"CFTC’s 'Conduct' Delays Swaps Rule (But Are ERISA Accounts 'in the Clear'?”)

The Commodity Futures Trading Commission (the "CFTC") announced on December 18 that it would delay the implementation of the so-called External Business Conduct Rules under the  Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 until May 1, 2013.  However, potential ambiguities in the application of ERISA with respect to certain aspects of clearing as currently envisioned under CFTC (and related rules) may still remain by the time the first wave of mandatory clearing is effective.

This Stroock Special Bulletin briefly discusses these matters.