CATEGORY 4: SELF-EFFECTUATING TITLE VII PROVISIONS THAT ARE 

NOT SUBJECT TO CFTC PROPOSED TEMPORARY RELIEF RE. EFFECTIVE DATE

1 

 DoddFrank 

Section 

No. 

CEA 

Section 

No.1

Provision, 

Obligation or 

Prohibition 

Applicable To: 

Summary Description 

SUBTITLE A, PART I: SECTIONS 701-720 – 

REGULATORY AUTHORITY

701 None None Short Title

711 None None Definitions

Various terms have the meanings given in Commodity Exchange 

Act (“CEA”) Section 1a. 

712(a) 

(1)-(7), 

712(b)-

(c) 

None None Review of Regulatory Authority

General provisions regarding rulemakings. 

712(e)-

(f) 

None None Rulemaking Timeframe and Rules/Registration before Final 

Effective Dates

Provides global rulemaking deadline of 360 days from enactment 

(unless otherwise provided). Permits issuance of rules, studies, 

reports and exemptions, and registration of persons, prior to 

effective date.2

713(b)3 4d Futures 

Commission 

Merchants 

(“FCMs”) 

Portfolio Margining

Pursuant to exemption or rule, dually-registered FCM-Broker 

Dealer may, pursuant to a portfolio margining program 

approved by Securities and Exchange Commission (“SEC”), hold 

futures and options on futures, and margin thereon, in a 

portfolio margining account carried as a securities account. 

714 None None Abusive Swaps

CFTC may collect information concerning markets for swaps 

and issue report re. types of swaps that are detrimental to 

stability of a financial market or participants therein. 

715 None None Authority to Prohibit Participation in Swap Activities

If CFTC determines that regulation of swap markets in a foreign 

country undermines stability of U.S. financial system, it may, in 

consultation with Secretary of Treasury, prohibit an entity 

domiciled in the foreign country from participating in the U.S. in 

any swap activities. 

716 None Swap Dealers 

(“SDs”)/Major 

Swap 

Participants 

(“MSPs”) 

Prohibition on Federal Assistance

Prohibits Federal assistance to certain registered SDs/MSPs; 

requires insured depository institutions to comply with “Volcker 

Rule.” 

717(a) 

and 

(d)4

2(a)(1)(C) 

and 

5c(c)(1) 

None New Product Approval CFTC-SEC Process

Provides CFTC jurisdiction over options exempted by SEC; 

provides for stay of certification of product pending 

jurisdictional determination. 

718 None None Novel Derivative Products

Provides a process for CFTC and SEC to resolve jurisdictional 

issues relating to novel derivative products. 

719 None None Studies

Requires 4 Studies re: (a) effects of position limits on trading on 

exchanges in U.S.; (b) feasibility of requiring use of standardized 

algorithmic description for financial derivatives; (c) 

international swap regulation; and (d) stable value contracts. 

720 None None Memoranda of Understanding

Requires CFTC and the Federal Energy Regulatory Commission 

(“FERC”) to negotiate Memoranda of Understanding (“MOUs”) 

to: (a) establish procedures for addressing jurisdictional issues; 

 

1

 Unless otherwise indicated, the CEA references in this column refer to the provisions of the CEA after its amendment by the Dodd-Frank Act. 2

 Section 712(f) became effective upon enactment of the Dodd-Frank Act. 3

 Section 713(a) amends the Securities Exchange Act of 1934. 4

 Sections 717(b) and (c) amend the Securities Exchange Act of 1934. 
CATEGORY 4: SELF-EFFECTUATING TITLE VII PROVISIONS THAT ARE 

NOT SUBJECT TO CFTC PROPOSED TEMPORARY RELIEF RE. EFFECTIVE DATE

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and (b) share information in investigations into potential 

manipulation, fraud or market power abuse. 

SUBTITLE A, PART II: SECTIONS 721-754 – 

REGULATION OF SWAP MARKETS

SECTION 721 -- DEFINITIONS

721(a) 

and 

721(f) 

1a Various Definitions

New or amended definitions of terms “appropriate Federal 

banking agency,” “Board,” “eligible commercial entity,” 

“interstate commerce,” “prudential regulator,” and “trading 

facility.”5

721(b), 

(d) and 

(e) 

Various None Authority to define terms; exemptions; and conforming 

amendments

Provides CFTC authority to adopt rule defining any term in 

CFTC-related portions of Title VII; limits CFTC exemptive 

authority with respect to Title VII; sets forth conforming 

amendments required due to re-numbering of definitions in CEA 

Section 1a. 

SECTION 722 – JURISDICTION 

722(e), 

(f), and 

(g) 

2(a)(1) 

and 4(c) 

None FERC

General provisions re. impact on jurisdiction of FERC and 

provision granting CFTC authority to issue public interest 

waivers re. transactions entered into pursuant to tariff or rate 

schedule approved or permitted to take effect by FERC or 

regulatory authority of State or municipality with jurisdiction to 

regulate rates and charges for sale of electric energy. 

722(h) 1b None Foreign Exchange Swaps and Foreign Exchange Forwards

Provides process for Secretary of Treasury in considering 

whether to exempt foreign exchange swaps or foreign exchange 

forwards from the swap definition. 

SECTION 723 - CLEARING

723(c) 

(1)-(2) 

None Persons subject 

to pre-DoddFrank Act CEA 

Section 2(h) 

Grandfather Provision

Permits petition with the CFTC within 60 days of enactment to 

allow petitioners to remain subject to existing Section 2(h) of the 

CEA for 1 year. 

724(b) None FCMs and 

Derivatives 

Clearing 

Organizations 

(“DCOs”) 

Bankruptcy Treatment of Cleared Swaps

Makes amendments to the Bankruptcy Code relating to cleared 

swaps. 

725(a) 5b(b) DCOs Voluntary Registration

A person clearing transactions that are not required to be 

cleared may voluntarily register as a DCO. 

725(b) 5b(g) Depository 

institutions and 

clearing 

agencies 

Existing Depository Institutions and SEC-Registered Clearing 

Agencies

If required to be registered as a DCO: (a) depository institutions 

are deemed to be registered to the extent that, before enactment, 

they cleared swaps as a multilateral clearing organization; and 

(b) SEC-registered clearing agencies are deemed to be registered 

to the extent that, prior to enactment, they cleared swaps. 

725(b) 5b(i) DCOs DCO – Chief Compliance Officer (“CCO”)

Must designate a CCO who reports directly to the board or to 

the senior officer of the DCO, to perform specified duties. 

725(c) 5b(c)(2) DCOs DCO Core Principles

Registered DCOs must comply with the new Core Principles and 

any other requirements imposed by rule or regulation. 

725(f) 8(e) Foreign central 

banks 

Information Sharing

Permits CFTC to share information with foreign central banks 

and ministries under certain circumstances. 

 

5

 The amended definition of the term “commodity” became effective on June 1, 2010.
CATEGORY 4: SELF-EFFECTUATING TITLE VII PROVISIONS THAT ARE 

NOT SUBJECT TO CFTC PROPOSED TEMPORARY RELIEF RE. EFFECTIVE DATE

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725(h) 5b(f)(1) DCOs Reducing Clearing Systemic Risk

Provides that DCO may not be compelled to accept counterparty 

credit risk of another clearing organization. 

SECTION 734 – DERIVATIVES TRANSACTION 

EXECUTION FACILITIES (“DTEFs”) AND 

EXEMPT BOARDS OF TRADE 

734 5a of preDoddFrank 

Act CEA 

DTEFs DTEFs

Repeal provisions enacted in Commodity Futures Modernization 

Act of 2000 that authorized DTEFs. 

SECTION 735 – Designated Contract Markets (“DCMs”)

735(a) 5(b) DCMs Contract Market Designation 

Repeals provisions setting forth criteria for designation as a 

DCM. 

735(b) 5(d) DCMs DCM Core Principles

Registered DCMs must comply with the new Core Principles and 

any other requirements imposed by rule or regulation. 

SECTION 736 – MARGIN WITH RESPECT TO 

REGISTERED ENTITIES

736 8a(7) Registered 

entities 

Margin with respect to registered entities

Permits CFTC to alter or supplement rules of a registered entity 

with respect to the setting of margin levels upon certain specified 

conditions. 

SECTION 738 – FOREIGN BOARDS OF TRADE (“FBOTs”)

738 4(b) FBOTs FBOT Requirements. 

Permits CFTC to write rules for the registration of FBOTs that 

provide direct access to U.S. customers. Imposes requirements 

on FBOT contracts provided to U.S. customers by direct access 

that are linked to the settlement price of a contract traded on a 

registered entity in the U.S. Provides protections for CFTC 

registrants trading futures contracts on an FBOT in certain 

circumstances, and legal certainty for such transactions even if 

the FBOT fails to comply with the CEA. 

SECTION 739 – LEGAL CERTAINTY FOR SWAPS

739 22(a) 

(4)-(5) 

Swap 

counterparties 

Legal Certainty for Swaps

No transaction between Eligible Contract Participants (“ECPs”) 

(or persons reasonably believed to be ECPs) shall be void, 

voidable, or unenforceable, and no party shall be entitled to 

rescind or recover any payment made with respect thereto, based 

solely on the failure of the agreement, contract, or transaction to 

meet the definition of a swap or otherwise be cleared as required 

by the CEA. 

Unless specifically reserved in a swap, neither the enactment of 

the Dodd-Frank Act nor any requirement under that Act shall 

qualify as a termination event, force majeure, illegality, 

regulatory change or similar event under the swap that would 

permit termination, renegotiation, modification or amendment of 

the swap. 

SECTIONS 741–744 AND 746-748 – ENFORCEMENT 

PROVISIONS

741(b) 2(c)(2)(B)

-(C) 

Persons engaged 

in off-exchange 

forex 

transactions 

with retail 

customers 

Forex Enforcement Authority

Amends CFTC enforcement authority with respect to offexchange forex transactions with retail customers. 

741(c) None Entities 

regulated by 

Federal banking 

agencies 

Prudential Regulators

Savings clause for appropriate Federal banking agencies with 

respect to prudential standards imposed outside of Title VII. 

742(a) 

and 

2(c)(2)(D)

-(E) 

Persons engaged 

in off-exchange 

Retail Commodity Transactions

Provides CFTC with enforcement authority for non-forex retail 
CATEGORY 4: SELF-EFFECTUATING TITLE VII PROVISIONS THAT ARE 

NOT SUBJECT TO CFTC PROPOSED TEMPORARY RELIEF RE. EFFECTIVE DATE

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(c)6 transactions 

with retail 

customers 

commodity transactions. Requires rulemakings for entities 

regulated by prudential regulators to do retail forex 

transactions. 

743 None None Other Authority

Unless otherwise provided, CFTC-related provisions in Title VII 

do not divest banking agencies, the CFTC, the SEC, or other 

Federal or state agencies of any authority derived from any other 

applicable law. 

744 6c(d) None Restitution Remedies

Provides CFTC with the authority to seek restitution for 

violations of the CEA in the amount of losses proximately caused 

by such violations. 

747 4c(a)(5)-

(6) 

Traders on 

registered 

entities 

Anti-Disruptive Practices Authority

Prohibits any person from engaging in specifically enumerated 

bad acts: (a) violating bids or offers; (b) intentional or reckless 

disregard for the orderly execution of transactions during the 

closing period; or (c) spoofing. Provides CFTC with authority to 

prohibit other deceptive trading practices. 

748 23(h) and 

(n) 

Employers of 

whistleblowers 

Commodity Whistleblower Incentives and Protection

Protects whistleblowers from retaliation. Provides that such 

right may not be waived, and whistleblowers may not be 

required to agree to arbitration of retaliation disputes. 

745(a), 

(b) and 

(c) 

5c(a)(2), 

5c(c) and 

preDoddFrank 

Act 

Section 

5c(d) 

Registered 

entities 

Interpretations; Certifications and Prior Approvals

Provides that CFTC interpretations of Core Principles may 

provide the exclusive means for complying with those Core 

Principles. Establishes a self-certification procedure with respect 

to rules and products under a 10/90 day CFTC review process 

for new rules or rule amendments. Provides that a registered 

entity may seek CFTC prior approval with respect to rules or 

products. Repeals requirements imposed by CEA Section 5c(d) 

of pre-Dodd-Frank Act on filing enforcement action when CFTC 

determines that a registered entity is violating a Core Principle. 

749 Multiple Various Conforming Amendments

Conforming amendments to CEA Sections 4d (FCM Registration 

Requirements); 5c (Common Provisions Applicable to Registered 

Entities); 5e (Suspension or Revocation of Designation as a 

Registered Entity); 6(B) (Court Review of CFTC Orders); 

12(e)(2)(B) (Cooperation with Other Agencies); and 17(r)(1) 

(Registered Futures Associations: Duplicative Regulation of Dual 

Registrants). 

750 None None Study on Oversight of Carbon Markets

751 2(a)(15) None Energy and Environmental Markets Advisory Committee

752 None None International Harmonization

754 None None Effective Date

 

6

 Section 742(b) makes a technical correction to the Gramm-Leach-Bliley Act.