Stroock Special Bulletin
"CFTC Issues Dodd-Frank Act General Effective Date Relief Final Exemptive Order"
On July 14, 2011, the Commodity Futures Trading Commission (the "CFTC") issued a final order providing temporary exemptive relief with respect to the majority of the provisions of Title VII of the Dodd-Frank Act that were scheduled to go into effect on July 16, 2011. The Final order followed a proposed order issued for public comment by the CFTC on June 14, 2011 (the "Proposed Order"). The Final Order provides clarifications on a number of issues raised in comments on the Proposed Order.
This Stroock Special Bulletin highlights commenters' positions and related CFTC determinations on issues related to: (i) coverage of commodity options and agricultural swaps; (ii) coverage of "eligible contract participants;" (iii) private rights of action; (iv) preemption; (v) core principles; (vi) intermediaries; and (vii) the scope of "appropriate persons" under Section 4(c) of the Commodity Exchange Act.