08.17.2011

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Updates

CFTC Issues Final Rules on Agricultural Swaps

On Wednesday, August 10, 2011, the Commodity Futures Trading Commission (the “CFTC”) adopted final rules implementing new statutory provisions enacted by Title VII of the Dodd-Frank Wall Street Reform and Consumer Protection Act (the “Dodd-Frank Act'”).  The Dodd-Frank Act provides that swaps in an “agricultural commodity” (as defined by the CFTC) are prohibited unless entered into pursuant to a rule, regulation, or order of the CFTC adopted pursuant to certain provisions of the Commodity Exchange Act (the “CEA”).  The new rules implement regulations whereby swaps in agricultural commodities may transact subject to the same rules as all other swaps.  The rules repeal and replace the CFTC’s current regulations concerning the exemption of swap agreements.

Read the CFTC rules

The Fed Issues Interim Final Rules on Savings and Loan Holding Companies

On Friday, August 12, 2011, the Federal Reserve Board issued an interim final rule establishing regulations for savings and loan holding companies (“SLHCs”) pursuant to Section 312 of the Dodd-Frank Act.  Under the Dodd-Frank Act, supervisory and rulemaking authority for SLHCs and their non-depository subsidiaries transferred from the Office of Thrift Supervision (the “OTS”) to the Board on July 21, 2011.  The interim final rule issued Friday implements the transfer of regulations previously issued by the OTS that the Federal Reserve will continue to enforce.

Read the Federal Reserve Board press release

© 2011 Perkins Coie LLP


 

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