CFTC issues interim rules, no-action letters on swaps

Compliance date deferred until July 1

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The following is from the CFTC...

Washington, DC – The Commodity Futures Trading Commission (CFTC) today approved interim final rules for swap dealers and major swap participants who would otherwise be required to comply with certain business conduct and documentation requirements found in provisions of subpart F, subpart H, and subpart I to part 23 of the Commission’s Regulations. The Commission voted [5-0] via seriatim to approve the interim final rules, which will become effective immediately upon publication in the Federal Register.

Specifically, the compliance date for Commission Regulations 23.502 and 23.504 is deferred until July 1, 2013. Additionally, the compliance date for Commission Regulations 23.201(b)(3)(ii); 23.402; 23.410(c); 23.430; 23.431(a)-(c); 23.432; 23.434(a)(2), (b), and (c); 23.440; 23.450; and 23.505 is deferred until May 1, 2013. The compliance dates for all other provisions of subpart F, subpart H, and subpart I of part 23 remain unchanged. All market participants are subject to the revised compliance dates.

The Commission requests written comments on the interim final rules within 30 days after publication in the Federal Register. The Commission will consider any comments received and make changes to the interim final rules, if necessary.

The CFTC also issued the following no-action letters today:

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