CFTC Extends Public Comment Period To Proposed Rules On Aggregation Policy

The CFTC has announced the extension of the comment period to its' proposed rules on aggregation of position limits in CFTC Rules Part 150 ("Limits on Positions") until February 10, 2014. The comment period was originally set to close on January 14, 2014.

The proposed amendments to the aggregation rules were adopted at the same November 5, 2013, CFTC public meeting at which the proposed rule regarding Position Limits for Derivatives was adopted. However, the two proposals were published in the Federal Register on different dates, which resulted in different comment periods. According to the press release, the CFTC is extending the comment period for the proposed aggregation rules amendments in order to provide interested parties with an opportunity to comment on both proposals over the same comment period.

The Asset Management Group of SIFMA ("SIFMA AMG") and ISDA submitted a comment letter to the CFTC on December 23, 2013, requesting that the CFTC match the two proposed position limits rules' comment periods. According to the letter, the proposed rules are "deeply intertwined" and the agencies believe it is "essential to have sufficient time to review and comment on them together."

See: CFTC Press Release. See generally: CFTC Rule Calendar (accessible to Cabinet subscribers only). Related news: SIFMA AMG and ISDA Request Extension of Comment Period for Proposed Rule on Aggregation of Positions (December 23, 2013); CFTC Issues Proposed Position Limits Rule (Fed. Reg.)(December 12, 2013); CFTC Issues Proposed Position Limits Rule for Derivatives (Pre-Fed. Reg.) (with Zwirb Comment)(December 3, 2013); CFTC Publishes Proposed Rules for Aggregation of Positions (Fed. Reg. Version) (November 15, 2013) Key Differences between the Recent CFTC Position Limits Proposal and the Previously Vacated Final Position Limits Rule (with Delta Strategy Group Summary) (November 18, 2013); Cadwalader Memo on Proposed Position Limits and Aggregation Rules (with Lofchie Comment) (November 6, 2013); CFTC Approves Position Limits Proposal (with Lofchie and Zwirb Comments and Delta Strategy Group Summary) (November 5, 2013).