Risk Management Requirements for Derivatives Clearing Organizations, 16587-16588 [2011-6972]

Download as PDF Federal Register / Vol. 76, No. 57 / Thursday, March 24, 2011 / Proposed Rules this AD does not require incorporating Airbus A319 Corporate Jet Airworthiness Limitation Items, Document AI/SE–M2/ 95A.1038/99, Issue 02, dated March 2009, because that ALI only specifies compliance with the limitations specified in Airbus A318/A319/A320/A321 Airworthiness Limitation Items, Document AI/SE–M4/ 95A.0252/96, Issue 10, dated October 2009. COMMODITY FUTURES TRADING COMMISSION Other FAA AD Provisions AGENCY: (n) The following provisions also apply to this AD: (1) Alternative Methods of Compliance (AMOCs): The Manager, International Branch, ANM–116, Transport Airplane Directorate, FAA, has the authority to approve AMOCs for this AD, if requested using the procedures found in 14 CFR 39.19. In accordance with 14 CFR 39.19, send your request to your principal inspector or local Flight Standards District Office, as appropriate. If sending information directly to the International Branch/ACO, send it to Attn: Tim Dulin, Aerospace Engineer, International Branch, ANM–116, Transport Airplane Directorate, FAA, 1601 Lind Avenue, SW., Renton, Washington 98057– 3356; telephone (425) 227–2141; fax (425) 227–1149. Information may be e-mailed to: 9-ANM-116-AMOC-REQUESTS@faa.gov. Before using any approved AMOC, notify your appropriate principal inspector, or lacking a principal inspector, the manager of the local flight standards district office/ certificate holding district office. The AMOC approval letter must specifically reference this AD. (2) Airworthy Product: For any requirement in this AD to obtain corrective actions from a manufacturer or other source, use these actions if they are FAA-approved. Corrective actions are considered FAA-approved if they are approved by the State of Design Authority (or their delegated agent). You are required to assure the product is airworthy before it is returned to service. jdjones on DSK8KYBLC1PROD with PROPOSALS-1 Related Information (o) Refer to MCAI European Aviation Safety Agency (EASA) Airworthiness Directive 2010–0071R1, dated May 28, 2010; Airbus A318/A319/A320/A321 Airworthiness Limitation Items, Document AI/SE–M4/95A.0252/96, Issue 7, dated December 2005; Airbus A318/A319/A320/ A321 Airworthiness Limitation Items, Document AI/SE–M4/95A.0252/96, Issue 08, dated March 2006; Airbus A318/A319/A320/ A321 Airworthiness Limitation Items, Document AI/SE–M4/95A.0252/96, Issue 09, dated November 2006; and Airbus A318/ A319/A320/A321 Airworthiness Limitation Items, Document AI/SE–M4/95A.0252/96, Issue 10, dated October 2009; for related information. Issued in Renton, Washington, on March 15, 2011. Kalene C. Yanamura, Acting Manager, Transport Airplane Directorate, Aircraft Certification Service. [FR Doc. 2011–6932 Filed 3–23–11; 8:45 am] BILLING CODE 4910–13–P VerDate Mar<15>2010 14:51 Mar 23, 2011 Jkt 223001 17 CFR Part 39 RIN 3038–AC98 Risk Management Requirements for Derivatives Clearing Organizations Commodity Futures Trading Commission. ACTION: Reopening of comment period. The Commodity Futures Trading Commission (Commission) is reopening the comment period for a proposed rule that would require derivatives clearing organizations (DCOs) to report end-of-day positions for each clearing member, by customer origin and house origin, and for customer origin, separately, the gross positions of each beneficial owner. DATES: Submit comments on or before April 25, 2011. ADDRESSES: You may submit comments, identified by RIN number 3038–AC98, by any of the following methods: • Agency Web site, via its Comments Online process: https:// comments.cftc.gov. Follow the instructions for submitting comments through the Web site. • Mail: David A. Stawick, Secretary of the Commission, Commodity Futures Trading Commission, Three Lafayette Centre, 1155 21st Street, NW., Washington, DC 20581. • Hand Delivery/Courier: Same as mail above. • Federal eRulemaking Portal: https:// www.Regulations.gov. Follow the instructions for submitting comments. Please submit comments by only one method. All comments must be submitted in English, or if not, accompanied by an English translation. Comments will be posted as received to https:// www.cftc.gov. You should submit only information that you wish to make available publicly. If you wish the Commission to consider information that may be exempt from disclosure under the Freedom of Information Act (FOIA), a petition for confidential treatment of the exempt information may be submitted according to the procedures established in § 145.9 of the Commission’s regulations.1 The Commission reserves the right, but shall have no obligation, to review, prescreen, filter, redact, refuse, or remove any or all of your submission from SUMMARY: 1 Commission regulations referred to herein are found at 17 CFR Ch. 1 (2010). They are accessible on the Commission’s Web site at https:// www.cftc.gov. PO 00000 Frm 00039 Fmt 4702 Sfmt 4702 16587 https://www.cftc.gov that it may deem to be inappropriate for publication, such as obscene language. All submissions that have been redacted or removed that contain comments on the merits of the rulemaking will be retained in the public comment file and will be considered as required under the Administrative Procedure Act and other applicable laws, and may be accessible under FOIA. FOR FURTHER INFORMATION CONTACT: Phyllis P. Dietz, Associate Director, 202–418–5449, pdietz@cftc.gov, Jacob Preiserowicz, Attorney-Advisor, 202– 418–5432, jpreiserowicz@cftc.gov, Division of Clearing and Intermediary Oversight, Commodity Futures Trading Commission, Three Lafayette Centre, 1155 21st Street, NW., Washington, DC 20581; and Anne C. Polaski, Special Counsel, 312–596–0575, apolaski@cftc.gov, Division of Clearing and Intermediary Oversight, Commodity Futures Trading Commission, 525 West Monroe Street, Chicago, Illinois 60661. SUPPLEMENTARY INFORMATION: On July 21, 2010, President Obama signed the Dodd-Frank Act.2 Title VII of the DoddFrank Act 3 amended the Commodity Exchange Act (CEA) 4 to establish a comprehensive regulatory framework to reduce risk, increase transparency, and promote market integrity within the financial system. Section 725(c) of the Dodd-Frank Act amended Section 5b(c)(2) of the CEA, which sets forth core principles with which a DCO must comply to be registered and to maintain registration as a DCO.5 On December 16, 2010, the Commission approved for publication in the Federal Register proposed regulations which, among other things, would implement DCO Core Principle D (Risk Management) and would establish a related reporting requirement under Core Principle J (Reporting). More specifically, the Commission proposed § 39.13(g)(8)(i) to establish customer ‘‘gross margin’’ requirements, and proposed § 39.19(c)(1)(iv) to establish related daily reporting requirements. The proposed regulations were published for comment in the January 20, 2011 issue of the Federal Register.6 The Federal Register preamble explained that proposed § 39.13(g)(8)(i) 2 See Dodd-Frank Wall Street Reform and Consumer Protection Act, Public Law 111–203, 124 Stat. 1376 (2010). The text of the Dodd-Frank Act may be accessed at https://www.cftc.gov/ LawRegulation/OTCDERIVATIVES/index.htm. 3 Pursuant to section 701 of the Dodd-Frank Act, Title VII may be cited as the ‘‘Wall Street Transparency and Accountability Act of 2010.’’ 4 7 U.S.C. 1 et seq. 5 7 U.S.C. 5b(c)(2). 6 76 FR 3698, Jan. 20, 2011. E:\FR\FM\24MRP1.SGM 24MRP1 16588 Federal Register / Vol. 76, No. 57 / Thursday, March 24, 2011 / Proposed Rules would require a DCO to collect initial margin on a gross basis for each clearing member’s customer account equal to the sum of the initial margin amounts that would be required by the DCO for each individual customer within that account if each individual customer were a clearing member. A DCO would not be permitted to net positions of different customers against one another, but it could collect initial margin for its clearing members’ house accounts on a net basis.7 Related to this customer gross margin requirement, the preamble further explained as follows, that proposed § 39.19(c)(1)(iv) would require DCOs to report end-of-day positions for each clearing member, by customer origin and house origin, and for customer origin, separately, the gross positions of each beneficial owner: The Commission recently proposed a new § 39.19(c)(1)(iv) under which a DCO would be required, on a daily basis, to report the end-of-day positions for each clearing member, by origin. [footnote reference to 75 FR at 78195] In connection with the proposed § 39.13(g)(8)(i) requirement for DCOs to collect initial margin for customer accounts on a gross basis, the Commission is proposing to amend proposed § 39.19(c)(1)(iv) to additionally require a DCO, for the customer origin, to report the gross positions of each beneficial owner.8 jdjones on DSK8KYBLC1PROD with PROPOSALS-1 It has come to the attention of the Commission that there was an omission in the Federal Register publication of the proposed rule text setting forth the requirement for end-of-day reporting of customer positions by the gross positions of each beneficial owner. The text of proposed § 39.19(c)(1)(iv), which read ‘‘End-of-day positions for each clearing member, by customer origin and house origin’’ should have read, ‘‘End-of-day positions for each clearing member, by customer origin and house origin; and for customer origin, separately, the gross positions of each beneficial owner.’’ In order to provide an adequate opportunity for comment on this reporting requirement, the Commission has determined to extend the comment period for proposed § 39.19(c)(1)(iv), as corrected elsewhere in this issue of the Federal Register, until April 25, 2011. Issued in Washington, DC, on March 17, 2011, by the Commission. David A. Stawick, Secretary of the Commission. [FR Doc. 2011–6972 Filed 3–23–11; 8:45 am] BILLING CODE 6351–01–P 7 76 FR at 3706. 8 Id. VerDate Mar<15>2010 14:51 Mar 23, 2011 Jkt 223001 COMMODITY FUTURES TRADING COMMISSION 17 CFR Part 39 RIN 3038–AC98 Risk Management Requirements for Derivatives Clearing Organizations; Correction Commodity Futures Trading Commission. ACTION: Notice of proposed rulemaking; correction. AGENCY: This document corrects incorrect text published in the Federal Register of January 20, 2011, regarding Risk Management Requirements for Derivatives Clearing Organizations. FOR FURTHER INFORMATION CONTACT: Phyllis Dietz, 202–418–5449. SUMMARY: Correction In proposed rule document 2011–690, in the issue of Thursday, January 20, 2011, on page 3726, in the first column, the text of proposed § 39.19(c)(1)(iv), which reads ‘‘End-of-day positions for each clearing member, by customer origin and house origin’’ should read, ‘‘End-of-day positions for each clearing member, by customer origin and house origin; and for customer origin, separately, the gross positions of each beneficial owner.’’ FOR FURTHER INFORMATION CONTACT: Tanya Phillips, 202–632–2879 Correction In the proposed rule FR Doc. 2011– 3878 of February 24, 2011, page 10293, in the second column, correct lines 47 through 71 to read as follows: ‘‘Comments from the public on the information collection may be submitted until May 23, 2011. Comments should be sent by any of the following methods: • E-mail: DDTCResponseTeam@state.gov with the subject line, ‘‘Electronic Payment of Registration Fees.’’ • Mail: PM/DDTC, SA–1, H1200, Directorate of Defense Trade Controls, Office of Defense Trade Controls Compliance, ATTN: Electronic Payment of Registration Fees, Bureau of Political Military Affairs, U.S. Department of State, Washington, DC 20522–0112. • Internet: View and comment on the original notice by searching for its RIN (1400–AC74) on the U.S. Government regulations Web site at https:// www.regulations.gov.’’ Dated: March 17, 2011. Robert S. Kovac, Managing Director of Defense Trade Controls, Bureau of Political-Military Affairs, U.S. Department of State. [FR Doc. 2011–6977 Filed 3–23–11; 8:45 am] BILLING CODE 4710–25–P Dated: March 18, 2011. David A. Stawick, Secretary of the Commission. POSTAL SERVICE [FR Doc. 2011–6976 Filed 3–23–11; 8:45 am] Combined Mailings of Standard Mail and Periodicals Flats 39 CFR Parts 111 and 121 BILLING CODE P Postal ServiceTM. Proposed rule. AGENCY: DEPARTMENT OF STATE ACTION: 22 CFR Parts 120, 122, 123 and 129 The Postal Service is proposing to revise Mailing Standards of the United States Postal Service, Domestic Mail Manual (DMM®) 705.14 and 708.1.1 to provide a new option for mailers to combine Standard Mail® flats and Periodicals flats within the same bundle, when placed on pallets, and to combine bundles of Standard Mail flats and bundles of Periodicals flats on the same pallet. The Postal Service also proposes to revise section 121.2 of title 39, Code of Federal Regulations to reflect that the Standard Mail service standards apply to all Periodicals flats pieces entered in such combined mailings. DATES: We must receive your comments on or before April 25, 2011. ADDRESSES: Mail or deliver written comments to the Manager, Mailing Standards, U.S. Postal Service, 475 L’Enfant Plaza, SW., Room 4446, [Public Notice: 7386] RIN 1400–AC74 Amendment to the International Traffic in Arms Regulations: Electronic Payment of Registration Fees; 60-Day Notice of the Proposed Statement of Registration Information Collection; Correction Department of State. Proposed rule; correction. AGENCY: ACTION: The Department of State published a proposed rule in the Federal Register on February 24, 2011, concerning a proposed ‘‘DS–2032 Statement of Registration’’ Information Collection. The proposed rule contained incorrect addresses for the submission of public comments concerning the information collection. SUMMARY: PO 00000 Frm 00040 Fmt 4702 Sfmt 4702 SUMMARY: E:\FR\FM\24MRP1.SGM 24MRP1

Agencies

[Federal Register Volume 76, Number 57 (Thursday, March 24, 2011)]
[Proposed Rules]
[Pages 16587-16588]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2011-6972]


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COMMODITY FUTURES TRADING COMMISSION

17 CFR Part 39

RIN 3038-AC98


Risk Management Requirements for Derivatives Clearing 
Organizations

AGENCY: Commodity Futures Trading Commission.

ACTION: Reopening of comment period.

-----------------------------------------------------------------------

SUMMARY: The Commodity Futures Trading Commission (Commission) is 
reopening the comment period for a proposed rule that would require 
derivatives clearing organizations (DCOs) to report end-of-day 
positions for each clearing member, by customer origin and house 
origin, and for customer origin, separately, the gross positions of 
each beneficial owner.

DATES: Submit comments on or before April 25, 2011.

ADDRESSES: You may submit comments, identified by RIN number 3038-AC98, 
by any of the following methods:
     Agency Web site, via its Comments Online process: https://comments.cftc.gov. Follow the instructions for submitting comments 
through the Web site.
     Mail: David A. Stawick, Secretary of the Commission, 
Commodity Futures Trading Commission, Three Lafayette Centre, 1155 21st 
Street, NW., Washington, DC 20581.
     Hand Delivery/Courier: Same as mail above.
     Federal eRulemaking Portal: https://www.Regulations.gov. 
Follow the instructions for submitting comments.

Please submit comments by only one method.
    All comments must be submitted in English, or if not, accompanied 
by an English translation. Comments will be posted as received to 
https://www.cftc.gov. You should submit only information that you wish 
to make available publicly. If you wish the Commission to consider 
information that may be exempt from disclosure under the Freedom of 
Information Act (FOIA), a petition for confidential treatment of the 
exempt information may be submitted according to the procedures 
established in Sec.  145.9 of the Commission's regulations.\1\ The 
Commission reserves the right, but shall have no obligation, to review, 
pre-screen, filter, redact, refuse, or remove any or all of your 
submission from https://www.cftc.gov that it may deem to be 
inappropriate for publication, such as obscene language. All 
submissions that have been redacted or removed that contain comments on 
the merits of the rulemaking will be retained in the public comment 
file and will be considered as required under the Administrative 
Procedure Act and other applicable laws, and may be accessible under 
FOIA.
---------------------------------------------------------------------------

    \1\ Commission regulations referred to herein are found at 17 
CFR Ch. 1 (2010). They are accessible on the Commission's Web site 
at https://www.cftc.gov.

FOR FURTHER INFORMATION CONTACT: Phyllis P. Dietz, Associate Director, 
202-418-5449, pdietz@cftc.gov, Jacob Preiserowicz, Attorney-Advisor, 
202-418-5432, jpreiserowicz@cftc.gov, Division of Clearing and 
Intermediary Oversight, Commodity Futures Trading Commission, Three 
Lafayette Centre, 1155 21st Street, NW., Washington, DC 20581; and Anne 
C. Polaski, Special Counsel, 312-596-0575, apolaski@cftc.gov, Division 
of Clearing and Intermediary Oversight, Commodity Futures Trading 
---------------------------------------------------------------------------
Commission, 525 West Monroe Street, Chicago, Illinois 60661.

SUPPLEMENTARY INFORMATION: On July 21, 2010, President Obama signed the 
Dodd-Frank Act.\2\ Title VII of the Dodd-Frank Act \3\ amended the 
Commodity Exchange Act (CEA) \4\ to establish a comprehensive 
regulatory framework to reduce risk, increase transparency, and promote 
market integrity within the financial system. Section 725(c) of the 
Dodd-Frank Act amended Section 5b(c)(2) of the CEA, which sets forth 
core principles with which a DCO must comply to be registered and to 
maintain registration as a DCO.\5\
---------------------------------------------------------------------------

    \2\ See Dodd-Frank Wall Street Reform and Consumer Protection 
Act, Public Law 111-203, 124 Stat. 1376 (2010). The text of the 
Dodd-Frank Act may be accessed at https://www.cftc.gov/LawRegulation/OTCDERIVATIVES/index.htm.
    \3\ Pursuant to section 701 of the Dodd-Frank Act, Title VII may 
be cited as the ``Wall Street Transparency and Accountability Act of 
2010.''
    \4\ 7 U.S.C. 1 et seq.
    \5\ 7 U.S.C. 5b(c)(2).
---------------------------------------------------------------------------

    On December 16, 2010, the Commission approved for publication in 
the Federal Register proposed regulations which, among other things, 
would implement DCO Core Principle D (Risk Management) and would 
establish a related reporting requirement under Core Principle J 
(Reporting). More specifically, the Commission proposed Sec.  
39.13(g)(8)(i) to establish customer ``gross margin'' requirements, and 
proposed Sec.  39.19(c)(1)(iv) to establish related daily reporting 
requirements. The proposed regulations were published for comment in 
the January 20, 2011 issue of the Federal Register.\6\
---------------------------------------------------------------------------

    \6\ 76 FR 3698, Jan. 20, 2011.
---------------------------------------------------------------------------

    The Federal Register preamble explained that proposed Sec.  
39.13(g)(8)(i)

[[Page 16588]]

would require a DCO to collect initial margin on a gross basis for each 
clearing member's customer account equal to the sum of the initial 
margin amounts that would be required by the DCO for each individual 
customer within that account if each individual customer were a 
clearing member. A DCO would not be permitted to net positions of 
different customers against one another, but it could collect initial 
margin for its clearing members' house accounts on a net basis.\7\
---------------------------------------------------------------------------

    \7\ 76 FR at 3706.
---------------------------------------------------------------------------

    Related to this customer gross margin requirement, the preamble 
further explained as follows, that proposed Sec.  39.19(c)(1)(iv) would 
require DCOs to report end-of-day positions for each clearing member, 
by customer origin and house origin, and for customer origin, 
separately, the gross positions of each beneficial owner:

    The Commission recently proposed a new Sec.  39.19(c)(1)(iv) 
under which a DCO would be required, on a daily basis, to report the 
end-of-day positions for each clearing member, by origin. [footnote 
reference to 75 FR at 78195] In connection with the proposed Sec.  
39.13(g)(8)(i) requirement for DCOs to collect initial margin for 
customer accounts on a gross basis, the Commission is proposing to 
amend proposed Sec.  39.19(c)(1)(iv) to additionally require a DCO, 
for the customer origin, to report the gross positions of each 
beneficial owner.\8\
---------------------------------------------------------------------------

    \8\ Id.

    It has come to the attention of the Commission that there was an 
omission in the Federal Register publication of the proposed rule text 
setting forth the requirement for end-of-day reporting of customer 
positions by the gross positions of each beneficial owner. The text of 
proposed Sec.  39.19(c)(1)(iv), which read ``End-of-day positions for 
each clearing member, by customer origin and house origin'' should have 
read, ``End-of-day positions for each clearing member, by customer 
origin and house origin; and for customer origin, separately, the gross 
positions of each beneficial owner.''
    In order to provide an adequate opportunity for comment on this 
reporting requirement, the Commission has determined to extend the 
comment period for proposed Sec.  39.19(c)(1)(iv), as corrected 
elsewhere in this issue of the Federal Register, until April 25, 2011.

    Issued in Washington, DC, on March 17, 2011, by the Commission.
David A. Stawick,
Secretary of the Commission.
[FR Doc. 2011-6972 Filed 3-23-11; 8:45 am]
BILLING CODE 6351-01-P
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