On May 17, pursuant to Sections 721, 723 and 733 of the Dodd-Frank Act, the CFTC approved final rules governing the registration and operation of swap execution facilities (SEFs).  The final rules implement the Dodd-Frank Act’s new statutory framework that, among other requirements, adds a new Section 5h to the CEA regarding the registration of SEFs and adds a new Section 2(h)(8) to the CEA concerning the execution of swaps on SEFs.  The final rules will become effective 60 days following publication in the Federal Register; however, compliance is required with most provisions of the final rules 120 days following publication.  CFTC Fact Sheet.  CFTC Final Rule.