A council of U.S. financial regulators should speed up Dodd-Frank Act rules delayed by inaction at the Securities and Exchange Commission, said Bart Chilton, a Democrat on the Commodity Futures Trading Commission.

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

“We have been continually reassured we are going to consider this joint rule with the SEC 'next month',” Chilton said. “I see no promise of movement from the SEC on this. We are two years into this new law, and position limits were supposed to be implemented after six months.”