* 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)
By Jonathan Spicer
NEW YORK, June 2 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,"
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,
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