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Code of Federal Regulations (Last Updated: July 5, 2024) |
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Title 17 - Commodity and Securities Exchanges |
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Chapter I - Commodity Futures Trading Commission |
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Part 151 - Position Limits for Futures and Swaps |
§ 151.9 - Pre-existing positions.
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§ 151.9 Pre-existing positions.
(a) Non-spot-month position limits. The position limits set forth in § 151.4(b) of this chapter may be exceeded to the extent that positions in Referenced Contracts remain open and were entered into in good faith prior to the effective date of any rule, regulation, or order that specifies a position limit under this part.
(b) Spot-month position limits. Notwithstanding the pre-existing exemption in non-spot months, a person must comply with spot month limits.
(c) Pre-Dodd-Frank and transition period swaps. The initial position limits established under § 151.4 shall not apply to any swap positions entered into in good faith prior to the effective date of such initial limits. Swap positions in Referenced Contracts entered into in good faith prior to the effective date of such initial limits may be netted with post-effective date swap and swaptions for the purpose of applying any position limit.