Confirmation, Portfolio Reconciliation, Portfolio Compression, and Swap Trading Relationship Documentation Requirements for Swap Dealers and Major Swap Participants; Correction, 21045-21046 [2013-08197]
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Federal Register / Vol. 78, No. 68 / Tuesday, April 9, 2013 / Rules and Regulations
Authority: 49 U.S.C. 106(g); 40103, 40113,
40120; E.O. 10854, 24 FR 9565, 3 CFR, 1959–
1963 Comp., p. 389.
§ 71.1
[Amended]
2. The incorporation by reference in
14 CFR 71.1 of Federal Aviation
Administration Order 7400.9W,
Airspace Designations and Reporting
Points, dated August 8, 2012, effective
September 15, 2012, is amended as
follows:
■
Paragraph 5000
*
*
*
*
AEA PA D Reading, PA [Amended]
Reading Regional/Carl A. Spaatz Field,
Reading, PA
(Lat. 40°22′42″ N., long. 75°57′55″ W.)
That airspace extending upward from the
surface to and including 2,800 feet MSL
within a 4.8-mile radius of Reading Regional/
Carl A. Spaatz Field. This Class D airspace
area is effective during specific dates and
times established in advance by a Notice to
Airmen. The effective date and time will
thereafter be continuously published in the
Airport/Facility Directory.
*
*
*
*
*
AEA PA E2 Reading, PA [Amended]
Reading Regional/Carl A. Spaatz Field,
Reading, PA
(Lat. 40°22′42″ N., long. 75°57′55″ W.)
That airspace extending from the surface
within a 4.8-mile radius of Reading Regional/
Carl A. Spaatz Field, and within 4- miles
either side of the 172° bearing from the
airport, extending from the 4.8-mile radius,
to 10.1-miles south of the airport. This Class
E airspace area is effective during specific
dates and times established in advance by a
Notice to Airmen. The effective date and time
will thereafter be continuously published in
the Airport/Facility Directory.
Paragraph 6004 Class E airspace designated
as an extension to a class D surface area.
*
*
*
*
*
AEA PA E4 Reading, PA [Amended]
Reading Regional/Carl A. Spaatz Field,
Reading, PA
(Lat. 40°22′42″ N., long. 75°57′55″ W.)
That airspace extending from the surface
within 4 miles either side of the 172° bearing
from Reading Regional/Carl A. Spaatz Field
extending from the 4.8-mile radius to 10.1
miles south of the airport. This Class E
airspace area is effective during specific dates
and times established in advance by a Notice
to Airmen. The effective date and time will
thereafter be continuously published in the
Airport/Facility Directory.
tkelley on DSK3SPTVN1PROD with RULES
Issued in College Park, Georgia, on April 1,
2013.
Barry A. Knight,
Manager, Operations Support Group, Eastern
Service Center, Air Traffic Organization.
[FR Doc. 2013–08102 Filed 4–8–13; 8:45 am]
BILLING CODE 4910–13–P
Class D airspace.
*
That airspace extending upward from 700
feet above the surface within a 10.3-mile
radius of Reading Regional/Carl A. Spaatz
Field.
Paragraph 6005 Class E airspace areas
extending upward from 700 feet or more
above the surface of the earth.
*
*
*
*
*
AEA PA E5 Reading, PA [Amended]
Reading Regional/Carl A. Spaatz Field,
Reading, PA
(Lat. 40°22′42″ N., long. 75°57′55″ W.)
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16:04 Apr 08, 2013
Jkt 229001
COMMODITY FUTURES TRADING
COMMISSION
17 CFR Part 1
RIN 3038–AD53
Adaptation of Regulations to
Incorporate Swaps—Records of
Transactions; Correction
Commodity Futures Trading
Commission.
ACTION: Final rule; correction.
AGENCY:
SUMMARY: This document corrects a
compliance date stated in the preamble
to a notice of final rulemaking
published in the Federal Register of
December 21, 2012 (77 FR 75523),
regarding Adaptation of Regulations to
Incorporate Swaps—Records of
Transactions.
DATES: This correction to the preamble
is effective April 9, 2013.
FOR FURTHER INFORMATION CONTACT:
Katherine Driscoll, Associate Director,
Division of Swap Dealer and
Intermediary Oversight, Commodity
Futures Trading Commission, Three
Lafayette Centre, 1155 21st Street NW.,
Washington, DC 20581; 202–418–5544;
kdriscoll@cftc.gov.
SUPPLEMENTARY INFORMATION: The
Commodity Futures Trading
Commission is correcting the preamble
of final rules that appeared in the
Federal Register on December 21, 2012
(77 FR 75523). The final rulemaking
made certain conforming amendments
to recordkeeping provisions of
regulations 1.31 and 1.35(a) to integrate
them more fully with the new statutory
framework created by the Dodd-Frank
Wall Street Reform and Consumer
Protection Act. On page 75530, in the
first column, in the Supplementary
Information section of the preamble,
revise the incorrect text of ‘‘[November
28, 2013]’’ to read ‘‘December 21, 2013’’.
Issued in Washington, DC, on March 29,
2013, by the Commission.
Christopher J. Kirkpatrick,
Deputy Secretary of the Commission.
[FR Doc. 2013–07797 Filed 4–8–13; 8:45 am]
BILLING CODE 6351–01–P
PO 00000
Frm 00031
Fmt 4700
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21045
COMMODITY FUTURES TRADING
COMMISSION
17 CFR Part 23
RIN 3038–AC96
Confirmation, Portfolio Reconciliation,
Portfolio Compression, and Swap
Trading Relationship Documentation
Requirements for Swap Dealers and
Major Swap Participants; Correction
Commodity Futures Trading
Commission.
ACTION: Correcting amendments.
AGENCY:
SUMMARY: The Commodity Futures
Trading Commission (CFTC) is
correcting a final rule published in the
Federal Register of September 11, 2012
(77 FR 55904). That rule, 17 CFR 23.505,
took effect on November 13, 2012.
Subsequently, the CFTC published final
rules in the Federal Register of
December 13, 2012 (77 FR 74284), that
re-codified the Commission regulation
at 17 CFR 39.6 as a new Commission
regulation at 17 CFR 50.50. This
correction amends cross-references in
17 CFR 23.505 to conform them with the
final rules published on December 13,
2012.
DATES:
Effective on April 9, 2013.
FOR FURTHER INFORMATION CONTACT:
Frank Fisanich, Chief Counsel, 202–
418–5949, ffisanich@cftc.gov, or Jason
A. Shafer, Attorney-Advisor, 202–418–
5097, jshafer@cftc.gov, Division of Swap
Dealer and Intermediary Oversight,
Commodity Futures Trading
Commission, Three Lafayette Centre,
1155 21st Street NW., Washington, DC
20581.
SUPPLEMENTARY INFORMATION: In the
Federal Register of September 11, 2012
(77 FR 55904), the CFTC published final
rules setting forth requirements for swap
confirmation, portfolio reconciliation,
portfolio compression, and swap trading
relationship documentation for Swap
Dealers and Major Swap Participants.
Those rules, in 17 CFR part 23, include
cross-references to the Commission
regulation at 17 CFR 39.6. After the
effective date of the Part 23 rules
(November 13, 2012), the CFTC
published final rules in the Federal
Register of December 13, 2012 (77 FR
74284) that re-codified the Commission
regulation at 17 CFR 39.6 as a new
Commission regulation at 17 CFR 50.50.
Those rules took effect on February 11,
2013. Thus, the Commission is making
correcting amendments to the affected
section of 17 CFR part 23 to replace the
cross-references to 17 CFR 39.6 with
cross-references to 17 CFR 50.50.
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09APR1
21046
Federal Register / Vol. 78, No. 68 / Tuesday, April 9, 2013 / Rules and Regulations
List of Subjects in 17 CFR part 23
Antitrust, Commodity futures,
Conduct standards, Conflict of interests,
Major swap participants, Reporting and
recordkeeping, Swap dealers, Swaps.
Accordingly, 17 CFR part 23 is
corrected by making the following
correcting amendments:
SECURITIES AND EXCHANGE
COMMISSION
17 CFR Parts 240 and 249
[Release No. 34–69284; File No. S7–29–11]
RIN 3235–AL18
Amendment to Rule Filing
Requirements for Dually-Registered
Clearing Agencies
PART 23—SWAP DEALERS AND
MAJOR SWAP PARTICIPANTS
■
1. The authority citation for Part 23
continues to read as follows:
AGENCY:
Authority: 7 U.S.C. 1a, 2, 6, 6a, 6b, 6b–
1, 6c, 6p, 6r, 6s, 6t, 9, 9a, 12, 12a, 13b, 13c,
16a, 18, 19, 21.
ACTION:
Securities and Exchange
Commission.
2. In § 23.505, revise paragraphs (a)
introductory text, (a)(2), and (a)(5) to
read as follows:
■
§ 23.505 End user exception
documentation.
tkelley on DSK3SPTVN1PROD with RULES
(a) For swaps excepted from a
mandatory clearing requirement. Each
swap dealer and major swap participant
shall obtain documentation sufficient to
provide a reasonable basis on which to
believe that its counterparty meets the
statutory conditions required for an
exception from a mandatory clearing
requirement, as defined in section 2h(7)
of the Act and § 50.50 of this chapter.
Such documentation shall include:
*
*
*
*
*
(2) That the counterparty has elected
not to clear a particular swap under
section 2h(7) of the Act and § 50.50 of
this chapter;
*
*
*
*
*
(5) That the counterparty generally
meets its financial obligations
associated with non-cleared swaps.
Provided, that a swap dealer or major
swap participant need not obtain
documentation of paragraphs (a)(3), (4),
or (5) of this section if it obtains
documentation that its counterparty has
reported the information listed in
§ 50.50(b)(1)(iii) in accordance with
§ 50.50(b)(2) of this chapter.
*
*
*
*
*
Issued in Washington, DC, on April 4,
2013, by the Commission.
Christopher J. Kirkpatrick,
Deputy Secretary of the Commission.
[FR Doc. 2013–08197 Filed 4–8–13; 8:45 am]
BILLING CODE 6351–01–P
VerDate Mar<15>2010
16:04 Apr 08, 2013
Jkt 229001
Final rule.
SUMMARY: The Securities and Exchange
Commission (‘‘SEC’’ or ‘‘Commission’’)
is affirming recent amendments to Rule
19b–4 under the Securities Exchange
Act of 1934 (‘‘Exchange Act’’) in
connection with filings of proposed rule
changes by certain registered clearing
agencies and is expanding on those
amendments in response to comments
received (collectively, ‘‘Final Rule’’).
The Commission also is making
corresponding technical modifications
to the General Instructions for Form
19b–4 under the Exchange Act. The
amendments to Rule 19b–4 and the
instructions to Form 19b–4 are intended
to streamline the rule filing process in
areas involving certain activities
concerning non-security products that
may be subject to duplicative or
inconsistent regulation as a result of, in
part, certain provisions under Section
763(b) of the Dodd-Frank Wall Street
Reform and Consumer Protection Act of
2010 (‘‘Dodd-Frank Act’’).
DATES:
Effective June 10, 2013.
FOR FURTHER INFORMATION CONTACT:
Joseph P. Kamnik, Assistant Director;
Gena Lai, Senior Special Counsel; and
Neil Lombardo, Attorney, Office of
Clearance and Settlement, Division of
Trading and Markets, Securities and
Exchange Commission, 100 F Street NE.,
Washington, DC 20549–7010 at (202)
551–5710.
The
Commission is adopting a Final Rule
that affirms and expands upon recent
amendments to Rule 19b–4 under the
Exchange Act concerning categories of
proposed rule changes that qualify for
effectiveness upon filing under Section
19(b)(3)(A) of the Exchange Act. The
Commission also is making a
corresponding technical modification to
the General Instructions for Form 19b–
4 under the Exchange Act.
SUPPLEMENTARY INFORMATION:
PO 00000
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I. Introduction
A. Background on the Commission’s
Process for Proposed Rule Changes
Section 19(b)(1) of the Exchange Act 1
requires each self-regulatory
organization (‘‘SRO’’), including any
Registered Clearing Agency,2 to file with
the Commission copies of any proposed
rule or any proposed change in,
addition to, or deletion from the rules of
such SRO (collectively, ‘‘proposed rule
change’’),3 which must be submitted on
Form 19b–4 4 in accordance with the
General Instructions thereto. Once a
proposed rule change has been filed, the
Commission is required to publish it in
the Federal Register to provide an
opportunity for public comment.5 A
proposed rule change generally may not
take effect unless the Commission
approves it,6 or it otherwise becomes
effective under Section 19(b).7
Section 19(b)(2) of the Exchange Act
sets forth the standards and time
periods for Commission action either to
approve, disapprove, or institute
proceedings to determine whether the
proposed rule change should be
disapproved.8 The Commission must
approve a proposed rule change if it
1 15
U.S.C. 78s(b)(1).
Section 3(a)(26) of the Exchange Act, 15
U.S.C. 78c(a)(26) (defining the term ‘‘self-regulatory
organization’’ to mean any national securities
exchange, registered securities association,
registered clearing agency, and, for purposes of
Section 19(b) and other limited purposes, the
Municipal Securities Rulemaking Board) (emphasis
added).
3 15 U.S.C. 78s(b)(1). Section 3(a)(27) of the
Exchange Act defines ‘‘rules’’ to include ‘‘the
constitution, articles of incorporation, bylaws, and
rules, or instruments corresponding to the foregoing
* * * and such of the stated policies, practices, and
interpretations of such exchange, association, or
clearing agency as the Commission, by rule, may
determine to be necessary or appropriate in the
public interest or for the protection of investors to
be deemed to be rules of such exchange,
association, or clearing agency.’’ 15 U.S.C.
78c(a)(27). Rule 19b–4(b) under the Exchange Act
defines ‘‘stated policy, practice, or interpretation’’
to mean, in part, ‘‘[a]ny material aspect of the
operation of the facilities of the self-regulatory
organization’’ or ‘‘[a]ny statement made generally
available’’ that ‘‘establishes or changes any
standard, limit, or guideline’’ with respect to the
‘‘rights, obligations, or privileges’’ of persons or the
‘‘meaning, administration, or enforcement of an
existing rule.’’ 17 CFR 240.19b–4(b).
4 See 17 CFR 249.819.
5 See 15 U.S.C. 78s(b)(1). The SRO is required to
prepare the notice of its proposed rule change on
Exhibit 1 of Form 19b–4 that the Commission then
publishes in the Federal Register.
6 See 15 U.S.C. 78s(b)(2). However, as provided in
Section 19(b)(2)(D) of the Exchange Act, 15 U.S.C.
78s(b)(2)(D), a proposed rule change shall be
‘‘deemed to have been approved by the
Commission’’ if the Commission does not take
action on a proposal that is subject to Commission
approval within the statutory time frames specified
in Section 19(b)(2).
7 See, e.g., 15 U.S.C. 78s(b)(3)(A).
8 See 15 U.S.C. 78s(b)(2).
2 See
E:\FR\FM\09APR1.SGM
09APR1
]]>Agencies
[Federal Register Volume 78, Number 68 (Tuesday, April 9, 2013)]
[Rules and Regulations]
[Pages 21045-21046]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2013-08197]
-----------------------------------------------------------------------
COMMODITY FUTURES TRADING COMMISSION
17 CFR Part 23
RIN 3038-AC96
Confirmation, Portfolio Reconciliation, Portfolio Compression,
and Swap Trading Relationship Documentation Requirements for Swap
Dealers and Major Swap Participants; Correction
AGENCY: Commodity Futures Trading Commission.
ACTION: Correcting amendments.
-----------------------------------------------------------------------
SUMMARY: The Commodity Futures Trading Commission (CFTC) is correcting
a final rule published in the Federal Register of September 11, 2012
(77 FR 55904). That rule, 17 CFR 23.505, took effect on November 13,
2012. Subsequently, the CFTC published final rules in the Federal
Register of December 13, 2012 (77 FR 74284), that re-codified the
Commission regulation at 17 CFR 39.6 as a new Commission regulation at
17 CFR 50.50. This correction amends cross-references in 17 CFR 23.505
to conform them with the final rules published on December 13, 2012.
DATES: Effective on April 9, 2013.
FOR FURTHER INFORMATION CONTACT: Frank Fisanich, Chief Counsel, 202-
418-5949, ffisanich@cftc.gov, or Jason A. Shafer, Attorney-Advisor,
202-418-5097, jshafer@cftc.gov, Division of Swap Dealer and
Intermediary Oversight, Commodity Futures Trading Commission, Three
Lafayette Centre, 1155 21st Street NW., Washington, DC 20581.
SUPPLEMENTARY INFORMATION: In the Federal Register of September 11,
2012 (77 FR 55904), the CFTC published final rules setting forth
requirements for swap confirmation, portfolio reconciliation, portfolio
compression, and swap trading relationship documentation for Swap
Dealers and Major Swap Participants. Those rules, in 17 CFR part 23,
include cross-references to the Commission regulation at 17 CFR 39.6.
After the effective date of the Part 23 rules (November 13, 2012), the
CFTC published final rules in the Federal Register of December 13, 2012
(77 FR 74284) that re-codified the Commission regulation at 17 CFR 39.6
as a new Commission regulation at 17 CFR 50.50. Those rules took effect
on February 11, 2013. Thus, the Commission is making correcting
amendments to the affected section of 17 CFR part 23 to replace the
cross-references to 17 CFR 39.6 with cross-references to 17 CFR 50.50.
[[Page 21046]]
List of Subjects in 17 CFR part 23
Antitrust, Commodity futures, Conduct standards, Conflict of
interests, Major swap participants, Reporting and recordkeeping, Swap
dealers, Swaps.
Accordingly, 17 CFR part 23 is corrected by making the following
correcting amendments:
PART 23--SWAP DEALERS AND MAJOR SWAP PARTICIPANTS
0
1. The authority citation for Part 23 continues to read as follows:
Authority: 7 U.S.C. 1a, 2, 6, 6a, 6b, 6b-1, 6c, 6p, 6r, 6s, 6t,
9, 9a, 12, 12a, 13b, 13c, 16a, 18, 19, 21.
0
2. In Sec. 23.505, revise paragraphs (a) introductory text, (a)(2),
and (a)(5) to read as follows:
Sec. 23.505 End user exception documentation.
(a) For swaps excepted from a mandatory clearing requirement. Each
swap dealer and major swap participant shall obtain documentation
sufficient to provide a reasonable basis on which to believe that its
counterparty meets the statutory conditions required for an exception
from a mandatory clearing requirement, as defined in section 2h(7) of
the Act and Sec. 50.50 of this chapter. Such documentation shall
include:
* * * * *
(2) That the counterparty has elected not to clear a particular
swap under section 2h(7) of the Act and Sec. 50.50 of this chapter;
* * * * *
(5) That the counterparty generally meets its financial obligations
associated with non-cleared swaps. Provided, that a swap dealer or
major swap participant need not obtain documentation of paragraphs
(a)(3), (4), or (5) of this section if it obtains documentation that
its counterparty has reported the information listed in Sec.
50.50(b)(1)(iii) in accordance with Sec. 50.50(b)(2) of this chapter.
* * * * *
Issued in Washington, DC, on April 4, 2013, by the Commission.
Christopher J. Kirkpatrick,
Deputy Secretary of the Commission.
[FR Doc. 2013-08197 Filed 4-8-13; 8:45 am]
BILLING CODE 6351-01-P
