On July 14th, the CFTC issued an Order clarifying the effective date of the provisions in the swap regulatory regime established by Title VII of the Dodd-Frank Act. The Order provides temporary relief from certain provisions that will become effective July 16, 2011, until the CFTC completes the rulemakings specified in the Order. The Order will expire upon the effective date of final rules or December 31, 2011. CFTC Press Release. See also Staff No-Action Letter.