CFTC issues proposed rules on the definition of "swap" and on capital requirements for swap dealers and major swap participants

At an open meeting held on 27 April 2011 the Commodity Futures Trading Commission (Commission or CFTC) approved proposed rules defining which products are "swaps" and the capital requirements for Swap Dealers and Major Swap Participants (SDs/MSPs). The CFTC has not yet released the text of the proposed rules. The Commission also approved a proposal to reopen the comment period on all closed rulemaking dockets for 30 days and to extend the comment period for all open rulemaking dockets for 30 days in order for commenters to have the benefit of the proposed definitions when commenting on the panoply of other proposed rules.

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