Securities, Commodities, and Exchanges: CFTC Issues Proposed and Interim Final Rules for Dodd-Frank Implementation

From October 14 through November 3, the Commodity Futures Trading Commission (CFTC) published in the Federal Register a series of nine sets of proposed rules and interim final rules to implement various provisions of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank). The notices include an interim final rule for reporting pre-
enactment swap transactions (October 14); a notice of proposed rulemaking (NPR) on financial resources requirements for derivatives clearing organizations (October 14); an NPR on requirements for derivatives clearing organizations, designated contract markets, and swap execution facilities regarding the mitigation of conflicts of interest (October 18); an ANPR on antidisruptive practices authority in Dodd-Frank (November 2); an NPR on the process for review of swaps for mandatory clearing (November 2); an NPR on position reports for physical commodity swaps (November 2); an NPR requiring the CFTC to remove any reference to or reliance on credit ratings in Commission regulations, and proposing alternatives to the use of credit ratings (November 2); an NPR on new authority prohibiting market manipulation (November 3); and a proposed rule on investment of customer funds and funds held in an account for foreign futures and foreign options transactions (November 3).