Key takeaways:

The Commodity Futures Trading Commission has issued a notice of proposed amendments that would modify previously granted exemptive relief with respect to certain provisions of Title VII of the Dodd-Frank Act. Significant amendments to the previously granted exemptive relief include:

• Extension of the expiration date of the previously granted exemptive order, dated July 14, 2011, from July 16, 2012 to December 31, 2012, or such other date as determined by the CFTC.
• Clarification that certain exemptive relief provided pending the finalization of the definitions of "swap dealer," "major swap participant" and "eligible contract participant" is no longer applicable, as the CFTC and Securities and Exchange Commission have since adopted final rules with respect to these terms.
• Clarification that agricultural swaps may be cleared to the same extent that any other swap would be cleared, without need for further exemptive relief from the CFTC.
• Removal of references to a previous CFTC order that grandfathered relief from compliance with the general effective date of Title VII for exempt commercial markets and exempt boards of trade.