Installation and Use of Engine Cut-Off Switches on Recreational Vehicles, 35378 [2011-15122]
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35378
Federal Register / Vol. 76, No. 117 / Friday, June 17, 2011 / Proposed Rules
Issued in Washington, DC, on June 14,
2011 by the Commission.
David A. Stawick,
Secretary of the Commission.
market efficiency, competition, and
financial integrity.
3. Price Discovery
As stated above, the temporary relief
proposed here is designed to maintain
the functioning of the markets until
such time as the comprehensive new
regulatory framework for swaps set forth
in the Dodd-Frank Act is in place. With
the clarity offered by the proposed
exemptive relief, markets would
function better as venues for price
discovery.
4. Sound Risk Management Practices
Appropriate persons covered by this
proposal would be subject to the
Commission’s full array of existing antifraud and anti-market manipulation
provisions and certain new authorities
provided under the Dodd-Frank Act.
Market participants and the public will
benefit substantially from the
continuing protection through the
prevention and deterrence of fraud and
manipulation. Markets protected from
fraud and manipulation function better
as venues for price discovery and risk
management.
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5. Other Public Interest Considerations
The proposed exemptive order is
temporary and limited. It would not
affect the applicability of any provision
of the CEA to futures contracts, options
on futures contracts, or transactions
with retail customers in foreign
currency or other commodities pursuant
to CEA section 2(c)(2). Further, it would
expire at an appropriate date, as
discussed above. The expiration
provision would permit the Commission
to ensure that the scope and extent of
exemptive relief is appropriately
tailored to the schedule of
implementation of the Dodd-Frank Act
requirements.
After considering these factors, the
Commission has determined to seek
comment on the proposed temporary
exemptive order, as discussed above.
The Commission seeks comment on all
aspects of the foregoing proposed
application of the cost-benefit
considerations set forth in CEA section
15(a). Commenters also are invited to
submit any data or other information
that they may have quantifying or
qualifying the costs and benefits of the
proposal with their comment letters.
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Appendices to Effective Date for Swap
Regulation—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, Sommers, Chilton and
O’Malia voted in the affirmative; no
Commissioner voted in the negative.
Appendix 2—Statement of Chairman
Gary Gensler
I support the proposed order regarding the
effective dates of certain Dodd-Frank Act
provisions.
The Dodd-Frank Act has a deadline of 360
days after enactment for completion of the
bulk of our rulemakings—July 16, 2011. Both
the Dodd-Frank Act and the Commodity
Exchange Act (CEA) give the CFTC the
flexibility and authority to address the issues
relating to the effective dates of Title VII. We
have coordinated closely with the SEC on
these issues.
Section 754 of the Dodd-Frank Act states
that Subtitle A of Title VII—the Subtitle that
provides for the regulation of swaps—‘‘shall
take effect on the later of 360 days after the
date of the enactment of this subtitle or, to
the extent a provision of this subtitle requires
a rulemaking, not less than 60 days after
publication of the final rule or regulation
implementing such provisions of this
subtitle.’’
Thus, those provisions that require
rulemakings will not go into effect until the
CFTC finalizes the respective rules. This is a
substantial portion of the derivatives
provisions under Dodd-Frank. Furthermore,
they will only go into effect based on the
phased implementation dates included in the
final rules. Today we are releasing a list of
the provisions of the swaps subtitle that
require rulemakings.
There are other provisions of Title VII that
do not require rulemaking and will take
effect on July 16. The proposed order that we
are considering today would provide relief
until December 31, 2011, or when the
definitional rulemakings become effective,
whichever is sooner, from certain provisions
that would otherwise apply to swaps or swap
dealers on July 16. This includes provisions
that do not directly rely on a rule to be
promulgated, but do refer to terms that must
be further defined by the CFTC and SEC,
such as ‘‘swap’’ and ‘‘swap dealer.’’
The proposed order also would provide
relief through no later than December 31,
2011, from certain CEA requirements that
may result from the repeal, effective on July
16, 2011, of some of sections 2(d), 2(e), 2(g),
2(h) and 5d.
There have been suggestions to delay
implementation of the derivatives reforms
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included in the Dodd-Frank Act. That is not
what today’s proposed order is. Instead, it
provides the time necessary for the
Commission to complete the rulemaking
process to implement the Dodd-Frank Act.
Some might ask: Why six months? Six
months will provide the Commission with
the opportunity to re-examine the status of
final rulemaking in light of the changed
regulatory landscape at the time. It would
allow us, if appropriate at the time, to tailor
relief from certain provisions of the DoddFrank Act at the end of the year.
It is important to note, however, that until
the CFTC completes its rule-writing process
and implements and enforces those new
rules, the public remains unprotected.
Appendix 3—Statement of
Commissioner Bart Chilton
I concur with the Commission’s decision
today to provide needed relief with regard to
provisions of the Wall Street Reform and
Consumer Protection Act that go into effect
on July 16, 2011. I believe, however, that the
precise nature of this relief must be
developed utilizing an iterative process with
affected parties to ensure that essential legal
certainty is provided to the markets and to
market participants. I will not support any
final rule on this issue that does not provide
clear and unequivocal guidance regarding the
legality of transactions and the required
responsibilities under the Act. In addition,
this relief must be issued promptly, in order
to ensure that there is no gap in the effective
date of the Act’s provisions and the common
understanding of the effectiveness of those
dates.
[FR Doc. 2011–15195 Filed 6–15–11; 4:15 pm]
BILLING CODE 6351–01–P
DEPARTMENT OF HOMELAND
SECURITY
Coast Guard
33 CFR Parts 175 and 183
[Docket No. USCG–2009–0206]
RIN 1825–AB34
Installation and Use of Engine Cut-Off
Switches on Recreational Vehicles
Correction
Proposed Rule document 2011–14140
was inadvertently published in the
Rules section of the issue of June 8,
2011, beginning on page 33161. It
should have appeared in the Proposed
Rules section.
[FR Doc. 2011–15122 Filed 6–16–11; 8:45 am]
BILLING CODE 1505–01–D
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]]>Agencies
[Federal Register Volume 76, Number 117 (Friday, June 17, 2011)]
[Proposed Rules]
[Page 35378]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2011-15122]
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DEPARTMENT OF HOMELAND SECURITY
Coast Guard
33 CFR Parts 175 and 183
[Docket No. USCG-2009-0206]
RIN 1825-AB34
Installation and Use of Engine Cut-Off Switches on Recreational
Vehicles
Correction
Proposed Rule document 2011-14140 was inadvertently published in
the Rules section of the issue of June 8, 2011, beginning on page
33161. It should have appeared in the Proposed Rules section.
[FR Doc. 2011-15122 Filed 6-16-11; 8:45 am]
BILLING CODE 1505-01-D
