Second Amendment to July 14, 2011 Order for Swap Regulation (CFTC Final Order)

On May 16, 2012, the CFTC published in the Federal Register a Notice of Proposed Amendment to extend the temporary exemptive relief the CFTC granted on July 14, 2011 from certain provisions of the CEA that otherwise would have taken effect on the general effective date of title VII of the Dodd-Frank Act - July 16, 2011. This final order extends the July 14 Order with certain modifications. Specifically, it removes references to the entities terms, including "swap dealer," "major swap participant," and "eligible contract participant" in light of the final joint rulemaking of the CFTC and SEC further defining those terms issued on April 18, 2012; extends the potential latest expiration date of the July 14 Order to December 31, 2012, or, depending on the nature of the relief, such other compliance date as may be determined by the CFTC; allows the clearing of agricultural swaps, as described herein; and removes any reference to the exempt commercial market ("ECM") and exempt board of trade ("EBOT") grandfather relief previously issued by the CFTC.

View Final Order in full here(links externally to CFTC website).