Is it an event contract?

Assess whether the agreements, contracts, transactions, or swaps qualify as event contracts (based upon an occurrence, extent of an occurrence, or contingency).

Does it involve an enumerated activity?

Determine whether the event contracts involve an activity enumerated in the Special Rule (gaming, terrorism, assassination, war, or unlawful activity) or similar activity.

Is it affirmatively against the public interest?

If they involve such activity, undertake a public interest analysis and determine whether the event contract is affirmatively against the public interest.

Comment Period Closes — 2026-07-27

The public comment period closed July 27, 2026. CFTC staff begin reviewing submissions; the Commission may request additional comment, hold meetings, or revise the proposal before any final rule.

CFTC Staff Review

CFTC staff and commissioners review all submitted comments. The agency may hold public meetings, request additional comment, or issue a revised proposed rule before finalizing. The volume of comments — the ANPRM received 3,500+ — typically extends review timelines.

Final Rule (If Adopted)

If adopted, a final rule typically takes months to more than a year after the comment period closes, then takes effect on a date set in the Federal Register publication. Until a final rule is published in the Federal Register and takes effect, the current CEA §5c(c)(5)(C) framework applies.

Current Status

As of July 27, 2026 the NPRM comment deadline has passed. No final Rule 40.11 amendments have been adopted; existing CEA §5c(c)(5)(C) and staff advisories continue to apply.