On July 3, 2012, the Commodity Futures Trading Commission (“CFTC”) adopted an order to further extend temporary relief from the effective dates of many new requirements for swaps under Title VII of the Dodd-Frank Wall Street Reform and Consumer Protection Act (“Dodd-Frank”) that otherwise would have taken effect on July 16, 2012 (the “Final Order”). The CFTC first granted temporary relief from the effectiveness of these requirements in a final order issued on July 14, 2011 (the “July 14 Order”), which granted relief from compliance with most of the new requirements under Dodd-Frank through December 31, 2011. The CFTC extended this relief through July 16, 2012 through an amended July 14 Order made effective on December 23, 2011. Apart from the changes detailed below, the Final Order further extends the relief of the amended July 14 Order until the earlier of December 31, 2012, or such other compliance date determined by the CFTC.
View full memo, "CFTC Adopts Final Order Extending Delay in Compliance Dates for Dodd-Frank Derivatives Requirements"