Argus: CFTC to Propose Dodd-Frank Rules by November

September 1, 2010

HOUSTON, Sept. 1 /PRNewswire/ — The Commodity Futures Trading Commission (CFTC) expects to issue all proposed rules to implement the Dodd-Frank Wall Street Reform and Consumer Protection Act by Thanksgiving, CFTC general counsel Dan Berkovitz said today.

And rulemakings with timeframes shorter than 360 days could be issued as soon as this month, Berkovitz said at the Argus Oil Market Regulation Summit 2010 in Houston today.

“There is virtually, under this timetable that we have under the legislation … no ability to accelerate anything to get it out earlier than we are already doing it,” he said. “And we cannot delay anything either, there is virtually no flexibility.”

The commission is in the process of taking comments and drafting rules for at least 30 areas in the new law. The agency has also initiated a comment period on key definitions in Dodd-Frank, including energy swap, in coordination with the Securities and Exchange Commission (SEC) and other agencies.

But panelists at the summit today expressed concern the commission is pushing through the raft of rulemakings too quickly and that the provisions may have unintended consequences.

“In hindsight, I wish Congress had approached this with a realistic timeframe,” said John Hyland, chief investment officer for the United States Commodity Fund.

About Argus Media

Argus is a leading provider of price assessments, business intelligence and market data on the global crude and products, natural gas, coal, electricity, emissions and transportation industries. It is headquartered in London and has offices in Houston, Washington, New York, Portland, Calgary, Johannesburg, Dubai, Singapore, Tokyo, Beijing, Sydney, Moscow, Astana, Kiev, Santiago and other key centres of the energy industry. Argus was founded in 1970 and is a closely held UK-registered company. Learn more at www.argusmedia.com.

For further information contact Tammy Tiedt in Houston at +1 713 968 0064, or email tammy.tiedt@argusmedia.com.

SOURCE Argus Media

Source: newswire

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