The CFTC adopted interim final rules that have the effect of delaying the mandatory compliance dates applicable to various pre-existing rules. The affected rules pertain to business conduct standards for swap dealers and major swap participants, particularly those dealing with recordkeeping and reporting requirements, standards for dealing with counterparties, and swap documentation. These rules are generally covered by the existing ISDA Dodd-Frank Protocol or by a second ISDA protocol currently under development, and the extension was intended, in part, to give market participants more time to adopt the existing protocol and to give ISDA additional time to complete the second protocol. In the absence of the relief, compliance with some of the rules would have been required beginning on January 1, 2013.
More specifically, compliance dates for several items included in subparts F, H, and I of Part 23 of the CFTC’s Regulations were delayed until May 1, 2013. Compliance dates for certain rules pertaining to portfolio reconciliation and swap trading relationship documentation were delayed until July 1, 2013. A number of compliance dates pertaining to subparts F, H, and I remain unchanged.
The interim final rules will become effective immediately upon publication in the Federal Register.