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CFTC RIN: 3038-AD10 Publication ID: Fall 2010 
Title: ●End-User Exemption (Commercial End User Exemption and To Consider for Small Banks, Farm Credit Institutions and Credit Unions) 
Abstract: Title VII of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act) contains a general requirement that swaps that are subject to a clearing mandate must be submitted for clearing to a registered derivatives clearing organization. The Dodd-Frank Act also provides that users of swaps that are not financial entities (referred to as end users) and that use swaps to hedge or mitigate “commercial risk” may claim an exception from the general clearing requirement if the end user notifies the CFTC of how the end user generally meets its financial obligations associated with entering into swaps that are not cleared. The CFTC will propose a rule stating the manner in which end users are to submit such notification, and defining the meaning of the term “commercial risk” in this context. 
Agency: Commodity Futures Trading Commission(CFTC)  Priority: Other Significant 
RIN Status: First time published in the Unified Agenda Agenda Stage of Rulemaking: Proposed Rule Stage 
Major: Undetermined  Unfunded Mandates: No 
CFR Citation: Not Yet Determined     (To search for a specific CFR, visit the Code of Federal Regulations.)
Legal Authority: PL 111-203, sec 721(b), 723(a), Dodd-Frank Wall Street Reform and Consumer Protection Act   
Legal Deadline:  None
Timetable:
Action Date FR Cite
NPRM  12/00/2010    
NPRM Comment Period End  01/00/2011    
Final Action  07/00/2011    
Final Action Effective  09/00/2011    
Regulatory Flexibility Analysis Required: No  Government Levels Affected: None 
Small Entities Affected: No  Federalism: No 
Included in the Regulatory Plan: No 
RIN Data Printed in the FR: No 
Agency Contact:
George Wilder
Senior Assistant General Counsel, Office of the General Counsel
Commodity Futures Trading Commission
1155 21st Street NW.,
Washington, DC 20581
Phone:202 418-5142
Email: gwilder@cftc.gov