CFTC, SEC Differ on New Derivatives Rules
Published June 26 2011 Futures Magazine
On June 14, 2011, the Commodity Futures Trading Commission (“CFTC”) issued a notice of proposed order and request for comment1 (the “Proposed CFTC Order”) with respect to the effective dates of provisions of the Dodd-Frank Wall Street Reform and Consumer Protection Act (“Dodd-Frank”)2 relating to the regulation of the swaps markets. On June 16, 2011, the Securities and Exchange Commission (“SEC” and, with the CFTC, the “Agencies”) released an order3 (the “SEC Order” and, with the Proposed CFTC Order, the “Orders”) granting temporary exemptions and other temporary relief, and providing information on compliance dates, applicable to the regulation of the security-based swaps markets. The deadline for commenting on the Proposed CFTC order is July 1, 2011, and the deadline for commenting on the SEC order is July 6, 2011.
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