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Unified Agenda 3038-AD18

Core Principles and Other Requirements for Swap Execution Facilities

Summary

Title VII of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act) amended the Commodity Exchange Act (CEA) to establish a comprehensive new regulatory framework for the execution of swaps by: (i) Creating a definition for swap execution facilities (SEFs) under section 721 of the Dodd-Frank Act, which added new CEA section 1a(50); (ii) providing, though the SEF definition, a market for the execution of swaps on trading systems or platforms that enable eligible contract participants to trade on a multilateral basis; (iii) creating an execution requirement under section 723 of the Dodd-Frank Act, which added new CEA section 2(h)(8); and (iv) creating registration and core principle requirements for SEFs under section 733 of the Dodd-Frank Act, which added new CEA section 5h. Pursuant to title VII of the Dodd-Frank Act, the Commodity Futures Trading Commission (Commission) has proposed rules to implement sections 721, 723 and 733 of the Dodd-Frank Act. The Commission's proposal implements the registration process for each applicant seeking registration as a SEF as well as the fifteen core principles and other requirements that each applicant must comply with as a condition of obtaining and maintaining its registration. The proposal would also replace current part 37 of the Commission's regulations, at present addressing rules for Derivatives Transaction Execution Facilities, with rules to implement the amendments to the CEA relevant to SEFs.

Timeline

5 actions from January 7th, 2011 to January 2012

  • January 7th, 2011
  • March 8th, 2011
    • NPRM Comment Period End
  • May 4th, 2011
  • June 3rd, 2011
    • NPRM Comment Period Extended End
  • January 2012
    • Final Action

Contacts

  • Bella Rozenberg
    Assistant Deputy Director, Division of Market Oversight
    Phone 202 418-5119
    1155 21st Street NW.,
    Washington DC 20581
  • Amir Zaidi
    Attorney-Advisor, Division of Market Oversight
    Phone 202 418-6770
    Fax 202 418-5507
    Three Lafayette Centre , 1155 21st Street NW.,
    Washington DC 20581
  • Mauricio Melara
    Special Counsel, Division of Market Oversight
    Phone 202 418-5719
    Fax 202 418-5507
    Three Lafayette Centre , 1155 21st Street NW.,
    Washington DC 20581
  • Joseph Cisewski
    Attorney-Advisor, Division of Market Oversight
    Phone 202 418-5718
    1155 21st Street NW.,
    Washington DC 20581

Federal Register Activity

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