CFTC Extension of Effective Date of Title VII of the Dodd-Frank Act

On June 14, the CFTC extended the general effective date of Title VII of the Dodd-Frank Act beyond July 16. For provisions of Title VII that reference the terms “swap“, “swap dealer“, “major swap participant“, or “eligible contract participant“, which the Dodd-Frank Act requires the CFTC to further define, persons or entities will be exempt from compliance with such provisions until the earlier of: (i) the effective date of definitional rulemaking for such terms; or (ii) December 31. For those provisions that will apply to certain transactions in exempt or excluded commodities as a result of the repeal of various exemptions and exclusions under the CEA as of July 16, the CFTC will temporarily exempt such transactions until the earlier of: (i) the repeal or replacement of applicable CFTC regulations; or (ii) December 31. CFTC Webcast of Open Meeting. CFTC Fact Sheet.