Key Differences between the Recent CFTC Position Limits Proposal and the Previously Vacated Final Position Limits Rule (with Delta Strategy Group Summary)

The Delta Strategy Group has prepared an overview of the key differences between the CFTC's recently proposed position limit rules and and its previously vacated position limit rules. According to Delta Strategy Group, the recent proposal and the prior rule differ more in language than in substance. The Delta Strategy Group speculates that the differences in language may reflect an attempt by the CFTC to distance itself from the vacated rule and demonstrate the effort that was invested in the new proposal. That said, according to the Delta Strategy Group, in many instances, these changes in language in many instances do not result in any substantive changes; however, there are apparently instances in which a change in the language creates uncertainty or gives rise to a different interpretation.

Click here to see the overview of key differences between current and vacated position limits rule and Appendix D prepared by the Delta Strategy Group.Related news: CFTC Approves Position Limits Proposal (with Lofchie and Zwirb Comments and Delta Strategy Group Summary) (November 5, 2013) Cadwalader Memo on Proposed Position Limits and Aggregation Rules (with Lofchie Comment) (November 6, 2013) Streetwise Professor Craig Pirrong on Position Limits (with Lofchie Comment) (November 11, 2013) CFTC Publishes Proposed Rules for Aggregation of Positions (Fed. Reg. Version) (November 15, 2013); CFTC Votes to Dismiss Appeal of 2011 Position Limits Rule (October 29, 2013).