Exemption From Derivatives Clearing Organization Registration, 49071-49072 [2019-20189]

Download as PDF Federal Register / Vol. 84, No. 181 / Wednesday, September 18, 2019 / Proposed Rules that the existing regulation allows FCS associations to purchase securities that are issued, insured, or guaranteed by the United States or its agencies, which includes securities issued by the Small Business Administration and the Government National Mortgage Association. Additionally, associations may buy securities issued by Farmer Mac pursuant to § 615.5174. Regulatory Flexibility Act Pursuant to section 605(b) of the Regulatory Flexibility Act (5 U.S.C. 601 et seq.), FCA hereby certifies that the proposed rule would not have a significant economic impact on a substantial number of small entities. Each of the banks in the System, considered together with its affiliated associations, has assets and annual income in excess of the amounts that would qualify them as small entities. Therefore, System institutions are not ‘‘small entities’’ as defined in the Regulatory Flexibility Act. List of Subjects in 12 CFR Part 615 Accounting, Agriculture, Banks, banking, Government securities, Investments, Rural areas. For the reasons stated in the preamble, part 615 of chapter VI, title 12 of the Code of Federal Regulations is proposed to be amended as follows: Authority: Secs. 1.5, 1.7, 1.10, 1.11, 1.12, 2.2, 2.3, 2.4, 2.5, 2.12, 3.1, 3.7, 3.11, 3.25, 4.3, 4.3A, 4.9, 4.14B, 4.25, 5.9, 5.17, 6.20, 6.26, 8.0, 8.3, 8.4, 8.6, 8.7, 8.8, 8.10, 8.12 of the Farm Credit Act (12 U.S.C. 2013, 2015, 2018, 2019, 2020, 2073, 2074, 2075, 2076, 2093, 2122, 2128, 2132, 2146, 2154, 2154a, 2160, 2202b, 2211, 2243, 2252, 2278b, 2278b–6, 2279aa, 2279aa–3, 2279aa–4, 2279aa–6, 2279aa–7, 2279aa–8, 2279aa–10, 2279aa–12); sec. 301(a), Pub. L. 100–233, 101 Stat. 1568, 1608; sec. 939A, Pub. L. 111–203, 124 Stat. 1326, 1887 (15 U.S.C. 78o–7 note). 2. Section 615.5140 is amended by revising paragraph (b)(2) and paragraph (b)(3) introductory text to read as follows: khammond on DSKJM1Z7X2PROD with PROPOSALS ■ Eligible investments. * * * * (b) * * * (2) Secondary market Governmentguaranteed loans. In addition to investing in the securities described in paragraph (b)(1) of this section, each Farm Credit System association may 16:29 Sep 17, 2019 Jkt 247001 BILLING CODE 6705–01–P COMMODITY FUTURES TRADING COMMISSION 17 CFR Parts 3, 39, and 140 RIN 3038–AE65 Exemption From Derivatives Clearing Organization Registration On July 23, 2019, the Commodity Futures Trading Commission (Commission) published in the Federal Register a supplemental notice of proposed rulemaking (NPRM) titled Exemption from Derivatives Clearing Organization Registration. The comment period for the supplemental NPRM closes on September 23, 2019. The Commission is extending the comment period for this supplemental NPRM by an additional 60 days. DATES: The comment period for the supplemental NPRM titled Exemption from Derivatives Clearing Organization Registration is extended through November 22, 2019. ADDRESSES: You may submit comments, identified by ‘‘Exemption from Derivatives Clearing Organization Registration’’ and RIN number 3038– AE65, by any of the following methods: • CFTC Comments Portal: https:// comments.cftc.gov. Select the ‘‘Submit Comments’’ link for this rulemaking and follow the instructions on the Public Comment Form. • Mail: Send to Christopher Kirkpatrick, Secretary of the SUMMARY: 1. The authority citation for part 615 continues to read as follows: VerDate Sep<11>2014 [FR Doc. 2019–19917 Filed 9–17–19; 8:45 am] Commodity Futures Trading Commission. ACTION: Extension of comment period. ■ * Dated: August 14, 2019. Dale Aultman, Secretary, Farm Credit Administration Board. AGENCY: PART 615—FUNDING AND FISCAL AFFAIRS, LOAN POLICIES AND OPERATIONS, AND FUNDING OPERATIONS § 615.5140 also manage risk by holding those portions of loans that: (i) Lenders, which are not Farm Credit System institutions, originate and then sell in the secondary market; and (ii) The United States Department of Agriculture fully and unconditionally guarantees or insures as to both principal and interest. (3) Risk management requirements. Each association that purchases investments pursuant to paragraphs (b)(1) and (2) of this section-must document how its investment activities contribute to managing risks as required by paragraph (b)(1) of this section. Such documentation must address and evidence that the association: * * * * * PO 00000 Frm 00003 Fmt 4702 Sfmt 4702 49071 Commission, Commodity Futures Trading Commission, Three Lafayette Centre, 1155 21st Street NW, Washington, DC 20581. • Hand Delivery/Courier: Follow the same instructions as for Mail, above. Please submit your comments using only one of these methods. To avoid possible delays with mail or in-person deliveries, submissions through the CFTC Comments Portal are encouraged. All comments must be submitted in English, or if not, accompanied by an English translation. Comments will be posted as received to https:// comments.cftc.gov. You should submit only information that you wish to make available publicly. If you wish the Commission to consider information that you believe is exempt from disclosure under the Freedom of Information Act (FOIA), a petition for confidential treatment of the exempt information may be submitted according to the procedures established in § 145.9 of the Commission’s regulations.1 The Commission reserves the right, but shall have no obligation, to review, pre-screen, filter, redact, refuse or remove any or all of your submission from https://comments.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 FOIA. FOR FURTHER INFORMATION CONTACT: Eileen A. Donovan, Deputy Director, 202–418–5096, edonovan@cftc.gov; Parisa Abadi, Associate Director, 202– 418–6620, pabadi@cftc.gov; Eileen R. Chotiner, Senior Compliance Analyst, 202–418–5467, echotiner@cftc.gov; Brian Baum, Special Counsel, 202–418– 5654, bbaum@cftc.gov; August A. Imholtz III, Special Counsel, 202–418– 5140, aimholtz@cftc.gov; Abigail S. Knauff, Special Counsel, 202–418–5123, aknauff@cftc.gov; Division of Clearing and Risk, Thomas J. Smith, Deputy Director, 202–418–5495, tsmith@ 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: On July 23, 2019, the Commission published in the Federal Register a supplemental NPRM proposing amendments to permit derivatives clearing organizations that 1 17 E:\FR\FM\18SEP1.SGM CFR 145.9. 18SEP1 49072 Federal Register / Vol. 84, No. 181 / Wednesday, September 18, 2019 / Proposed Rules are exempt from registration (exempt DCOs) to clear swaps for U.S. customers under certain circumstances.2 To facilitate these proposed amdendments, the Commission also proposed to allow persons located outside of the United States to accept funds from U.S. persons to margin swaps cleared at an exempt DCO, without registering as futures commission merchants (FCMs). In addition, the Commission proposed certain amendments to the delegation provisions in part 140 of its regulations. The comment period for the supplemental NPRM closes on September 23, 2019. As requested by commenters, the Commission is extending the comment period for this supplemental NPRM by an additional 60 days.3 This extension of the comment period will allow interested persons additional time to analyze the proposal and prepare their comments. Issued in Washington, DC, on September 13, 2019, by the Commission. Robert Sidman, Deputy Secretary of the Commission. Note: The following appendix will not appear in the Code of Federal Regulations. Appendix to Exemption From Derivatives Clearing Organization Registration—Commission Voting Summary On this matter, Chairman Tarbert and Commissioners Quintenz, Behnam, and Berkovitz voted in the affirmative. No Commissioner voted in the negative. Commissioner Stump was recused from consideration of this matter. [FR Doc. 2019–20189 Filed 9–17–19; 8:45 am] BILLING CODE 6351–01–P COMMODITY FUTURES TRADING COMMISSION 17 CFR Parts 39 and 140 RIN 3038–AE87 Registration With Alternative Compliance for Non-U.S. Derivatives Clearing Organizations Commodity Futures Trading Commission. ACTION: Extension of comment period. khammond on DSKJM1Z7X2PROD with PROPOSALS AGENCY: 2 Exemption from Derivatives Clearing Organization Registration, 84 FR 35456 (July 23, 2019). 3 See Comment Letter from the Futures Industry Association, the Securities Industry and Financial Markets Association, the Intercontinental Exchange, Inc., and the Managed Funds Association (August 30, 2019), available at https://comments.cftc.gov/ PublicComments/ViewComment.aspx?id= 62171&SearchText=. VerDate Sep<11>2014 16:29 Sep 17, 2019 Jkt 247001 On July 19, 2019, the Commodity Futures Trading Commission (Commission) published in the Federal Register a notice of proposed rulemaking (NPRM) titled Registration With Alternative Compliance for Non-U.S. Derivatives Clearing Organizations. The comment period for the NPRM closes on September 17, 2019. The Commission is extending the comment period for this NPRM by an additional 60 days. DATES: The comment period for the NPRM titled Registration With Alternative Compliance for Non-U.S. Derivatives Clearing Organizations is extended through November 18, 2019. ADDRESSES: You may submit comments, identified by ‘‘Registration With Alternative Compliance for Non-U.S. Derivatives Clearing Organizations’’ and RIN number 3038–AE87, by any of the following methods: • CFTC Comments Portal: https:// comments.cftc.gov. Select the ‘‘Submit Comments’’ link for this rulemaking and follow the instructions on the Public Comment Form. • Mail: Send to Christopher Kirkpatrick, Secretary of the Commission, Commodity Futures Trading Commission, Three Lafayette Centre, 1155 21st Street NW, Washington, DC 20581. • Hand Delivery/Courier: Follow the same instructions as for Mail, above. Please submit your comments using only one of these methods. To avoid possible delays with mail or in-person deliveries, submissions through the CFTC Comments Portal are encouraged. All comments must be submitted in English, or if not, accompanied by an English translation. Comments will be posted as received to https:// comments.cftc.gov. You should submit only information that you wish to make available publicly. If you wish the Commission to consider information that you believe is exempt from disclosure under the Freedom of Information Act (FOIA), a petition for confidential treatment of the exempt information may be submitted according to the procedures established in § 145.9 of the Commission’s regulations.1 The Commission reserves the right, but shall have no obligation, to review, pre-screen, filter, redact, refuse or remove any or all of your submission from https://comments.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 SUMMARY: 1 17 PO 00000 CFR 145.9. Frm 00004 Fmt 4702 Sfmt 4702 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 FOIA. FOR FURTHER INFORMATION CONTACT: Eileen A. Donovan, Deputy Director, 202–418–5096, edonovan@cftc.gov; Parisa Abadi, Associate Director, 202– 418–6620, pabadi@cftc.gov; Eileen R. Chotiner, Senior Compliance Analyst, 202–418–5467, echotiner@cftc.gov; Brian Baum, Special Counsel, 202–418– 5654, bbaum@cftc.gov; August A. Imholtz III, Special Counsel, 202–418– 5140, aimholtz@cftc.gov; Abigail S. Knauff, Special Counsel, 202–418–5123, aknauff@cftc.gov; Division of Clearing and Risk, Commodity Futures Trading Commission, Three Lafayette Centre, 1155 21st Street NW, Washington, DC 20581. On July 19, 2019, the Commission published in the Federal Register an NPRM proposing amendments to its regulations that would permit derivatives clearing organizations (DCOs) organized outside of the United States that do not pose substantial risk to the U.S. financial system to register with the Commission yet comply with the core principles applicable to DCOs set forth in the Commodity Exchange Act through compliance with their home country regulatory regime, subject to certain conditions and limitations.2 The Commission also proposed certain related amendments to the delegation provisions in its regulations. The comment period for the NPRM closes on September 17, 2019. As requested by commenters, the Commission is extending the comment period for this NPRM by an additional 60 days.3 This extension of the comment period will allow interested persons additional time to analyze the proposal and prepare their comments. SUPPLEMENTARY INFORMATION: Issued in Washington, DC, on September 13, 2019, by the Commission. Robert Sidman, Deputy Secretary of the Commission. Note: The following appendix will not appear in the Code of Federal Regulations. 2 Registration With Alternative Compliance for Non-U.S. Derivatives Clearing Organizations, 84 FR 34819 (July 19, 2019). 3 See Comment Letter from the Futures Industry Association, the Securities Industry and Financial Markets Association, the Intercontinental Exchange, Inc., and the Managed Funds Association (August 30, 2019), available at https://comments.cftc.gov/ PublicComments/ViewComment.aspx?id= 62171&SearchText=. E:\FR\FM\18SEP1.SGM 18SEP1

Agencies

[Federal Register Volume 84, Number 181 (Wednesday, September 18, 2019)]
[Proposed Rules]
[Pages 49071-49072]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2019-20189]


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COMMODITY FUTURES TRADING COMMISSION

17 CFR Parts 3, 39, and 140

RIN 3038-AE65


Exemption From Derivatives Clearing Organization Registration

AGENCY: Commodity Futures Trading Commission.

ACTION: Extension of comment period.

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SUMMARY: On July 23, 2019, the Commodity Futures Trading Commission 
(Commission) published in the Federal Register a supplemental notice of 
proposed rulemaking (NPRM) titled Exemption from Derivatives Clearing 
Organization Registration. The comment period for the supplemental NPRM 
closes on September 23, 2019. The Commission is extending the comment 
period for this supplemental NPRM by an additional 60 days.

DATES: The comment period for the supplemental NPRM titled Exemption 
from Derivatives Clearing Organization Registration is extended through 
November 22, 2019.

ADDRESSES: You may submit comments, identified by ``Exemption from 
Derivatives Clearing Organization Registration'' and RIN number 3038-
AE65, by any of the following methods:
     CFTC Comments Portal: https://comments.cftc.gov. Select 
the ``Submit Comments'' link for this rulemaking and follow the 
instructions on the Public Comment Form.
     Mail: Send to Christopher Kirkpatrick, Secretary of the 
Commission, Commodity Futures Trading Commission, Three Lafayette 
Centre, 1155 21st Street NW, Washington, DC 20581.
     Hand Delivery/Courier: Follow the same instructions as for 
Mail, above.
    Please submit your comments using only one of these methods. To 
avoid possible delays with mail or in-person deliveries, submissions 
through the CFTC Comments Portal are encouraged.
    All comments must be submitted in English, or if not, accompanied 
by an English translation. Comments will be posted as received to 
https://comments.cftc.gov. You should submit only information that you 
wish to make available publicly. If you wish the Commission to consider 
information that you believe is exempt from disclosure under the 
Freedom of Information Act (FOIA), a petition for confidential 
treatment of the exempt information may be submitted according to the 
procedures established in Sec.  145.9 of the Commission's 
regulations.\1\
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    \1\ 17 CFR 145.9.
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    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://comments.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 FOIA.

FOR FURTHER INFORMATION CONTACT: Eileen A. Donovan, Deputy Director, 
202-418-5096, [email protected]; Parisa Abadi, Associate Director, 202-
418-6620, [email protected]; Eileen R. Chotiner, Senior Compliance 
Analyst, 202-418-5467, [email protected]; Brian Baum, Special Counsel, 
202-418-5654, [email protected]; August A. Imholtz III, Special Counsel, 
202-418-5140, [email protected]; Abigail S. Knauff, Special Counsel, 
202-418-5123, [email protected]; Division of Clearing and Risk, Thomas 
J. Smith, Deputy Director, 202-418-5495, [email protected]; Division of 
Swap Dealer and Intermediary Oversight, Commodity Futures Trading 
Commission, Three Lafayette Centre, 1155 21st Street NW, Washington, DC 
20581.

SUPPLEMENTARY INFORMATION: On July 23, 2019, the Commission published 
in the Federal Register a supplemental NPRM proposing amendments to 
permit derivatives clearing organizations that

[[Page 49072]]

are exempt from registration (exempt DCOs) to clear swaps for U.S. 
customers under certain circumstances.\2\ To facilitate these proposed 
amdendments, the Commission also proposed to allow persons located 
outside of the United States to accept funds from U.S. persons to 
margin swaps cleared at an exempt DCO, without registering as futures 
commission merchants (FCMs). In addition, the Commission proposed 
certain amendments to the delegation provisions in part 140 of its 
regulations. The comment period for the supplemental NPRM closes on 
September 23, 2019. As requested by commenters, the Commission is 
extending the comment period for this supplemental NPRM by an 
additional 60 days.\3\ This extension of the comment period will allow 
interested persons additional time to analyze the proposal and prepare 
their comments.
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    \2\ Exemption from Derivatives Clearing Organization 
Registration, 84 FR 35456 (July 23, 2019).
    \3\ See Comment Letter from the Futures Industry Association, 
the Securities Industry and Financial Markets Association, the 
Intercontinental Exchange, Inc., and the Managed Funds Association 
(August 30, 2019), available at https://comments.cftc.gov/PublicComments/ViewComment.aspx?id=62171&SearchText=.

    Issued in Washington, DC, on September 13, 2019, by the 
Commission.
Robert Sidman,
Deputy Secretary of the Commission.

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

Appendix to Exemption From Derivatives Clearing Organization 
Registration--Commission Voting Summary

    On this matter, Chairman Tarbert and Commissioners Quintenz, 
Behnam, and Berkovitz voted in the affirmative. No Commissioner 
voted in the negative. Commissioner Stump was recused from 
consideration of this matter.

[FR Doc. 2019-20189 Filed 9-17-19; 8:45 am]
BILLING CODE 6351-01-P