On July 24th, the CFTC approved final rules establishing a schedule to phase in compliance with new clearing requirements under the Dodd-Frank Act. The final rule will phase in the clearing requirement based on the type of market participant entering into swaps subject to the clearing requirement. The compliance schedule does not prohibit any type of market participant from voluntarily complying with the clearing requirement sooner than the compliance deadline. The triggering event for the compliance schedule will be the Commission's issuance of a final clearing requirement determination. The Commission also issued the first proposed clearing determination for credit default swaps and interest rate swaps (see below), and indicates that the compliance schedule will be employed for implementation of that requirement. CFTC Press Release. See also Questions and Answers.