On August 4, the CFTC approved final rules implementing Section 728 of the Dodd-Frank Act for registration and regulation of swap data repositories. The rules specify data fields that must be reported to the public. CFTC Fact Sheet. CFTC Q&A.
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CFTC Approval of Final Rules under Dodd-Frank Act
On July 7, the CFTC approved five final rules under the Dodd-Frank Act at an open meeting. The CFTC (i) approved the definition of “Agricultural Commodity” for purposes of Commodity Exchange Act; (ii) adopted regulations, pursuant to Title X of the Dodd-Frank Act, requiring CFTC-regulated entities to provide consumers with an opportunity to prohibit affiliates from using certain information to make marketing solicitations, and to develop policies and procedures for the proper disposal of consumer report information; (iii) expanded the scope of Part 160 of its regulations, which requires entities to provide certain privacy protections for consumer financial information, to apply to swap dealers and major swap participants; and (iv) adopted reporting regulations requiring clearing organizations, clearing members and swap dealers to submit routine position reports for physical commodity swaps and swaptions. CFTC Rule on Agricultural Commodity Definition. CFTC Rule on Consumer Information under FCRA. CFTC Rule Expanding Scope of Part 160. CFTC Rule on Physical Commodity Swaps Reporting.
CFTC Clarification Order on Effective Date for Swaps Regulations
On July 14, the CFTC issued an order clarifying the effective date of the provisions in the swap regulatory regime established by Title VII of the Dodd-Frank Act. The order provides temporary exemptions from certain provisions of the Commodities Exchange Act and will become effective on July 16. The order will expire upon the earlier of the effective date of final rules specified in the order or December 31. CFTC Release.
SEC Final Rules for Private Fund Adviser Registration
On June 22, the SEC adopted final rules and rule amendments under the Investment Advisers Act of 1940 implementing provisions of Title IV of the Dodd-Frank Act. As anticipated, the SEC announced that it will extend the deadline for advisers that had been relying upon the “private adviser exemption” under Section 203(b)(3) of the Advisers Act to register with the SEC until March 30, 2012. (The private adviser exemption was rescinded by the Dodd-Frank Act, effective July 21.) We will provide an analysis of the final rules adopted and other actions taken upon reviewing them in their final form. SEC Release. Implementing Release Final Rules. Exemptions Release Final Rules.