Originally, several provisions under Dodd-Frank con-
cerning swaps would have taken effect on July 16, 2011,
but since such provisions required the SEC and CFTC
to implement ﬁ nal rules, that date was not achievable.
The effective date of most provisions was consequently
delayed until December 31, 2011 or until new rules be-
come effective, if earlier.
7 Importantly, any provision that
references “swap,” “security-based swap,” “swap dealer,”
and “major swap participant” is delayed because these
deﬁ nitions have not yet been ﬁ nalized.