CFTC Issues Interim Final Rule Excluding Certain Activity from the Definition of Swap

What this means

A factual summary is pending editorial review. The complete official release is reproduced below with issuer attribution and a direct link to the original publication.

Official release

Source material from Commodity Futures Trading Commission. The wording below is the issuer’s statement.

WASHINGTON — The Commodity Futures Trading Commission today published an Interim Final Rule that codifies the CFTC’s longstanding position that casino-style gambling products, including wagers placed on sportsbooks and casino games, are excluded from the “swap” definition.

“Casino-style gambling products are not derivatives,” said Chairman Michael S. Selig. “Just as the CFTC has done with respect to other products historically regulated by the states, the Commission today provides clarity regarding the limits of its regulatory remit by codifying the exclusion of casino-style gambling products from the ‘swap’ definition.”

The IFR will be effective immediately upon publication in the Federal Register and written comments must be received via Regulations.gov within 30 days of the IFR’s publication in the Federal Register.

Release text attributed to Commodity Futures Trading Commission. Consult the official publication for any subsequent corrections or updates.