US CFTC and EU regulators provide guidance on deadlines for new swap regulations
During the last quarter of 2012, the US Commodity Futures Trading Commission issued a series of no-action letters and other guidance regarding rules issued pursuant to the Dodd-Frank Wall Street Reform and Consumer Protection Act to address the practical application of the CFTC’s various new rulemakings. Beginning before 12 October 2012 (the date when many of the CFTC’s rules under Dodd-Frank became effective), the CFTC and its Staff have issued dozens of no-action letters, interpretations, and rulemakings further clarifying, and in certain instances extending, market participants’ compliance deadlines with respect to, among other things, mandatory clearing, mandatory trading, reporting, recordkeeping, registration, and external and internal business conduct standards.
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