transparency, and protect the American public.

“We have begun preparing for the task of writing rules for the swaps marketplace by identifying 30 topic areas where we have determined rule-writing to be necessary. Teams of staff within the Commission have been assigned to each rule-writing area and will see the process through, from analyzing the statute’s requirements, to broad consultation, to recommending proposed rulemakings to publishing final rules.”

The rule-writing areas have been divided into eight groups: Comprehensive Regulation of Swap Dealers & Major Swap Participants; Clearing; Trading; Data; Particular Products; Enforcement; Position Limits; and Other Titles.

The Commission is requesting input from the public on each of the rule-writing areas. Instructions for submitting views can be accessed on the individual rule-writing pages on the CFTC’s Web site at

Comprehensive Regulation of Swap Dealers & Major Swap Participants:

  1. Registration
  2. Definitions, such as Swap Dealer, Major Swap Participant, Security-Based Swap Dealer and Major Security-Based Swap Participant, to be Written Jointly with SEC
  3. Business Conduct Standards with Counterparties
  4. Internal Business Conduct Standards
  5. Capital & Margin for Non-banks
  6. Segregation & Bankruptcy for both Cleared and Uncleared Swaps


  1. DCO Core Principle Rulemaking, Interpretation & Guidance
  2. Process for Review of Swaps for Mandatory Clearing
  3. Governance & Possible Limits on Ownership & Control
  4. Systemically Important DCO Rules Authorized Under Title VIII
  5. End-user Exception


  1. DCM Core Principle Rulemaking, Interpretation & Guidance
  2. SEF Registration Requirements and Core Principle Rulemaking, Interpretation & Guidance
  3. New Registration Requirements for Foreign Boards of Trade
  4. Rule Certification & Approval Procedures (applicable to DCMs, DCOs, SEFs)


  1. Swap Data Repositories Registration Standards and Core Principle Rulemaking, Interpretation & Guidance
  2. Data Record-keeping and Reporting Requirements
  3. Real-Time Reporting

Particular Products:

  1. Agricultural Swaps
  2. Foreign Currency (Retail Off-Exchange)
  3. Joint Rules with SEC, such as “Swap” and “Security-Based Swap”
  4. Portfolio Margining Procedures


  1. Anti-Manipulation
  2. Disruptive Trading Practices
  3. Whistleblowers

Position Limits:

  1. Position Limits, including Large Trader Reporting, Bona Fide Hedging Definition and Aggregate Limits

Other Titles:

  1. Investment Adviser Reporting
  2. Volcker Rule
  3. Reliance on Credit Ratings
  4. Fair Credit Reporting Act and Disclosure of Nonpublic Personal Information


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