REGULATORY ROUNDUP


Regulatory Roundup


finalized, this summer saw the passage of a host of new swaps rules. Tis frenzy of activity has so far yielded more than ten rules, including:


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Felix Shipkevich is Principal at Shipkevich Law Firm, PLLC fs@shipkevichlaw.com


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y early June of this year, it was evident that the CFTC would not be able to finalize all the necessary rules before the July deadline. Te Commission granted temporary relief to two specific categories of self-effective swaps rules. Tis extension expires in December, at which time rule-makers will have to re-evaluate the state of rule-making. In the same notice, rule-makers confirmed that any provision of Dodd-Frank requiring a rule-making would not go into effect until such a rule was completed, regardless of any extension.


B CFTC


However, the CFTC has not been idle. After a long interval between the fall of 2010 and the spring of 2011, when many rules were proposed but none were


144 | october 2011 e-FOREX


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Some rules, like “Removing Any Reference to or Reliance on Credit Ratings…” make adjustments to current CFTC regulations, while others tackle new registration categories mandated by the Dodd- Frank Act. For example, 17 CFR Part 49 “Swap Data Repositories: Registration Standards, Duties and Core Principles” lays out the responsibilities of Swap Data Repositories, or SDRs. Tese entities will gather and store information from swap counter-parties and swap execution facilities.


Te initial proposed rule requires SDRs to:


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