On November 14th, the CFTC's Office of General Counsel provided its view regarding the classification of certain physical commercial agreements for the supply and consumption of energy that provide flexibility set forth in the CFTC's joint rulemaking with the SEC entitled Further Definition of "Swap"; "Security-Based Swap"; and "Security-Based Swap Agreement"; Mixed Swaps; Security-Based Swap Agreement Recordkeeping. The guidance is aimed at helping market participants and other interested parties better understand and apply the three-part test set forth in the rulemaking for determining when such physical commercial agreements should not be considered to be commodity options. CFTC Press Release.