UPDATE 2-CFTC aims for certainty over July 16 rule deadline
* Anxiety over summer deadline for some Dodd-Frank rules
* Gensler wants to give market certainty, interim relief
* CFTC hopes to finalize first of the rules this summer (Adds quotes, background on rule uncertainty, byline)
NEW YORK, June 2 (Reuters) - The U.S. futures regulator aims to give an anxious marketplace some certainty over financial-reform rules that have not yet been written but are to scheduled to take effect on July 16.
Gary Gensler, chairman of the Commodity Futures Trading Commission, said on Thursday that he is aware of the concerns over the deadline and said the agency has the flexibility to address them without new legislation.
"We're looking at how to, in essence, give the market certainty ... It might be even considered some interim relief," Gensler told the National Association of Corporate Treasurers.
"We have ample latitude within the statute to address any July 16 issues as I know about them," he later told reporters.
The CFTC has said it will miss the July 16 deadline for implementing rules contained in last year's Dodd-Frank legislation, which gave it oversight of the $600 trillion global over-the-counter derivatives market.
As a result, many of those contracts may lose the legal protection afforded them by a clause in the Commodity Futures Modernization Act of 2000 that created a framework that stated they were not illegal off-exchange futures. [ID:nN19279043]
Some market participants have said they believe regulators will either set up a short-term bridging measure or simply opt not to enforce the rule -- but uncertainty remains.
On Thursday, Gensler said the CFTC is considering a cross-market solution that wouldn't require companies to apply for exemptions, adding he attended a three and a half-hour internal meeting on the issue on Wednesday.
"There are some gaps that then we're looking at (to) bring some interim certainty. And we'll be able to do that I think," he said.
The agency, in the midst of writing dozens of new rules meant to help avoid a repetition of the 2007-2009 financial crisis, is now focusing on parts of Dodd-Frank that are effective July 16 and not subject to mandatory rule writing, Gensler said.
Yet he added that the CFTC also hopes to finalize its first rules based on the bill by this summer.
Anti-manipulation and "whistle-blower" rules, those concerned with clearinghouse filings, and data-related rules such as the "large trader reporting" requirements would likely come first, he said. (Reporting by Jonathan Spicer; Editing by Tim Dobbyn and Steve Orlofsky)
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