Second Amendment to July 14, 2011 Order for Swap Regulation

On May 16, 2012, the Commodity Futures Trading Commission (``CFTC'' or the ``Commission'') published in the Federal Register a Notice of Proposed Amendment (``Notice'') to extend the temporary exemptive relief the Commission granted on July 14, 2011 (``July 14 Order'') from certain provisions of the Commodity Exchange Act (``CEA'') that otherwise would have taken effect on the general effective date of title VII of the Dodd-Frank Wall Street Reform and Consumer Protection Act (``the Dodd-Frank Act'')--July 16, 2011. This final order extends the July 14 Order with certain modifications. Specifically, it removes references to the entities terms, including ``swap dealer,'' ``major swap participant,'' and ``eligible contract participant'' in light of the final joint rulemaking of the CFTC and Securities and Exchange Commission (``SEC'') further defining those terms issued on April 18, 2012; extends the potential latest expiration date of the July 14 Order to December 31, 2012, or, depending on the nature of the relief, such other compliance date as may be determined by the Commission; allows the clearing of agricultural swaps, as described herein; and removes any reference to the exempt commercial market (``ECM'') and exempt board of trade (``EBOT'') grandfather relief previously issued by the Commission.

Agency Contact: Mark D. Higgins, Counsel, (202) 418- 5864, mhiggins@cftc.gov, Office of the General Counsel; David Aron, Counsel, (202) 418-6621, daron@cftc.gov, Office of the General Counsel; David Van Wagner, Chief Counsel, (202) 418-5481, dvanwagner@cftc.gov, Division of Market Oversight; Ali Hosseini, Special Counsel, (202) 418- 6144, ahosseini@cftc.gov, Division of Market Oversight, Commodity Futures Trading Commission, Three Lafayette Centre, 1155 21st Street NW., Washington, DC 20581; or Anne Polaski, Special Counsel, (312) 596- 0575, apolaski@cftc.gov, Division of Clearing and Risk; Commodity Futures Trading Commission, 525 West Monroe, Chicago, Illinois 60661.