Update: On July 3, 2012, the CFTC issued the final order, effective immediately.

On May 10, 2012, the CFTC proposed a further extension of the effective date of Dodd-Frank non-security-based swaps regulations from July 16, 2012 to December 31, 2012, or earlier if made possible by the completion of applicable final rulemaking. This extension would apply to the provisions of the Commodity Exchange Act (CEA) added by Title VII of the Dodd-Frank Act that would have otherwise taken effect on the general effective date of Title VII, which was previously extended by the CFTC to July 16, 2012. Practically speaking the extension would apply to most of the remaining Dodd-Frank non-security-based swap rules that have not yet been finalized.

The deadline is meant to be an outer limit by which time the CFTC hopes to have completed all of its Dodd-Frank swaps rulemaking activity, though the possibility exists that this deadline may be further extended. The extension does not apply to joint swaps-related rulemaking under Dodd-Frank such as the Pushout Rule and the Volcker Rule.

The proposed order, which would amend the CFTC's July 14, 2011 order for the second time, also narrows the scope of the prior extension order to reflect that some CFTC rules have become effective (see Legal Update, Final Rules Amending the Effective Date of Swaps Regulation under Dodd-Frank Issued by CFTC).

The CFTC is accepting public comment on the order until 14 days after it is published in the Federal Register.

For more on the proposed order, see the CFTC's press release. For a revised draft schedule of remaining CFTC final Dodd-Frank non-security-based swaps rulemaking, see Federal Register page 28824.

For information on the SEC's compliance dates for security-based swap regulations, see Legal Update, Dodd-Frank Delay: SEC Issues Further Temporary Securities Law Exemptions for Security-based Swaps. For more information on delays of swaps rules under the Dodd-Frank Act, see Practice Note, Summary of the Dodd-Frank Act: Swaps and Derivatives: Delay in Title VII Implementation.