The Commodity Futures Trading Commission has published the first draft of most of its proposed regulations for complying with the Dodd-Frank financial reform law. However, it has so far left out details on swaps. Now, it appears the industry could possibly see at least some of those proposed rules on March 30 or April 7.
The regulator published public notices for the two meetings on its website in accordance with the Sunshine Act. Although details were lacking, the topics will cover proposed rules:
MATTERS TO BE CONSIDERED: The Commission has scheduled these meetings to consider various rulemaking matters, including the issuance of proposed rules and the approval of final rules.... Agendas for each of the scheduled meetings will be made available to the public and posted on the Commission's Web site at http://www.cftc.gov at least seven (7) days prior to the meeting.
The regulator earlier released its “Core Principles and Other Requirements for Designated Contract Markets,” which was published in the Federal Register and has already closed for comments.
The massive proposal was written to comply with the Dodd-Frank Act. The financial reform legislation, passed in 2010, includes a new statutory framework that, among other things, amends the portion of the Commodity Exchange Act that applies to the designation and operation of futures exchanges.
While swaps are certainly an area the industry is eager to have addressed, it's highly unlikely all swap-related rules will be announced by early April. In comments prepared for the Futures Industry Association conference in Boca Raton, Fla., CFTC Chairman Gary Genslar said rules for capital and margin requirements in swaps transactions "probably will not be considered until the late summer and early fall."