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CFTC Commissioner Chilton Criticizes SEC for Delaying Swap Rules

During his speech at the Forum's 2012 Policy Conference, CFTC Commissioner Bart Chilton criticized the SEC for delaying a Dodd-Frank mandated rule that would define "swaps" and called on the Financial Stability Oversight Council (FSOC) to intervene.  Under the Dodd-Frank Act, the CFTC and SEC were jointly tasked with defining which derivative contracts are "swaps" and thus subject to clearing, trading and reporting regulations.  The definition is needed before a number of other Dodd-Frank mandated regulations can take effect.  The CFTC has reportedly finished its work on the rule but must wait for the SEC before the joint rule can be issued.  Commissioner Chilton stated that "[w]e have been continually reassured we are going to consider this joint rule with the SEC 'next month.'. . . I see no promise of movement from the SEC on this."  Chilton called on the FSOC to use its authority to resolve agency jurisdictional disputes to intervene on this matter.