On October 15, 2020, the Commodity Futures Trading Commission (the “CFTC” or “Commission”) voted 3-2 (Commissioners Behnam and Berkovitz dissenting) to adopt a final rule regarding limits on the size of positions in futures on enumerated physical commodities (the “Final Rule”). The Final Rule supersedes and replaces the CFTC’s prior Dodd-Frank position limits efforts and is the culmination of a lengthy rulemaking process, including a 2011 final rule, which was vacated by a federal court, a 2013 proposal, a 2016 supplemental proposal and re-proposal and, finally, the January 2020 proposal (the “Proposed Rule”). The Final Rule has a general compliance date of January 1, 2022, with certain exceptions. The elimination of the risk management exemption and position limits for economically equivalent swaps will become effective on January 1, 2023. Additionally, the expanded bona fide hedging definitions and the higher limit levels for the legacy agricultural futures contracts will become effective 60 days after the Final Rule is published in the Federal Register.