Commodity Futures Trading Commission March 2011 – Federal Register Recent Federal Regulation Documents
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Risk Management Requirements for Derivatives Clearing Organizations; Correction
This document corrects incorrect text published in the Federal Register of January 20, 2011, regarding Risk Management Requirements for Derivatives Clearing Organizations.
Risk Management Requirements for Derivatives Clearing Organizations
The Commodity Futures Trading Commission (Commission) is reopening the comment period for a proposed rule that would require derivatives clearing organizations (DCOs) to report end-of-day positions for each clearing member, by customer origin and house origin, and for customer origin, separately, the gross positions of each beneficial owner.
Fees for Reviews of the Rule Enforcement Programs of Contract Markets and Registered Futures Associations
The Commission charges fees to designated contract markets and registered futures associations to recover the costs incurred by the Commission in the operation of its program of oversight of self- regulatory organization (SRO) rule enforcement programs (National Futures Association (NFA), a registered futures association, and the contract markets are referred to as SROs). The calculation of the fee amounts to be charged for FY 2010 is based upon an average of actual program costs incurred during FY 2007, 2008, and 2009, as explained below. The FY 2010 fee includes adjustments to program costs incurred in FY 2008 and 2009, which are being revised as a result of an internal review of program costs. The FY 2010 fee schedule and the revision of FY 2008 and 2009 fees are set forth in the SUPPLEMENTARY INFORMATION section. Electronic payment of fees is required.
Antidisruptive Practices Authority
On November 2, 2010, the Commodity Futures Trading Commission (``Commission'') issued in the Federal Register an advance notice of proposed rulemaking (``ANPR''). In this ANPR, the Commission requested public comment to assist it with promulgating rules and regulations to implement the disruptive practices set forth in section 4c(a) of the Commodity Exchange Act (``CEA''), as amended by section 747 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (``Dodd-Frank Act''). After considering the comments that were submitted in response to the ANPR, the Commission decided not to issue any regulations at this time relating to new section 4c(a). Instead, the Commission is publishing today elsewhere in the Federal Register a proposed order interpreting new section 4c(a)(5). The Commission is also terminating the ANPR issued on November 2, 2010.
Antidisruptive Practices Authority
The Commodity Futures Trading Commission (``Commission'' or ``CFTC'') is proposing this interpretive order to provide interpretive guidance regarding the three statutory disruptive practices set forth in new section 4c(a)(5) of the Commodity Exchange Act (``CEA'') pursuant to section 747 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (``Dodd-Frank Act''). The Commission requests comment on all aspects of the proposed interpretive order.
Core Principles and Other Requirements for Designated Contact Markets
The Commodity Futures Trading Commission (``Commission'') is extending the comment period for proposed regulation 38.502(a) (``Minimum Centralized Market Trading Percentage Requirement''), in light of the recent public release of the off-market volume data referenced by the Commission in the Federal Register release for the notice of proposed rulemaking for ``Core Principles and Other Requirements for Designated Contract Markets'', 75 FR 80572 (Dec. 22, 2010). The comment period is being extended for this regulation to permit interested persons to submit comments on off-market volume data that has recently been made available to the public and to which the Commission referred in its notice of proposed rulemaking.
Requirements for Processing, Clearing, and Transfer of Customer Positions
The Commodity Futures Trading Commission (Commission) is proposing regulations to implement Title VII of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act). Proposed regulations would establish the time frame for a swap dealer (SD), major swap participant (MSP), futures commission merchant (FCM), swap execution facility (SEF), and designated contract market (DCM) to submit contracts, agreements, or transactions to a derivatives clearing organization (DCO) for clearing. Proposed regulations also would facilitate compliance with DCO Core Principle C (Participant and Product Eligibility) in connection with standards for cleared products and the prompt and efficient processing of all contracts, agreements, and transactions submitted for clearing. The Commission is further proposing related regulations implementing SEF Core Principle 7 (Financial Integrity of Transactions) and DCM Core Principle 11 (Financial Integrity of Transactions), requiring coordination with DCOs in the development of rules and procedures to facilitate clearing. Additionally, the Commission is proposing a regulation to implement DCO Core Principle F (Treatment of Funds), requiring a DCO, upon customer request, to promptly transfer customer positions and related funds from one clearing member to another, without requiring the close-out and re- booking of the positions.
Registration of Intermediaries
The Commodity Futures Trading Commission (Commission) hereby proposes regulations to further implement new statutory provisions enacted by Title VII of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act) regarding registration of intermediaries. Specifically, the Commission proposes certain conforming amendments to the Commission's regulations regarding the registration of intermediaries, consistent with other Commission rulemakings issued pursuant to the Dodd-Frank Act; and other modernizing and technical amendments to the regulations.
Public Availability of Commodity Futures Trading Commission FY 2010 Service Contract Inventory
In accordance with Section 743 of Division C of the Consolidated Appropriations Act of 2010 (Pub. L. 111-117), Commodity Futures Trading Commission is publishing this notice to advise the public of the availability of the FY 2010 Service Contract inventory. This inventory provides information on service contract actions over $25,000 that were made in FY 2010. The information is organized by function to show how contracted resources are distributed throughout the agency. The inventory has been developed in accordance with guidance issued on November 5, 2010 by the Office of Management and Budget's Office of Federal Procurement Policy (OFPP). OFPP's guidance is available at: https://www.whitehouse.gov/sites/default/files/omb/ procurement/memo/service-contract-inventories-guidance-110520 10.pdf. Commodity Futures Trading Commission has posted its inventory and a summary of the inventory on the CFTC homepage at the following link: https://www.cftc.gov/ucm/groups/public/@aboutcftc/documents/fi le/ cftcserviceinventory_2010.pdf.
Amendments to Commodity Pool Operator and Commodity Trading Advisor Regulations Resulting From the Dodd-Frank Act
The Commodity Futures Trading Commission (Commission or CFTC) is proposing to amend its regulations affecting the operations and activities of commodity pool operators (CPOs) and commodity trading advisors (CTAs) (Proposal) in order to have those regulations reflect changes made to the Commodity Exchange Act (CEA) by the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act).
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