Commodity Futures Trading Commission January 7, 2013 – Federal Register Recent Federal Regulation Documents

On July 12, 2012, the Commodity Futures Trading Commission (``Commission'' or ``CFTC'') published for public comment, pursuant to section 4(c) of the Commodity Exchange Act (``CEA''), a proposed order (``Proposed Order'') that would grant market participants temporary conditional relief from certain provisions of the CEA, as amended by Title VII of the Dodd- Frank Wall Street Reform and Consumer Protection Act (``Dodd-Frank Act'' or ``Dodd-Frank''), and the Commission also published its proposed interpretive guidance and policy statement (``Proposed Guidance'') regarding the cross-border application of the swap provisions of the CEA as added by Title VII of the Dodd-Frank Act. The Commission has determined to finalize the Proposed Order, with certain modifications and clarifications to address public comments. Under this final order (``Final Order''), a non-U.S. person that registers as a swap dealer (``SD'') or major swap participant (``MSP'') may delay compliance with certain entity-level requirements of the CEA (and Commission regulations promulgated thereunder), and non-U.S. SDs and MSPs and foreign branches of U.S. SDs and MSPs may delay compliance with certain transaction-level requirements of the CEA (and Commission regulations promulgated thereunder), subject to specified conditions. In addition, the Commission is separately proposing further guidance on certain specific aspects of the Proposed Guidance (``Further Proposed Guidance'').