Margin Requirements for Uncleared Swaps for Swap Dealers and Major Swap Participants; Correction, 56169-56170 [2017-25627]

Download as PDF Federal Register / Vol. 82, No. 227 / Tuesday, November 28, 2017 / Rules and Regulations § 39.13 [Amended] 2. The FAA amends § 39.13 by removing Airworthiness Directive (AD) 2017–01–06, Amendment 39–18773 (82 FR 4773, January 17, 2017), and adding the following new AD: ■ 2017–24–03 Airbus: Amendment 39–19107; Docket No. FAA–2017–0690; Product Identifier 2017–NM–061–AD. (a) Effective Date This rescission is effective January 2, 2018. (b) Affected AD This action removes AD 2017–01–06, Amendment 39–18773 (82 FR 4773, January 17, 2017). (c) Applicability This action applies to Airbus Model A319– 115, A319–132, A320–214, A320–232, A321– 211, A321–213, and A321–231 airplanes, certificated in any category, as identified in Airbus Service Bulletin A320–52–1167, dated August 6, 2015. (d) Related Information (1) Refer to Mandatory Continuing Airworthiness Information (MCAI) AD 2015– 0234–CN, dated April 28, 2017, for related information. This MCAI may be found in the AD docket on the Internet at http:// www.regulations.gov by searching for and locating Docket No. FAA–2017–0690. (2) For more information about this AD, contact Sanjay Ralhan, Aerospace Engineer, International Section, Transport Standards Branch, FAA, 1601 Lind Avenue SW., Renton, WA 98057–3356; telephone 425– 227–1405; fax 425–227–1149. (e) Material Incorporated by Reference None. Issued in Renton, Washington, on November 15, 2017. Jeffrey E. Duven, Director, System Oversight Division, Aircraft Certification Service. [FR Doc. 2017–25253 Filed 11–27–17; 8:45 am] BILLING CODE 4910–13–P COMMODITY FUTURES TRADING COMMISSION 17 CFR Part 23 RIN 3038–AC97 Margin Requirements for Uncleared Swaps for Swap Dealers and Major Swap Participants; Correction Commodity Futures Trading Commission. ACTION: Correcting amendments. AGENCY: The Commodity Futures Trading Commission (CFTC or Commission) is correcting a final rule published in the Federal Register on January 6, 2016. The rule, concerning margin requirements for uncleared swaps for swap dealers and major swap participants, took effect on April 1, 2016. This correction rectifies errors in cross-references in a particular section of the final rule. DATES: Effective on November 28, 2017. FOR FURTHER INFORMATION CONTACT: Thomas Smith, Deputy Director, 202– 418–5495, tsmith@cftc.gov, or Mark Bretscher, Attorney-Advisor, 312–596– 0529, mbretscher@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 January 6, 2016 (81 FR 636), the CFTC published final rules adopting new regulations to implement a particular provision of the Commodity Exchange Act (CEA), as added by the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act).1 This provision requires the Commission to adopt initial and SUMMARY: 56169 variation margin requirements for certain swap dealers and major swap participants. In implementing the regulations, staff has discovered crossreference errors in § 23.156 of the regulations. As published, 17 CFR 23.156(a)(3) includes erroneous crossreferences to 17 CFR 23.156(a)(1)(iv). Instead, the cross-references should be to 17 CFR 23.156(a)(1)(v). Accordingly, the Commission is making a correcting amendment to 17 CFR 23.156(a)(3) that removes the erroneous cross-references to 17 CFR 23.156(a)(1)(iv) and replaces them with corrected cross-references to 17 CFR 23.156(a)(1)(v). List of Subjects in 17 CFR Part 23 Swaps, Swap dealers, Major swap participants, Capital and margin requirements. Accordingly, 17 CFR part 23 is corrected by making the following correcting amendments: PART 23—SWAP DEALERS AND MAJOR SWAP PARTICIPANTS 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. 2. In § 23.156, revise paragraph (a)(3)(i)(B) to read as follows: ■ § 23.156 Forms of margin. (a) * * * (3) * * * (i) * * * (B) The discounts set forth in the following table: jstallworth on DSKBBY8HB2PROD with RULES STANDARDIZED HAIRCUT SCHEDULE Cash in same currency as swap obligation .......................................................................................................................................................................... Eligible government and related debt (e.g., central bank, multilateral development bank, GSE securities identified in paragraph (a)(1)(v) of this section): Residual maturity less than one-year ...................................................................................................................................................................... Eligible government and related debt (e.g., central bank, multilateral development bank, GSE securities identified in paragraph (a)(1)(v) of this section): Residual maturity between one and five years ........................................................................................................................................................ Eligible government and related debt (e.g., central bank, multilateral development bank, GSE securities identified in paragraph (a)(1)(v) of this section): Residual maturity greater than five years ................................................................................................................................................................ Eligible corporate debt (including eligible GSE debt securities not identified in paragraph (a)(1)(v) of this section): Residual maturity less than oneyear .................................................................................................................................................................................................................................... Eligible corporate debt (including eligible GSE debt securities not identified in paragraph (a)(1)(v) of this section): Residual maturity between one and five years ........................................................................................................................................................................................................................... Eligible corporate debt (including eligible GSE debt securities not identified in paragraph (a)(1)(v) of this section): Residual maturity greater than five years .................................................................................................................................................................................................................................. Equities included in S&P 500 or related index ..................................................................................................................................................................... Equities included in S&P 1500 Composite or related index but not S&P 500 or related index .......................................................................................... Gold ....................................................................................................................................................................................................................................... Additional (additive) haircut on asset in which the currency of the swap obligation differs from that of the collateral asset ............................................. 1 See Dodd-Frank Wall Street Reform and Consumer Protection Act, Public Law 111–203, 124 Stat. 1376 (2010). VerDate Sep<11>2014 15:23 Nov 27, 2017 Jkt 244001 PO 00000 Frm 00019 Fmt 4700 Sfmt 4700 E:\FR\FM\28NOR1.SGM 28NOR1 0.0 0.5 2.0 4.0 1.0 4.0 8.0 15.0 25.0 15.0 8.0 56170 * Federal Register / Vol. 82, No. 227 / Tuesday, November 28, 2017 / Rules and Regulations * * * rulemaking, call or email Petty Officer Amanda Boone, Waterways Management Branch, U.S. Coast Guard Sector Delaware Bay; telephone (215) 271–4889, email Amanda.N.Boone@ uscg.mil. * Issued in Washington, DC, on November 21, 2017, by the Commission. Christopher J. Kirkpatrick, Secretary of the Commission. Note: The following appendix will not appear in the Code of Federal Regulations. SUPPLEMENTARY INFORMATION: Appendix to Margin Requirements for Uncleared Swaps for Swap Dealers and Major Swap Participants; Correction— Commission Voting Summary On this matter, Chairman Giancarlo and Commissioners Quintenz and Behnam voted in the affirmative. No Commissioner voted in the negative. BILLING CODE 6351–01–P DEPARTMENT OF HOMELAND SECURITY Coast Guard 33 CFR Part 165 [Docket Number USCG–2017–1053] RIN 1625–AA00 Safety Zone; Delaware River, Pipeline Removal, Marcus Hook, PA Coast Guard, DHS. Temporary final rule. AGENCY: The Coast Guard is establishing a temporary safety zone for navigable waters within a 250-yard radius of Commerce Construction vessels and machinery conducting diving and pipeline removal operations in the Delaware River, in the vicinity of Anchorage 7, near Marcus Hook, PA. The safety zone is needed to protect personnel, vessels, and the marine environment from potential hazards created by diving and pipeline removal operations. Entry of vessels or persons into this zone is prohibited unless specifically authorized by the Captain of the Port Delaware Bay. DATES: This rule is effective without actual notice from November 28, 2017 through December 8, 2017. For the purposes of enforcement, actual notice will be used from November 21, 2017 through November 28, 2017. ADDRESSES: To view documents mentioned in this preamble as being available in the docket, go to http:// www.regulations.gov, type USCG–2017– 1053 in the ‘‘SEARCH’’ box and click ‘‘SEARCH.’’ Click on Open Docket Folder on the line associated with this rule. FOR FURTHER INFORMATION CONTACT: If you have questions about this jstallworth on DSKBBY8HB2PROD with RULES SUMMARY: VerDate Sep<11>2014 15:23 Nov 27, 2017 Jkt 244001 CFR Code of Federal Regulations COTP Captain of the Port DHS Department of Homeland Security FR Federal Register NPRM Notice of proposed rulemaking § Section U.S.C. United States Code II. Background Information and Regulatory History [FR Doc. 2017–25627 Filed 11–27–17; 8:45 am] ACTION: I. Table of Abbreviations The Coast Guard is issuing this temporary rule without prior notice and opportunity to comment pursuant to authority under section 4(a) of the Administrative Procedure Act (APA) (5 U.S.C. 553(b)). This provision authorizes an agency to issue a rule without prior notice and opportunity to comment when the agency for good cause finds that those procedures are ‘‘impracticable, unnecessary, or contrary to the public interest.’’ Under 5 U.S.C. 553(b)(B), the Coast Guard finds that good cause exists for not publishing a notice of proposed rulemaking (NPRM) with respect to this rule because notification of this pipeline removal project was not given to the Coast Guard until November 15, 2017. It is impracticable to publish an NPRM because we must establish this safety zone by November 21, 2017. Under 5 U.S.C. 553(d)(3), the Coast Guard finds that good cause exists for making this rule effective less than 30 days after publication in the Federal Register. Delaying the effective date of this rule would be impracticable because immediate action is needed to address the potential safety hazards associated with diving and pipeline removal operations. III. Legal Authority and Need for Rule The Coast Guard is issuing this rule under authority in 33 U.S.C. 1231. The Captain of the Port Delaware Bay has determined that potential hazards associated with diving and pipe removal operations starting November 21, 2017, will be a safety concern for anyone within a 250-yard radius of diving and pipe removal vessels and machinery. This rule is needed to protect personnel, vessels, and the marine environment in the navigable waters within the safety zone while the operations are being conducted. PO 00000 Frm 00020 Fmt 4700 Sfmt 4700 IV. Discussion of the Rule This rule establishes a safety zone from 5:00 a.m. to 7:00 p.m., Monday through Sunday, from November 21, 2017 through December 8, 2017. The safety zone will cover all navigable waters within 250 yards of vessels and machinery being used by personnel to conduct diving and pipe removal operations. There are three sections of pipeline that will be removed. The first two sections of pipeline to be removed are in Anchorage No. 7, Marcus Hook Anchorage, in the Delaware River. During removal of these sections of pipeline, the safety zone will restrict vessels from anchoring in the lower portion of Anchorage No. 7. During removal of the third section of pipeline, operations will be conducted within the main navigational channel and vessels will be required to transit through the lower portion of Anchorage No. 7. No vessel or person will be permitted to enter the safety zone without obtaining permission from the COTP or a designated representative. Vessels wishing to transit the safety zone in the main navigational channel may do so if they can make satisfactory passing arrangements with the towing vessel JOKER in accordance with the Navigational Rules in 33 CFR subchapter E via VHF–FM channel 13 or 80 at least 1 hour, as well as 30 minutes, prior to arrival to arrange safe passage. If vessels are unable to make satisfactory passing arrangements with the towing vessel JOKER, they may request permission from the COTP, or his designated representative, on VHF–FM channel 16. All vessels must operate at the minimum safe speed necessary to maintain steerage and reduce wake. The Coast Guard will issue a Broadcast Notice to Mariners via VHF–FM marine channel 16, Local Notice to Mariners, and Marine Safety Information Bulletin further defining specific work locations and traffic patterns. V. Regulatory Analyses We developed this rule after considering numerous statutes and Executive orders related to rulemaking. Below we summarize our analyses based on a number of these statutes and Executive orders, and we discuss First Amendment rights of protestors. A. Regulatory Planning and Review Executive Orders 12866 and 13563 direct agencies to assess the costs and benefits of available regulatory alternatives and, if regulation is necessary, to select regulatory approaches that maximize net benefits. Executive Order 13771 directs agencies E:\FR\FM\28NOR1.SGM 28NOR1

Agencies

[Federal Register Volume 82, Number 227 (Tuesday, November 28, 2017)]
[Rules and Regulations]
[Pages 56169-56170]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2017-25627]


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COMMODITY FUTURES TRADING COMMISSION

17 CFR Part 23

RIN 3038-AC97


Margin Requirements for Uncleared Swaps for Swap Dealers and 
Major Swap Participants; Correction

AGENCY: Commodity Futures Trading Commission.

ACTION: Correcting amendments.

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

SUMMARY: The Commodity Futures Trading Commission (CFTC or Commission) 
is correcting a final rule published in the Federal Register on January 
6, 2016. The rule, concerning margin requirements for uncleared swaps 
for swap dealers and major swap participants, took effect on April 1, 
2016. This correction rectifies errors in cross-references in a 
particular section of the final rule.

DATES: Effective on November 28, 2017.

FOR FURTHER INFORMATION CONTACT: Thomas Smith, Deputy Director, 202-
418-5495, tsmith@cftc.gov, or Mark Bretscher, Attorney-Advisor, 312-
596-0529, mbretscher@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 January 6, 2016 
(81 FR 636), the CFTC published final rules adopting new regulations to 
implement a particular provision of the Commodity Exchange Act (CEA), 
as added by the Dodd-Frank Wall Street Reform and Consumer Protection 
Act (Dodd-Frank Act).\1\ This provision requires the Commission to 
adopt initial and variation margin requirements for certain swap 
dealers and major swap participants. In implementing the regulations, 
staff has discovered cross-reference errors in Sec.  23.156 of the 
regulations. As published, 17 CFR 23.156(a)(3) includes erroneous 
cross-references to 17 CFR 23.156(a)(1)(iv). Instead, the cross-
references should be to 17 CFR 23.156(a)(1)(v). Accordingly, the 
Commission is making a correcting amendment to 17 CFR 23.156(a)(3) that 
removes the erroneous cross-references to 17 CFR 23.156(a)(1)(iv) and 
replaces them with corrected cross-references to 17 CFR 
23.156(a)(1)(v).
---------------------------------------------------------------------------

    \1\ See Dodd-Frank Wall Street Reform and Consumer Protection 
Act, Public Law 111-203, 124 Stat. 1376 (2010).
---------------------------------------------------------------------------

List of Subjects in 17 CFR Part 23

    Swaps, Swap dealers, Major swap participants, Capital and margin 
requirements.

    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.  23.156, revise paragraph (a)(3)(i)(B) to read as follows:


Sec.  23.156  Forms of margin.

    (a) * * *
    (3) * * *
    (i) * * *
    (B) The discounts set forth in the following table:

                      Standardized Haircut Schedule
------------------------------------------------------------------------
 
------------------------------------------------------------------------
Cash in same currency as swap obligation................             0.0
Eligible government and related debt (e.g., central                  0.5
 bank, multilateral development bank, GSE securities
 identified in paragraph (a)(1)(v) of this section):
 Residual maturity less than one-year...................
Eligible government and related debt (e.g., central                  2.0
 bank, multilateral development bank, GSE securities
 identified in paragraph (a)(1)(v) of this section):
 Residual maturity between one and five years...........
Eligible government and related debt (e.g., central                  4.0
 bank, multilateral development bank, GSE securities
 identified in paragraph (a)(1)(v) of this section):
 Residual maturity greater than five years..............
Eligible corporate debt (including eligible GSE debt                 1.0
 securities not identified in paragraph (a)(1)(v) of
 this section): Residual maturity less than one-year....
Eligible corporate debt (including eligible GSE debt                 4.0
 securities not identified in paragraph (a)(1)(v) of
 this section): Residual maturity between one and five
 years..................................................
Eligible corporate debt (including eligible GSE debt                 8.0
 securities not identified in paragraph (a)(1)(v) of
 this section): Residual maturity greater than five
 years..................................................
Equities included in S&P 500 or related index...........            15.0
Equities included in S&P 1500 Composite or related index            25.0
 but not S&P 500 or related index.......................
Gold....................................................            15.0
Additional (additive) haircut on asset in which the                  8.0
 currency of the swap obligation differs from that of
 the collateral asset...................................
------------------------------------------------------------------------


[[Page 56170]]

* * * * *

    Issued in Washington, DC, on November 21, 2017, by the 
Commission.
Christopher J. Kirkpatrick,
Secretary of the Commission.

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

Appendix to Margin Requirements for Uncleared Swaps for Swap Dealers 
and Major Swap Participants; Correction--Commission Voting Summary

    On this matter, Chairman Giancarlo and Commissioners Quintenz 
and Behnam voted in the affirmative. No Commissioner voted in the 
negative.

[FR Doc. 2017-25627 Filed 11-27-17; 8:45 am]
 BILLING CODE 6351-01-P