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CFTC RIN: 3038-AD10 Publication ID: Spring 2011 
Title: End-User Exception 
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: Previously published in the Unified Agenda Agenda Stage of Rulemaking: Final 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  12/23/2010  75 FR 80747   
NPRM Comment Period End  02/22/2011    
Final Action  07/00/2011    
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:
Lee Ann Duffy
Assistant General Counsel, Office of General Counsel
Commodity Futures Trading Commission
Three Lafayette Centre, 1155 21st Street, NW.,
Washington, DC 20581
Phone:202 418-6763
Email: lduffy@cftc.gov