CFTC Post-Election Update: New Schedule Extends through June 2013

Bart Chilton

U.S. Commodity and Futures Trading Commission (CFTC) member Bart Chilton has released a schedule that details the CFTC’s regulatory calendar from November 15, 2012 to June 2013.

See the CFTC schedule below.

GOAL: December 31, 2012
Final Rules:

Clearing Requirement Determination [this may go on November 15]
Cooperative Clearing Exemption
Inter-affiliate Clearing Exemption
SEF Rules
Block Trading Rule for Swaps
DCMs – Core Principle 9
Disruptive Trade Practices Interpretation
Records of cash commodity, futures, option, and swap transactions (Rule 1.35)
CPO Harmonization
RTO/ISO Exemptive Relief
201(f) Exemptive Relief
Segregation for Uncleared Swaps
Systemically Important Clearing Organizations –recovery time

Proposed Rules and Orders:

Guarantees of Swaps
Position Limits

Relief Expires:

Registration Relief for Certain IBs
Temporary Relief from the De Minimis Threshold
CPOs and CTAs doing FX
Cross-Border Interim Relief
Alternative Schedule for Compliance with Rule 1.74

GOAL: March 13, 2013
Final Rules:

Capital for SDs and MSPs
Margin for Uncleared Swaps
Governance and Conflict of Interest (DCMs, DCOs & SEFs)
Guarantees of Swaps
Identity Theft
Volcker Rule

Proposed Rules and Orders:

Stress Testing under Section 165
Systemically Important Clearing Organizations – Liquidity

Relief Expires:

Part 23, Subpart F – Internal Business Conduct Books and Records requirements
201(f) electric utilities
ECP Status, Swap Guarantee Arrangements, Jointly and Severally Liable Counterparties, Amounts Invested on a Discretionary Basis, Anticipatory ECPs
Cleared Swaps in Agricultural and Exempt Commodities and EFSs

GOAL: June 1, 2013
Final Rules:

Cross-Border – Exemptive Order and Interpretive Guidance, any remaining issues

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About the Author

Felix Shipkevich
Mr. Shipkevich’s practice focuses on regulatory, transactional, and enforcement matters in the fields of futures, commodities, and derivatives. He works with Futures Commission Merchants (FCMs), Retail Forex Exchange Dealers (RFEDs), Introducing Brokers (IBs), Commodity Pool Operators (CPOs), Commodity Trading Advisors (CTAs), Swap Dealers (SDs), Swap Execution Facilities (SEFs), and domestic and offshore hedge funds. Mr. Shipkevich guides clients on procedures related to registration with the U.S. Commodity Futures Trading Commission (CFTC) and the National Futures Association (NFA), as well as domestic and international regulators in local jurisdictions. Mr. Shipkevich prepares and helps implement compliance, anti-money laundering (AML), and Electronic Trading Systems (ETS) procedures for clients in the commodities and derivatives fields.