For the third time this year, the Commodity Futures Trading Commission (CFTC) Friday postponed market compliance with certain provisions of Section VII of the Dodd-Frank Wall Street Reform Act.

In its first extension, the CFTC granted a six-month extension for certain provisions that were due to kick in in mid-July (see Daily GPI, July 15). Then on Oct. 25 the Commission voted to extend the “exemptive relief” beyond the Dec. 31 expiration deadline (see Daily GPI, Oct. 12). The Friday order extends the latest expiration date to July 16, 2012.

The “exemptive relief” extends to Dodd-Frank provisions that do not require rulemaking but reference “swap,” “swap dealer,” “major swap participant” or “eligible contract participant,” which the CFTC has not yet defined (see Daily GPI, July 22, 2010).

The CFTC’s proposed order would provide temporary relief under Dodd-Frank for derivative transactions involving primarily financial commodities, energy commodities and excluded metals.

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