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CFTC RIN: 3038-AD18 Publication ID: Fall 2011 
Title: Core Principles and Other Requirements for Swap Execution Facilities 
Abstract: Title VII of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act) amended the Commodity Exchange Act (CEA) to establish a comprehensive new regulatory framework for the execution of swaps by: (i) Creating a definition for swap execution facilities (SEFs) under section 721 of the Dodd-Frank Act, which added new CEA section 1a(50); (ii) providing, though the SEF definition, a market for the execution of swaps on trading systems or platforms that enable eligible contract participants to trade on a multilateral basis; (iii) creating an execution requirement under section 723 of the Dodd-Frank Act, which added new CEA section 2(h)(8); and (iv) creating registration and core principle requirements for SEFs under section 733 of the Dodd-Frank Act, which added new CEA section 5h. Pursuant to title VII of the Dodd-Frank Act, the Commodity Futures Trading Commission (Commission) has proposed rules to implement sections 721, 723 and 733 of the Dodd-Frank Act. The Commission's proposal implements the registration process for each applicant seeking registration as a SEF as well as the fifteen core principles and other requirements that each applicant must comply with as a condition of obtaining and maintaining its registration. The proposal would also replace current part 37 of the Commission's regulations, at present addressing rules for Derivatives Transaction Execution Facilities, with rules to implement the amendments to the CEA relevant to SEFs. 
Agency: Commodity Futures Trading Commission(CFTC)  Priority: Other Significant 
RIN Status: Previously published in the Unified Agenda Agenda Stage of Rulemaking: Final Rule Stage 
Major: Yes  Unfunded Mandates: No 
CFR Citation: 17 CFR 37 
Legal Authority: 7 USC 1a and 2; 7 USC 5 and 6; 7 USC 6a to 6p; 7 USC 7 and 7a-2; 7 USC 7b-3 and 12a; 7 USC 23 and 24 as amended by title VII and VIII of the Dodd-Frank Wall Street Reform and Consumer Protection Act; PL 111-203, 124 Stat 1376 (2010) 
Legal Deadline:
Action Source Description Date
Final  Statutory  Statutory timeframe for mandatory rulemakings where no other deadline is specified.  07/15/2011 
Timetable:
Action Date FR Cite
NPRM  01/07/2011  76 FR 1214 
NPRM Comment Period End  03/08/2011   
NPRM Comment Period Extended  05/04/2011  76 FR 25274 
NPRM Comment Period Extended End  06/03/2011   
Final Action  01/00/2012   
Regulatory Flexibility Analysis Required: No  Government Levels Affected: None 
Small Entities Affected: No  Federalism: No 
Included in the Regulatory Plan: No 
RIN Information URL: http://www.cftc.gov/LawRegulation/DoddFrankAct/Rulemakings/DF_13_SEFRules/index.htm   Public Comment URL: http://comments.cftc.gov/PublicComments/ReleasesWithComments.aspx  
RIN Data Printed in the FR: No 
Agency Contact:
Bella Rozenberg
Assistant Deputy Director, Division of Market Oversight
Commodity Futures Trading Commission
1155 21st Street NW.,
Washington, DC 20581
Phone:202 418-5119
Email: brozenberg@cftc.gov

Amir Zaidi
Special Counsel, Division of Market Oversight
Commodity Futures Trading Commission
Three Lafayette Centre, 1155 21st Street NW.,
Washington, DC 20581
Phone:202 418-6770
Fax:202 418-5507
Email: azaidi@cftc.gov

Mauricio Melara
Special Counsel, Office of International Affairs
Commodity Futures Trading Commission
Three Lafayette Centre, 1155 21st Street NW.,
Washington, DC 20581
Phone:202 418-5719
Fax:202 418-5507
Email: mmelara@cftc.gov

Joseph Cisewski
Attorney-Advisor, Division of Market Oversight
Commodity Futures Trading Commission
1155 21st Street NW.,
Washington , DC 20581
Phone:202 418-5718
Email: jcisweski@cftc.gov

 
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