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Interim Final Rule (IFR)
Practical Law Glossary Item 9-529-6285 (Approx. 3 pages)
Glossary
Interim Final Rule (IFR)
In the context of federal administrative agencies like the SEC and the Commodity Futures Trading Commission (CFTC), a rule adopted and immediately effective, without the notice, comment, and minimum 30-day post-publication waiting period generally required for federal agency rulemaking. An agency may solicit comments on an interim final rule after it becomes effective, and may replace or change the interim final rule as a result of public comment.
When making rules, US federal agencies are required to adhere to procedures mandated by the Administrative Procedure Act (APA). Under Section 553 of the APA, before making a rule, a federal agency is generally required to:
- Publish notice of the proposed rulemaking in the Federal Register. This notice must state the legal authority under which the rule is being made and include the terms or a description of the proposed rule.
- Give interested parties an opportunity to comment on the proposed rulemaking.
- After considering comments, include a general statement of the basis and purpose of the rule adopted.
- Publish the final rule no less than 30 days before its effective date, except in the case of:
- a rule that grants or recognizes an exemption or relieves a restriction;
- an interpretive rule or statement of policy; or
- an agency finding of good cause, explained in the rule publication.
However, an agency is permitted to issue a rule without this notice, comment, and minimum 30-day effectiveness delay in certain circumstances, including if the agency finds good cause that the process is impracticable, unnecessary, or contrary to the public interest. The agency must include a brief statement explaining its good cause finding in the rulemaking.