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Final Rule: Agricultural Swaps

Final Rule: Agricultural Swaps

RIN: 3038–AD21

Agency/Agencies: CFTC

Federal Register Publication Date: 08/10/2011

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 provides that swaps in an agricultural commodity (as defined by the CFTC) are prohibited unless entered into pursuant to a rule, regulation or order of the CFTC adopted pursuant to certain provisions of the Commodity Exchange Act. On February 3, 2011, the CFTC requested comment on a set of proposed rules that would, among other things, implement regulations whereby swaps in agricultural commodities may transact subject to the same rules as all other swaps. The proposed rules for swaps in an agricultural commodity would repeal and replace the CFTC’s current regulations concerning the exemption of swap agreements. After reviewing the comments submitted in response to the proposed rules, the CFTC determined it would issue these final rules for swaps in an agricultural commodity in the form as originally proposed. The February 3 proposed rules also included provisions that would substantially amend the CFTC’s regulations regarding commodity option transactions. However, in this final rule the CFTConly issued the rules for swaps in an agricultural commodity.

Ianthe Zabel
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