Reopening and Extension of Comment Periods for Rulemakings Implementing the Dodd-Frank Wall Street Reform and Consumer Protection Act, 25274-25277 [2011-10884]

Download as PDF srobinson on DSKHWCL6B1PROD with PROPOSALS 25274 Federal Register / Vol. 76, No. 86 / Wednesday, May 4, 2011 / Proposed Rules 10 a.m. and 3 p.m. All comments received will be posted without change; we do not edit personal identifying information from submissions. You should submit only information that you wish to make available publicly. FOR FURTHER INFORMATION CONTACT: N. Sean Harrison, Special Counsel, at (202) 551–3430, in the Office of Rulemaking, Division of Corporation Finance, U.S. Securities and Exchange Commission, 100 F Street, NE., Washington, DC 20549–3628. SUPPLEMENTARY INFORMATION: The Commission has requested comment on a release proposing a new rule and rule amendments to implement the provisions of Section 952 of the DoddFrank Wall Street Reform and Consumer Protection Act of 2010, which added Section 10C to the Exchange Act. Section 10C requires the Commission to adopt rules directing the national securities exchanges (the ‘‘exchanges’’) and national securities associations to prohibit the listing of any equity security of an issuer that is not in compliance with Section 10C’s compensation committee and compensation adviser requirements. In accordance with the statute, the proposed rule would direct the exchanges to establish listing standards that, among other things, require each member of a listed issuer’s compensation committee to be a member of the board of directors and to be ‘‘independent,’’ as defined in the listing standards of the exchanges adopted in accordance with the proposed rule. In addition, Section 10C(c)(2) of the Exchange Act requires the Commission to adopt new disclosure rules concerning the use of compensation consultants and conflicts of interest. The Commission approved the proposal at an open meeting on March 30, 2011, and the release was posted on the Commission’s Web site on that date. The release was published in the Federal Register on April 6, 2011. The Commission originally requested that comments on the release be received by April 29, 2011. A commentator has asked that the Commission extend the period of time for public comment on the proposing release.1 After considering the request and the issues presented by the release, the Commission believes that providing the public additional time to consider the matters addressed by the release and to submit responses to the release would 1 See letter from Center for Capital Markets Competitiveness of the U.S. Chamber of Commerce (Apr. 15, 2011). Comments are available on the Commission’s Internet Web site at https:// www.sec.gov/comments/s7-13-11/s71311.shtml. VerDate Mar<15>2010 18:50 May 03, 2011 Jkt 223001 benefit the Commission in its consideration of final rules. Therefore, the Commission is extending the comment period for Release No. 33–9199, ‘‘Listing Standards for Compensation Committees,’’ to May 19, 2011. Dated: April 29, 2011. By the Commission. Cathy H. Ahn, Deputy Secretary. [FR Doc. 2011–10868 Filed 5–3–11; 8:45 am] BILLING CODE 8011–01–P COMMODITY FUTURES TRADING COMMISSION 17 CFR Chapter I Reopening and Extension of Comment Periods for Rulemakings Implementing the Dodd-Frank Wall Street Reform and Consumer Protection Act Commodity Futures Trading Commission. ACTION: Reopening and extension of comment periods. AGENCY: Since the enactment of the Wall Street Reform and Consumer Protection Act (the ‘‘Dodd-Frank Act’’) on July 21, 2010, the Commodity Futures Trading Commission (‘‘Commission’’) has published in the Federal Register a significant number of notices of proposed rulemaking to implement the provisions of the DoddFrank Act that establish a comprehensive new framework for the regulation of swaps. In order to provide interested parties with an additional opportunity to participate in these Dodd-Frank Act rulemakings and comment on the proposed new regulatory framework, the Commission is reopening or extending the comment period for many of its proposed rulemakings. The Commission is also requesting comment on the order in which it should consider final rulemakings made under the DoddFrank Act. DATES: For those rulemakings listed herein for which the comment period has closed at the time of publication of this notice, the comment period is reopened until June 3, 2011. For those rulemakings listed herein for which the comment period closes during the extension’s comment period, the comment period is extended until June 3, 2011. The comment period of any rulemaking subject of this extension that closes after the extension’s comment period shall remain open until the originally published closing date. All SUMMARY: PO 00000 Frm 00016 Fmt 4702 Sfmt 4702 comments that were received after the close of the originally established comment period of each of the reopened rulemakings will be treated as if they were received during the reopened comment periods and need not be resubmitted. The comment period regarding the order in which the Commission should consider final rules will be open until June 3, 2011. ADDRESSES: Comments may be submitted by any of the following methods: • Agency Web site, via its Comments Online process at https:// comments.cftc.gov. Follow the instructions for submitting comments through the Web site, and submit all comments through the ‘‘submit comment’’ link associated with this extension. • Mail: Send to David A. Stawick, Secretary, Commodity Futures Trading Commission, Three Lafayette Centre, 1155 21st Street, NW., Washington, DC 20581. • Hand Delivery/Courier: Same as mail above. Please submit your comments using only one method. You may submit comments on individual rulemakings subject of this extension, on the intersection of more than one rulemaking, or on the proposed rulemakings from a global perspective. Comments may be submitted on any individual rulemaking, on any combination of rulemakings, or on the order and timing of the Commission’s final rulemakings, including the effective and compliance dates that may be appropriate for the various rulemakings. To ensure that your comments are considered to the fullest extent possible by the Commission, you should identify each of the proposed rulemakings to which your comment applies by providing the name and RIN number associated with each rulemaking. Rulemaking RIN numbers may be found on the Commission’s Web site at https://comments.cftc.gov/ PublicComments/ ReleasesWithComments.aspx. Comments that address the rulemakings from a global perspective should be identified with the phrase ‘‘global comment’’ in the subject line. Additionally, as provided above, all comments submitted through the Commission’s Comments Online process should be transmitted via the ‘‘submit comment’’ link associated with this rulemaking. You need not, and to ensure that all comments addressing more than one rulemaking are E:\FR\FM\04MYP1.SGM 04MYP1 Federal Register / Vol. 76, No. 86 / Wednesday, May 4, 2011 / Proposed Rules considered fully by the Commission you should not, submit comments addressing more than one rulemaking to any of the individual rulemakings listed on the Commission’s ‘‘public comments’’ or ‘‘open comment periods’’ Web pages. 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, 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, 17 CFR 145.9. 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 the Freedom of Information Act. FOR FURTHER INFORMATION CONTACT: On this release, Beverly E. Loew, Assistant General Counsel, Office of the General Counsel, Commodity Futures Trading Commission, 1155 21st Street, NW., Washington, DC 20581; 202–418–5648; or bloew@cftc.gov. On any particular rulemaking, the Commission staff members listed in the associated notice of proposed rulemaking. SUPPLEMENTARY INFORMATION: I. Background President Obama signed the DoddFrank Act on July 21, 2010.1 Title VII of the Dodd-Frank Act 2 amended the Commodity Exchange Act (‘‘CEA’’) 3 to establish a comprehensive new regulatory framework for swaps and security-based swaps. The legislation was enacted to reduce risk, increase transparency, and promote market integrity within the financial system by, among other things: (1) Providing for the registration and comprehensive regulation of swap dealers and major swap participants; (2) imposing clearing and trade execution requirements on standardized derivative products; (3) creating robust recordkeeping and realtime reporting regimes; and (4) enhancing the Commission’s rulemaking and enforcement authorities with respect to, among others, all registered entities and intermediaries subject to the Commission’s oversight. Over the past several months the Commission has proposed a number of rulemakings to implement the DoddFrank Act. With respect to these rulemakings, the Commission has consulted and coordinated with the Securities and Exchange Commission and other Federal regulators, held hundreds of meetings with market participants and other members of the public interested in the proposed rulemakings, and received thousands of comments on these proposed rulemakings. At this point, the regulatory requirements that have been proposed by the Commission present a substantially complete mosaic of the Commission’s proposed regulatory framework for swaps under the DoddFrank Act. II. Reopening and Extension of Comment Periods and Request for Comment In light of this substantially complete mosaic, the Commission is reopening or extending the comment period of many of its proposed rulemakings in order to provide the public with an additional opportunity to comment on the proposed new regulatory framework for swaps, either in part or as a whole. The Commission also specifically seeks comments on the costs and benefits of the proposed rulemakings, individually, in combination, or globally. In particular, the Commission reiterates its request for additional quantitative or qualitative information relating to the costs and benefits of the proposed rules. The comment periods for the following rulemakings are being extended: Proposed Title of rulemaking 10/14/2010 ........ 10/18/2010 ........ Financial Resources Requirements for Derivatives Clearing Organizations ....................................................... Requirements for Derivatives Clearing Organizations, Designated Contract Markets, and Swap Execution Facilities Regarding the Mitigation of Conflicts of Interest. Agricultural Commodity Definition ........................................................................................................................ Process for Review of Swaps for Mandatory Clearing ........................................................................................ Investment of Customer Funds and Funds Held in an Account for Foreign Futures and Foreign Options Transactions. Implementation of Conflicts of Interest Policies and Procedures by Futures Commission Merchants and Introducing Brokers. Registration of Foreign Boards of Trade .............................................................................................................. Designation of a Chief Compliance Officer; Required Compliance Policies; and Annual Report of a Futures Commission Merchant, Swap Dealer, or Major Swap Participant. Regulations Establishing and Governing the Duties of Swap Dealers and Major Swap Participants ................ Implementation of Conflicts of Interest Policies and Procedures by Swap Dealers and Major Swap Participants. Registration of Swap Dealers and Major Swap Participants ............................................................................... Protection of Collateral of Counterparties to Uncleared Swaps; Treatment of Securities in a Portfolio Margining Account in a Commodity Broker Bankruptcy. Real-Time Public Reporting of Swap Transaction Data ...................................................................................... Swap Data Recordkeeping and Reporting Requirements ................................................................................... Reporting, Recordkeeping, and Daily Trading Records Requirements for Swap Dealers and Major Swap Participants. General Regulations and Derivatives Clearing Organizations ............................................................................. Information Management Requirements for Derivatives Clearing Organizations ................................................ 10/26/2010 ........ 11/2/2010 .......... 11/3/2010 .......... 11/17/2010 ........ 11/19/2010 ........ 11/19/2010 ........ 11/23/2010 ........ 11/23/2010 ........ srobinson on DSKHWCL6B1PROD with PROPOSALS 11/23/2010 ........ 12/3/2010 .......... 12/7/2010 .......... 12/8/2010 .......... 12/9/2010 .......... 12/13/2010 ........ 12/15/2010 ........ 1 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 VerDate Mar<15>2010 17:53 May 03, 2011 Jkt 223001 Closed may be accessed at https://www.cftc.gov./ LawRegulation/OTCDERIVATIVES/index.htm. PO 00000 Frm 00017 Fmt 4702 Sfmt 4702 25275 12/13/2010 11/17/2010 11/26/2010 1/3/2011 12/3/2010 1/18/2011 1/18/2011 1/18/2011 1/24/2011 1/24/2011 1/24/2011 2/1/2011 2/7/2011 2/7/2011 2/7/2011 2/11/2011 2/14/2011 2 Pursuant to section 701 of the Dodd-Frank Act, title VII may be cited as the ‘‘Wall Street Transparency and Accountability Act of 2010.’’ 3 7 U.S.C. 1 et seq. E:\FR\FM\04MYP1.SGM 04MYP1 25276 Federal Register / Vol. 76, No. 86 / Wednesday, May 4, 2011 / Proposed Rules Proposed Title of rulemaking 12/21/2010 ........ 17 CFR Part 1 Securities and Exchange Commission 17 CFR Part 240 Further Definition of ‘‘Swap Dealer,’’ ‘‘Security-Based Swap Dealer,’’ ‘‘Major Swap Participant,’’ ‘‘Major Security-Based Swap Participant’’ and ‘‘Eligible Contract Participant’’. Business Conduct Standards for Swap Dealers and Major Swap Participants With Counterparties ................. Core Principles and Other Requirements for Designated Contract Markets ....................................................... Swap Data Repositories ....................................................................................................................................... End-User Exception to Mandatory Clearing of Swaps ......................................................................................... Confirmation, Portfolio Reconciliation, and Portfolio Compression Requirements for Swap Dealers and Major Swap Participants. Governance Requirements for Derivatives Clearing Organizations, Designated Contract Markets, and Swap Execution Facilities; Additional Requirements Regarding the Mitigation of Conflicts of Interest. Core Principles and Other Requirements for Swap Execution Facilities ............................................................. Risk Management Requirements for Derivatives Clearing Organizations ........................................................... Commodity Options and Agricultural Swaps ........................................................................................................ Swap Trading Relationship Documentation Requirements for Swap Dealers and Major Swap Participants ..... Orderly Liquidation Termination Provision in Swap Trading Relationship Documentation for Swap Dealers and Major Swap Participants. Amendments to Commodity Pool Operator and Commodity Trading Advisor Regulations Resulting From the Dodd-Frank Act. Registration of Intermediaries .............................................................................................................................. Requirements for Processing, Clearing, and Transfer of Customer Positions .................................................... 12/22/2010 12/22/2010 12/23/2010 12/23/2010 12/28/2010 ........ ........ ........ ........ ........ 1/6/2011 ............ 1/7/2011 ............ 1/20/2011 .......... 2/3/2011 ............ 2/8/2011 ............ 2/8/2011 ............ 3/3/2011 ............ 3/9/2011 ............ 3/10/2011 .......... Notwithstanding the foregoing, commenters may submit, and the Commission will consider, comments on any aspects of the rulemakings, including comments on individual rulemakings subject of this extension, on the intersection of any combination of these rulemakings, or on the proposed rulemakings from a global perspective. All comments that were received after the close of the originally established comment period of each of the reopened rulemakings will be treated as if they were received during the reopened comment periods and need not be resubmitted. Finally, the Commission is requesting comment on the order in which it should consider the Dodd-Frank final rulemakings. Issued in Washington, DC, this 27th day of April 2010, by the Commission. David A. Stawick, Secretary of the Commission. srobinson on DSKHWCL6B1PROD with PROPOSALS Appendices to Reopening and Extension of Comment Periods for Rulemakings Implementing the DoddFrank Wall Street Reform and Consumer Protection Act—Commission Voting Summary and Statements of Commissioners Note: The following appendices will not appear in the Code of Federal Regulations. Appendix 1—Commission Voting Summary 18:50 May 03, 2011 Jkt 223001 Appendix 2—Statement of Commissioner Scott D. O’Malia I concur with the Commission’s proposal to re-open the comment period for certain proposed rulemakings made under the DoddFrank Act and to request comment on the sequencing of the Commission’s consideration of final rules. Following careful consideration of comments regarding the sequencing, the Commission should publish in the Federal Register the order in which it intends to take up consideration of the Dodd-Frank final rules. Doing so will help ensure that our processes are fully transparent and well informed. Similarly, I strongly urge the Commission to propose a full implementation schedule, request comment and publish an adopted schedule in the Federal Register so that the market and public will have the certainty they need to make budgeting, investment and hiring decisions. Commenters should urge the Commission to publish a full implementation schedule by submitting comments to this rulemaking. In order to facilitate debate, I have proposed the following sequencing of the Commission’s consideration of final rules. I strongly recommend that the public comment on this proposal or recommend an alternative. Phase I • Federal Energy Regulatory Commission (FERC) Memorandums of Understanding • Whistleblower • Fair Credit Reporting Act (FCRA) Rules • Reliance on Credit Ratings Swap Data Repository On this matter, Chairman Gensler and Commissioners Dunn, Chilton and O’Malia voted in the affirmative; Commissioner Sommers voted in the negative. VerDate Mar<15>2010 Closed • • • • • • Data Recordkeeping Large Trader reporting Investment advisor reporting Pre-enactment & Transition swaps Governance of SDRs Process to define a clearable swap PO 00000 Frm 00018 Fmt 4702 Sfmt 4702 2/22/2011 2/22/2011 4/18/2011 2/22/2011 2/22/2011 2/28/2011 3/7/2011 3/8/2011 4/25/2011 4/4/2011 4/11/2011 4/11/2011 5/2/2011 5/9/2011 4/11/2011 Phase II Swap Dealer (SD)/Major Swap Participant (MSP) • • • • End-User Exemption SD/MSP Registration Small Bank Exemption Rule Business Conduct Standards for SD/MSP Internal business conduct Documentation Conflicts of Interest Capital and Margin External Business conduct • Inter-Affiliate Transactions Products Rules • Agricultural Swaps • Swaps • Agricultural commodity definition Phase III • Position Limits • Clearing Designated Clearing Organization (DCO) Core Principles Systemically Important Designated Clearing Organizations (SIDCOs) Governance of DCO • Execution Real-time Reporting Swaps Execution Facility (SEF) & Block Trade Rule Designated Contract Market (DCM) Foreign Board of Trade (FBOT) Part 40 Rule Certification Governance of SEFs & DCMs Phase IV • Clearing Rule 1.25 Segregation and Bankruptcy Portfolio Margining • Anti-Manipulation • Disruptive Trading • Volker Rule 619 • Commodity Pool Operator (CPO)/ Commodity Trading Adviser (CTA) Registration & conduct rules E:\FR\FM\04MYP1.SGM 04MYP1 Federal Register / Vol. 76, No. 86 / Wednesday, May 4, 2011 / Proposed Rules • All Conforming Rules [FR Doc. 2011–10884 Filed 5–3–11; 8:45 am] BILLING CODE 6351–01–P DEPARTMENT OF LABOR Mine Safety and Health Administration 30 CFR Parts 70, 71, 72, 75, and 90 RIN 1219–AB64 Lowering Miners’ Exposure to Respirable Coal Mine Dust, Including Continuous Personal Dust Monitors Mine Safety and Health Administration, Labor. ACTION: Proposed rule; extension of comment period. AGENCY: In response to requests from interested parties, the Mine Safety and Health Administration (MSHA) is extending the comment period on the proposed rule addressing Lowering Miners’ Exposure to Respirable Coal Mine Dust, Including Continuous Personal Dust Monitors. This extension gives commenters additional time to review and comment on the proposed rule. The proposal was published on October 19, 2010 (75 FR 64412). DATES: All comments must be received or postmarked by midnight Eastern Daylight Saving Time on May 31, 2011. ADDRESSES: Comments must be identified with ‘‘RIN 1219–AB64’’ and may be sent by any of the following methods: (1) Federal e-Rulemaking Portal: https://www.regulations.gov. Follow the instructions for submitting comments. (2) Facsimile: 202–693–9441. Include ‘‘RIN 1219–AB64’’ in the subject line of the message. (3) Regular Mail: MSHA, Office of Standards, Regulations, and Variances, 1100 Wilson Boulevard, Room 2350, Arlington, Virginia 22209–3939. (4) Hand Delivery or Courier: MSHA, Office of Standards, Regulations, and Variances, 1100 Wilson Boulevard, Room 2350, Arlington, Virginia. Sign in at the receptionist’s desk on the 21st floor. MSHA will post all comments without change, including any personal information provided. Access comments electronically on https:// www.regulations.gov and on MSHA’s Web site at https://www.msha.gov/ currentcomments.asp. Review comments in person at the Office of Standards, Regulations, and Variances, 1100 Wilson Boulevard, Room 2350, Arlington, Virginia. Sign in at the receptionist’s desk on the 21st floor. srobinson on DSKHWCL6B1PROD with PROPOSALS SUMMARY: VerDate Mar<15>2010 17:53 May 03, 2011 Jkt 223001 MSHA maintains a list that enables subscribers to receive e-mail notification when the Agency publishes rulemaking documents in the Federal Register. To subscribe, go to https://www.msha.gov/ subscriptions/subscribe.aspx. FOR FURTHER INFORMATION CONTACT: Roslyn B. Fontaine, Acting Director, Office of Standards, Regulations and Variances, MSHA, at Fontaine.Roslyn@dol.gov (E-mail), (202) 693–9440 (Voice), or (202) 693–9441 (Fax). SUPPLEMENTARY INFORMATION: Extension of Comment Period On October 19, 2010 (75 FR 64412), MSHA published a proposed rule, Lowering Miners’ Exposure to Respirable Coal Mine Dust, Including Continuous Personal Dust Monitors. In response to requests from interested parties, MSHA is extending the comment period from May 2, 2011 to May 31, 2011. All comments and supporting documentation must be received or postmarked by May 31, 2011. Dated: April 28, 2011. Joseph A. Main, Assistant Secretary of Labor for Mine Safety and Health. [FR Doc. 2011–10780 Filed 4–29–11; 4:15 pm] DEPARTMENT OF LABOR Mine Safety and Health Administration 30 CFR Parts 75 and 104 RIN 1219–AB75, 1219–AB73 Examinations of Work Areas in Underground Coal Mines and Pattern of Violations Mine Safety and Health Administration, Labor. ACTION: Proposed rule; notice of public hearings; notice of re-opening and close of comment period. AGENCY: The Mine Safety and Health Administration (MSHA) will hold four public hearings on the Agency’s proposed rules for Examinations of Work Areas in Underground Coal Mines (Examinations of Work Areas) and for Pattern of Violations. Each hearing will cover the major issues raised by commenters in response to the respective proposed rules. DATES: Hearings will be held on June 2, 7, 9, and 15, 2011, at the locations listed in the SUPPLEMENTARY INFORMATION section of this document. SUMMARY: Frm 00019 Fmt 4702 Post-hearing comments must be received or postmarked by midnight Eastern Daylight Saving Time on June 30, 2011. ADDRESSES: Comments, requests to speak, and informational materials for the rulemaking record may be sent to MSHA by any of the following methods. Clearly identify all submissions with ‘‘RIN 1219–AB75’’ for Examinations of Work Areas in Underground Coal Mines’ submissions, and with ‘‘RIN 1219–AB73’’ for Pattern of Violations’ submissions. • Federal E-Rulemaking Portal: https://www.regulations.gov. Follow the on-line instructions for submitting comments. • Facsimile: 202–693–9441. • Mail or Hand Delivery: MSHA, Office of Standards, Regulations, and Variances, 1100 Wilson Blvd., Room 2350, Arlington, VA 22209–3939. For hand delivery, sign in at the receptionist’s desk on the 21st floor. FOR FURTHER INFORMATION CONTACT: Roslyn B. Fontaine, Acting Director, Office of Standards, Regulations, and Variances, MSHA, at fontaine.roslyn@dol.gov (e-mail); 202– 693–9440 (voice); or 202–693–9441 (facsimile). SUPPLEMENTARY INFORMATION: I. Availability of Information BILLING CODE 4510–43–P PO 00000 25277 Sfmt 4702 Federal Register Publications: The proposed rule for Examinations of Work Areas in Underground Coal Mines, published on December 27, 2010 (75 FR 81165), and the proposed rule for Pattern of Violations, published on February 2, 2011 (76 FR 5719), are available on https://www.regulations.gov and on MSHA’s Web site at https:// www.msha.gov/REGSPROP.HTM. Public Comments: MSHA posts all comments without change, including any personal information provided. Access comments electronically on https://www.regulations.gov and on MSHA’s Web site at https:// www.msha.gov/currentcomments.asp. Review comments in person at the Office of Standards, Regulations, and Variances, 1100 Wilson Blvd., Room 2350, Arlington, VA. Sign in at the receptionist’s desk on the 21st floor. E-mail Notification: To subscribe to receive e-mail notification when MSHA publishes rulemaking documents in the Federal Register, go to https:// www.msha.gov/subscriptions/ subscribe.aspx. II. Public Hearings MSHA will hold four public hearings on its proposed rules for Examinations of Work Areas in Underground Coal E:\FR\FM\04MYP1.SGM 04MYP1

Agencies

[Federal Register Volume 76, Number 86 (Wednesday, May 4, 2011)]
[Proposed Rules]
[Pages 25274-25277]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2011-10884]


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COMMODITY FUTURES TRADING COMMISSION

17 CFR Chapter I


Reopening and Extension of Comment Periods for Rulemakings 
Implementing the Dodd-Frank Wall Street Reform and Consumer Protection 
Act

AGENCY: Commodity Futures Trading Commission.

ACTION: Reopening and extension of comment periods.

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

SUMMARY: Since the enactment of the Wall Street Reform and Consumer 
Protection Act (the ``Dodd-Frank Act'') on July 21, 2010, the Commodity 
Futures Trading Commission (``Commission'') has published in the 
Federal Register a significant number of notices of proposed rulemaking 
to implement the provisions of the Dodd-Frank Act that establish a 
comprehensive new framework for the regulation of swaps. In order to 
provide interested parties with an additional opportunity to 
participate in these Dodd-Frank Act rulemakings and comment on the 
proposed new regulatory framework, the Commission is reopening or 
extending the comment period for many of its proposed rulemakings. The 
Commission is also requesting comment on the order in which it should 
consider final rulemakings made under the Dodd-Frank Act.

DATES: For those rulemakings listed herein for which the comment period 
has closed at the time of publication of this notice, the comment 
period is re-opened until June 3, 2011. For those rulemakings listed 
herein for which the comment period closes during the extension's 
comment period, the comment period is extended until June 3, 2011. The 
comment period of any rulemaking subject of this extension that closes 
after the extension's comment period shall remain open until the 
originally published closing date. All comments that were received 
after the close of the originally established comment period of each of 
the reopened rulemakings will be treated as if they were received 
during the reopened comment periods and need not be resubmitted.
    The comment period regarding the order in which the Commission 
should consider final rules will be open until June 3, 2011.

ADDRESSES: Comments may be submitted by any of the following methods:
     Agency Web site, via its Comments Online process at https://comments.cftc.gov. Follow the instructions for submitting comments 
through the Web site, and submit all comments through the ``submit 
comment'' link associated with this extension.
     Mail: Send to David A. Stawick, Secretary, Commodity 
Futures Trading Commission, Three Lafayette Centre, 1155 21st Street, 
NW., Washington, DC 20581.
     Hand Delivery/Courier: Same as mail above.
    Please submit your comments using only one method. You may submit 
comments on individual rulemakings subject of this extension, on the 
intersection of more than one rulemaking, or on the proposed 
rulemakings from a global perspective. Comments may be submitted on any 
individual rulemaking, on any combination of rulemakings, or on the 
order and timing of the Commission's final rulemakings, including the 
effective and compliance dates that may be appropriate for the various 
rulemakings.
    To ensure that your comments are considered to the fullest extent 
possible by the Commission, you should identify each of the proposed 
rulemakings to which your comment applies by providing the name and RIN 
number associated with each rulemaking. Rulemaking RIN numbers may be 
found on the Commission's Web site at https://comments.cftc.gov/PublicComments/ReleasesWithComments.aspx. Comments that address the 
rulemakings from a global perspective should be identified with the 
phrase ``global comment'' in the subject line. Additionally, as 
provided above, all comments submitted through the Commission's 
Comments Online process should be transmitted via the ``submit 
comment'' link associated with this rulemaking. You need not, and to 
ensure that all comments addressing more than one rulemaking are

[[Page 25275]]

considered fully by the Commission you should not, submit comments 
addressing more than one rulemaking to any of the individual 
rulemakings listed on the Commission's ``public comments'' or ``open 
comment periods'' Web pages.
    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, 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, 17 CFR 145.9.
    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 
the Freedom of Information Act.

FOR FURTHER INFORMATION CONTACT: On this release, Beverly E. Loew, 
Assistant General Counsel, Office of the General Counsel, Commodity 
Futures Trading Commission, 1155 21st Street, NW., Washington, DC 
20581; 202-418-5648; or bloew@cftc.gov. On any particular rulemaking, 
the Commission staff members listed in the associated notice of 
proposed rulemaking.

SUPPLEMENTARY INFORMATION: 

I. Background

    President Obama signed the Dodd-Frank Act on July 21, 2010.\1\ 
Title VII of the Dodd-Frank Act \2\ amended the Commodity Exchange Act 
(``CEA'') \3\ to establish a comprehensive new regulatory framework for 
swaps and security-based swaps. The legislation was enacted to reduce 
risk, increase transparency, and promote market integrity within the 
financial system by, among other things: (1) Providing for the 
registration and comprehensive regulation of swap dealers and major 
swap participants; (2) imposing clearing and trade execution 
requirements on standardized derivative products; (3) creating robust 
recordkeeping and real-time reporting regimes; and (4) enhancing the 
Commission's rulemaking and enforcement authorities with respect to, 
among others, all registered entities and intermediaries subject to the 
Commission's oversight.
---------------------------------------------------------------------------

    \1\ 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.
    \2\ Pursuant to section 701 of the Dodd-Frank Act, title VII may 
be cited as the ``Wall Street Transparency and Accountability Act of 
2010.''
    \3\ 7 U.S.C. 1 et seq.
---------------------------------------------------------------------------

    Over the past several months the Commission has proposed a number 
of rulemakings to implement the Dodd-Frank Act. With respect to these 
rulemakings, the Commission has consulted and coordinated with the 
Securities and Exchange Commission and other Federal regulators, held 
hundreds of meetings with market participants and other members of the 
public interested in the proposed rulemakings, and received thousands 
of comments on these proposed rulemakings. At this point, the 
regulatory requirements that have been proposed by the Commission 
present a substantially complete mosaic of the Commission's proposed 
regulatory framework for swaps under the Dodd-Frank Act.

II. Reopening and Extension of Comment Periods and Request for Comment

    In light of this substantially complete mosaic, the Commission is 
reopening or extending the comment period of many of its proposed 
rulemakings in order to provide the public with an additional 
opportunity to comment on the proposed new regulatory framework for 
swaps, either in part or as a whole.
    The Commission also specifically seeks comments on the costs and 
benefits of the proposed rulemakings, individually, in combination, or 
globally. In particular, the Commission reiterates its request for 
additional quantitative or qualitative information relating to the 
costs and benefits of the proposed rules.
    The comment periods for the following rulemakings are being 
extended:

------------------------------------------------------------------------
          Proposed               Title of rulemaking          Closed
------------------------------------------------------------------------
10/14/2010.................  Financial Resources              12/13/2010
                              Requirements for
                              Derivatives Clearing
                              Organizations.
10/18/2010.................  Requirements for                 11/17/2010
                              Derivatives Clearing
                              Organizations, Designated
                              Contract Markets, and Swap
                              Execution Facilities
                              Regarding the Mitigation
                              of Conflicts of Interest.
10/26/2010.................  Agricultural Commodity           11/26/2010
                              Definition.
11/2/2010..................  Process for Review of Swaps        1/3/2011
                              for Mandatory Clearing.
11/3/2010..................  Investment of Customer            12/3/2010
                              Funds and Funds Held in an
                              Account for Foreign
                              Futures and Foreign
                              Options Transactions.
11/17/2010.................  Implementation of Conflicts       1/18/2011
                              of Interest Policies and
                              Procedures by Futures
                              Commission Merchants and
                              Introducing Brokers.
11/19/2010.................  Registration of Foreign           1/18/2011
                              Boards of Trade.
11/19/2010.................  Designation of a Chief            1/18/2011
                              Compliance Officer;
                              Required Compliance
                              Policies; and Annual
                              Report of a Futures
                              Commission Merchant, Swap
                              Dealer, or Major Swap
                              Participant.
11/23/2010.................  Regulations Establishing          1/24/2011
                              and Governing the Duties
                              of Swap Dealers and Major
                              Swap Participants.
11/23/2010.................  Implementation of Conflicts       1/24/2011
                              of Interest Policies and
                              Procedures by Swap Dealers
                              and Major Swap
                              Participants.
11/23/2010.................  Registration of Swap              1/24/2011
                              Dealers and Major Swap
                              Participants.
12/3/2010..................  Protection of Collateral of        2/1/2011
                              Counterparties to
                              Uncleared Swaps; Treatment
                              of Securities in a
                              Portfolio Margining
                              Account in a Commodity
                              Broker Bankruptcy.
12/7/2010..................  Real-Time Public Reporting         2/7/2011
                              of Swap Transaction Data.
12/8/2010..................  Swap Data Recordkeeping and        2/7/2011
                              Reporting Requirements.
12/9/2010..................  Reporting, Recordkeeping,          2/7/2011
                              and Daily Trading Records
                              Requirements for Swap
                              Dealers and Major Swap
                              Participants.
12/13/2010.................  General Regulations and           2/11/2011
                              Derivatives Clearing
                              Organizations.
12/15/2010.................  Information Management            2/14/2011
                              Requirements for
                              Derivatives Clearing
                              Organizations.

[[Page 25276]]

 
12/21/2010.................  17 CFR Part 1 Securities          2/22/2011
                              and Exchange Commission 17
                              CFR Part 240 Further
                              Definition of ``Swap
                              Dealer,'' ``Security-Based
                              Swap Dealer,'' ``Major
                              Swap Participant,''
                              ``Major Security-Based
                              Swap Participant'' and
                              ``Eligible Contract
                              Participant''.
12/22/2010.................  Business Conduct Standards        2/22/2011
                              for Swap Dealers and Major
                              Swap Participants With
                              Counterparties.
12/22/2010.................  Core Principles and Other         4/18/2011
                              Requirements for
                              Designated Contract
                              Markets.
12/23/2010.................  Swap Data Repositories.....       2/22/2011
12/23/2010.................  End-User Exception to             2/22/2011
                              Mandatory Clearing of
                              Swaps.
12/28/2010.................  Confirmation, Portfolio           2/28/2011
                              Reconciliation, and
                              Portfolio Compression
                              Requirements for Swap
                              Dealers and Major Swap
                              Participants.
1/6/2011...................  Governance Requirements for        3/7/2011
                              Derivatives Clearing
                              Organizations, Designated
                              Contract Markets, and Swap
                              Execution Facilities;
                              Additional Requirements
                              Regarding the Mitigation
                              of Conflicts of Interest.
1/7/2011...................  Core Principles and Other          3/8/2011
                              Requirements for Swap
                              Execution Facilities.
1/20/2011..................  Risk Management                   4/25/2011
                              Requirements for
                              Derivatives Clearing
                              Organizations.
2/3/2011...................  Commodity Options and              4/4/2011
                              Agricultural Swaps.
2/8/2011...................  Swap Trading Relationship         4/11/2011
                              Documentation Requirements
                              for Swap Dealers and Major
                              Swap Participants.
2/8/2011...................  Orderly Liquidation               4/11/2011
                              Termination Provision in
                              Swap Trading Relationship
                              Documentation for Swap
                              Dealers and Major Swap
                              Participants.
3/3/2011...................  Amendments to Commodity            5/2/2011
                              Pool Operator and
                              Commodity Trading Advisor
                              Regulations Resulting From
                              the Dodd-Frank Act.
3/9/2011...................  Registration of                    5/9/2011
                              Intermediaries.
3/10/2011..................  Requirements for                  4/11/2011
                              Processing, Clearing, and
                              Transfer of Customer
                              Positions.
------------------------------------------------------------------------

    Notwithstanding the foregoing, commenters may submit, and the 
Commission will consider, comments on any aspects of the rulemakings, 
including comments on individual rulemakings subject of this extension, 
on the intersection of any combination of these rulemakings, or on the 
proposed rulemakings from a global perspective. All comments that were 
received after the close of the originally established comment period 
of each of the reopened rulemakings will be treated as if they were 
received during the reopened comment periods and need not be 
resubmitted.
    Finally, the Commission is requesting comment on the order in which 
it should consider the Dodd-Frank final rulemakings.

    Issued in Washington, DC, this 27th day of April 2010, by the 
Commission.
David A. Stawick,
Secretary of the Commission.

Appendices to Reopening and Extension of Comment Periods for 
Rulemakings Implementing the Dodd-Frank Wall Street Reform and Consumer 
Protection Act--Commission Voting Summary and Statements of 
Commissioners

    Note:  The following appendices will not appear in the Code of 
Federal Regulations.

Appendix 1--Commission Voting Summary

    On this matter, Chairman Gensler and Commissioners Dunn, Chilton 
and O'Malia voted in the affirmative; Commissioner Sommers voted in 
the negative.

Appendix 2--Statement of Commissioner Scott D. O'Malia

    I concur with the Commission's proposal to re-open the comment 
period for certain proposed rulemakings made under the Dodd-Frank 
Act and to request comment on the sequencing of the Commission's 
consideration of final rules. Following careful consideration of 
comments regarding the sequencing, the Commission should publish in 
the Federal Register the order in which it intends to take up 
consideration of the Dodd-Frank final rules. Doing so will help 
ensure that our processes are fully transparent and well informed.
    Similarly, I strongly urge the Commission to propose a full 
implementation schedule, request comment and publish an adopted 
schedule in the Federal Register so that the market and public will 
have the certainty they need to make budgeting, investment and 
hiring decisions. Commenters should urge the Commission to publish a 
full implementation schedule by submitting comments to this 
rulemaking.
    In order to facilitate debate, I have proposed the following 
sequencing of the Commission's consideration of final rules. I 
strongly recommend that the public comment on this proposal or 
recommend an alternative.

Phase I

 Federal Energy Regulatory Commission (FERC) Memorandums of 
Understanding
 Whistleblower
 Fair Credit Reporting Act (FCRA) Rules
 Reliance on Credit Ratings

Swap Data Repository

 Data Recordkeeping
 Large Trader reporting
 Investment advisor reporting
 Pre-enactment & Transition swaps
 Governance of SDRs
 Process to define a clearable swap

Phase II

Swap Dealer (SD)/Major Swap Participant (MSP)

 End-User Exemption
 SD/MSP Registration
 Small Bank Exemption Rule
 Business Conduct Standards for SD/MSP
    Internal business conduct
     Documentation
     Conflicts of Interest
     Capital and Margin
    External Business conduct
 Inter-Affiliate Transactions

Products Rules

 Agricultural Swaps
 Swaps
 Agricultural commodity definition

Phase III

 Position Limits
 Clearing
    Designated Clearing Organization (DCO) Core Principles
    Systemically Important Designated Clearing Organizations 
(SIDCOs)
    Governance of DCO
 Execution
    Real-time Reporting
    Swaps Execution Facility (SEF) & Block Trade Rule
    Designated Contract Market (DCM)
    Foreign Board of Trade (FBOT)
    Part 40 Rule Certification
    Governance of SEFs & DCMs

Phase IV

 Clearing
    Rule 1.25
    Segregation and Bankruptcy
    Portfolio Margining
 Anti-Manipulation
 Disruptive Trading
 Volker Rule 619
 Commodity Pool Operator (CPO)/
Commodity Trading Adviser (CTA) Registration & conduct rules

[[Page 25277]]

 All Conforming Rules

[FR Doc. 2011-10884 Filed 5-3-11; 8:45 am]
BILLING CODE 6351-01-P
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