As predicted in July, the CFTC has proposed an order to push back the effective date for self-effective swaps rules, as well as for certain amendments and revisions to the CEA. The order is modeled directly on the first swaps deadline extension, passed in July. Without modifying the categories established by the previous order, this proposal extended the deadline for terms to be “further defined” and CEA revisions to the earlier of (a) the effective date written in a term’s applicable final rule/CFTC order; or (b) July 16, 2012.
The CFTC approved this proposal and opened it to comments at a meeting yesterday in Washington. At the same meeting, the Commission issued final rules governing speculative position limits (read more) and creating Designated Clearing Organization (“DCO”) General Rules and Core Principles (read more). Both of these measures were controversial, and met resistance from the Republican-leaning Commissioners. Both rules were finalized after a 3-2 vote.