Federal regulators rushing to implement new rules under Dodd-Frank for security-based swaps agreed to push back the July 16 effective date.
On June 14, the CFTC announced a six-month delay for certain business conduct and registration requirements.
On June 15, the SEC issued temporary relief for compliance with the swaps rules, and promised further guidance in the near future. “This is the first step in a series of actions the SEC intends to take in coming days to address effective date issues,” said Robert Cook, director of the SEC's Division of Trading and Markets.
Testifying at a series of hearings this week to address congressional concerns that the agencies involved in the rule-making would have trouble meeting statutory deadlines, top officials from the Securities and Exchange Commission, and Commodity Futures Trading Commission said they understood those concerns, and would consider further temporary compliance relief.