Key takeaways 

• Title VII of the Dodd-Frank Act provides that certain swap regulations are meant to be self-effectuating on July 16, 2011. However, the rulemaking task given to the Commodity Futures Trading Commission is still in progress. 
• To ensure an orderly transition to the new swap regulatory regime, the Commodity Futures Trading Commission has proposed to give temporary exemptive relief with respect to a number of self-effectuating swap regulations, notwithstanding the effective date of July 16, 2011.