Final Rule: Agricultural Commodity Definition
Federal Register Publication Date: 07/13/2011
Summary: The CFTC is charged with proposing rules to implement new statutory provisions enacted by Title VII of the Dodd-Frank Wall Street Reform and Consumer Protection Act (‘‘Dodd-Frank Act’’). The Dodd-Frank Act, which amends the Commodity Exchange Act (‘‘CEA’’ or ‘‘Act’’), includes provisions applicable to ‘‘a swap in an agricultural commodity (as defined by the [CFTC]).’’ Neither Congress nor the CFTC has previously defined that term for purposes of the CEA or CFTC regulations. On October 26, 2010, the CFTC requested comment on a proposed definition. After reviewing the comments submitted in response to the proposed definition, the CFTC issued these final rules in essentially the same form as originally proposed, subject to a minor revision to the commodity-based index provision.