A council of U.S. financial regulators should speed upDodd-Frank Act rules delayed by inaction at the Securities andExchange Commission, said Bart Chilton, a Democrat on the CommodityFutures Trading Commission.

The commissions are required by Dodd-Frank to jointly definewhich derivatives contracts are swaps and will fall under clearing,trading and reporting requirements. The definition is needed beforelimits on speculation in oil, natural gas, wheat and othercommodities can take effect, Chilton said in a speech prepared fora conference of the Mutual Fund Directors Forum in Washington.

“We have been continually reassured we are going to considerthis joint rule with the SEC 'next month',” Chilton said. “I see nopromise of movement from the SEC on this. We are two years intothis new law, and position limits were supposed to be implementedafter six months.”