End users will be relieved to know that compliance dates for business conduct and documentation rules related to the Dodd-Frank Wall Street Reform and Consumer Protection Act (“Dodd-Frank”), which had been driving the request by swap dealers and major swap participants for end users to enter into the ISDA August 2012 DF Protocol or otherwise amend their swap documents by the end of the year, have now been delayed until May 1, 2013.
On December 18, 2012, the Commodity Futures Trading Commission (“CFTC”) released interim final rules which provide for the extension of deadlines related to certain business conduct and documentation requirements for swap dealers and major swap participants until May 1, 2013. Other compliance dates were delayed further.
The full text of the interim final rules (which have not yet been published in the Federal Register) is available here. The CFTC has requested written comments on these rules within 30 days after publication in the Federal Register. Any further extensions are at the discretion of the CFTC, so end users are encouraged to discuss their swap documentation with counsel in a timely manner to be prepared before the revised deadline.