CFTC Adopts Swap Incorporation Amendments to Existing Rules

On Tuesday, October 16, 2012, the Commodity Futures Trading Commission (the CFTC) approved a final rule that amends certain current regulations in order to implement aspects of Title VII of the Dodd-Frank Wall Street Reform and Consumer Protection Act (the Dodd-Frank Act).  The Dodd-Frank Act amended the Commodity Exchange Act in numerous ways to give the CFTC the authority to regulate swaps.  Today’s final rule amends certain existing CFTC regulations to integrate them with the statutory and regulatory framework established under the Dodd-Frank Act.  Specifically, the CFTC has amended certain definitions and recordkeeping regulations so that they apply to both futures and swaps.  As an example, futures commission merchants and introducing brokers will now be required to follow recordkeeping rules for swap transactions that are equivalent to those rules they presently follow for futures transactions.

Read the CFTC press release.

© 2012 Perkins Coie LLP