CFTC to Clarify Swap Dealer Registration Deadline

The Commodity Futures Trading Commission is expected to clear up confusion over the compliance date for a new swap dealer registration rule by telling affected firms that they have until January 1 to comply, CFTC spokesman Steve Adamske said yesterday.

The rule, which will be effective as of October 12, states that firms will have 60 days to register starting from the end of the month in which their swap trading exceeds $8 billion in net notional value.

There had been some uncertainty over whether large banks that regularly exceed this amount would have to register by the rule’s effective date. The CFTC will issue interpretive guidance to clarify the timing, Adamske said.

The agency has recently been criticized for issuing vague, contradictory, or overly broad new regulations as part of its Dodd-Frank rulemaking.

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Photo credit: Lett

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