Proposed CFTC Rules on Position Limits

22 November 2013
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  • The CFTC has voted to dismiss its appeal of the D.C. District Court's decision in ISDA v. CFTC (vacating the CFTC's original position limits rules) and to approve revisions to Part 150 (and other related provisions) to incorporate a new set of proposed rules establishing position limits for 28 exempt and agricultural commodity futures and option contracts and swaps that are economically equivalent to such contracts, revising exemptions from such limits and extending and updating reporting requirements for persons claiming an exemption.
  • The proposed rules also update certain existing CFTC regulations, guidance and acceptable practices for compliance with DCM core principle 5 and SEF core principle 6 in respect of exchange-set position limits and position accountability levels. 
  • In a separate notice of proposed rulemaking, the CFTC has proposed modifications to the aggregation provisions of Part 150 that are substantially similar to the aggregation modifications proposed to vacated Part 151.