Commodity Futures Trading Commission November 23, 2010 – Federal Register Recent Federal Regulation Documents
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Registration of Swap Dealers and Major Swap Participants
The Commodity Futures Trading Commission (``Commission'' or ``CFTC'') is proposing to adopt regulations that would establish the process for registering swap dealers (``SDs'') and major swap participants (``MSPs,'' and collectively with SDs, ``swaps entities''). The proposed regulations also would require swaps entities to become members of the National Futures Association (``NFA'') and to confirm that persons associated with them are not subject to a statutory disqualification under the Commodity Exchange Act (``CEA'') (``Proposal''). The Commission is making the Proposal in accordance with Section 4s of the CEA, which was recently added to the CEA by the Dodd-Frank Wall Street Reform and Consumer Protection Act (``Dodd-Frank Act'').
Regulations Establishing and Governing the Duties of Swap Dealers and Major Swap Participants
The Commodity Futures Trading Commission is proposing regulations to implement new statutory provisions enacted by Title VII of the Dodd-Frank Wall Street Reform and Consumer Protection Act. The proposed regulations set forth certain duties imposed upon swap dealers and major swap participants registered with the Commission with regard to: Risk management procedures; monitoring of trading to prevent violations of applicable position limits; diligent supervision; business continuity and disaster recovery; disclosure and the ability of regulators to obtain general information; and antitrust considerations. The proposed regulations would implement the new statutory framework of section 4s(j) of the Commodity Exchange Act, added by section 731 of the Dodd-Frank Act, excepting regulations related to conflicts of interest pursuant to section 4s(j)(5), which will be addressed in a separate rulemaking. These regulations set forth certain duties with which swap dealers and major swap participants must comply to maintain registration as a swap dealer or major swap participant.
Implementation of Conflicts of Interest Policies and Procedures by Swap Dealers and Major Swap Participants
The Commodity Futures Trading Commission (Commission or CFTC) is proposing rules to implement new statutory provisions enacted by Title VII of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act). The proposed regulations establish conflicts of interest requirements for swap dealers (SDs) and major swap participants (MSPs) for the purpose of ensuring that such persons implement adequate policies and procedures in compliance with the Commodity Exchange Act (CEA), as amended by the Dodd-Frank Act.
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