Commodity Futures Trading Commission May 2011 – Federal Register Recent Federal Regulation Documents
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Further Definition of “Swap,” “Security-Based Swap,” and “Security-Based Swap Agreement”; Mixed Swaps; Security-Based Swap Agreement Recordkeeping
In accordance with section 712(a)(8), section 712(d)(1), sections 712(d)(2)(B) and (C), sections 721(b) and (c), and section 761(b) of the Dodd-Frank Wall Street Reform and Consumer Protection Act (``Dodd-Frank Act''), the Commodity Futures Trading Commission (``CFTC'') and the Securities and Exchange Commission (``SEC'') (collectively, ``Commissions''), in consultation with the Board of Governors of the Federal Reserve System (``Board''), are jointly issuing proposed rules and proposed interpretive guidance under the Commodity Exchange Act (``CEA'') and the Securities Exchange Act of 1934 (``Exchange Act'') to further define the terms ``swap,'' ``security-based swap,'' and ``security-based swap agreement'' (collectively, ``Product Definitions''), regarding ``mixed swaps,'' and governing books and records with respect to ``security-based swap agreements.''
Agency Information Collection Activities: Notice of Intent To Renew Collection 3038-0026, Gross Collection of Exchange-Set Margins for Omnibus Accounts
The Commodity Futures Trading Commission (CFTC) is announcing an opportunity for public comment on the proposed collection of certain information by the agency. Under the Paperwork Reduction Act of 1995 (PRA), 44 U.S.C. 3501 et seq., Federal agencies are required to publish notice in the Federal Register concerning each proposed collection of information, including each proposed extension of an existing collection of information, and to allow 60 days for public comment in response to the notice. This notice solicits comments on requirements relating to gross collection of Exchange-Set margins for Omnibus Accounts.
Performance of Certain Functions by National Futures Association With Respect to Commodity Pool Operators
The Commodity Futures Trading Commission (Commission) is authorizing the National Futures Association (NFA) to process: (1) Claims of exemption from certain Part 4 requirements for commodity pool operators (CPOs) with respect to pools whose units are listed and traded on a national securities exchange (Commodity ETFs); and (2) notices of exemption from registration as a CPO filed by independent directors or trustees of Commodity ETFs. Further, the Commission is authorizing NFA to maintain and serve as the official custodian of certain Commission records.
Commodity Pool Operators: Relief From Compliance With Certain Disclosure, Reporting and Recordkeeping Requirements for Registered CPOs of Commodity Pools Listed for Trading on a National Securities Exchange; CPO Registration Exemption for Certain Independent Directors or Trustees of These Commodity Pools
The Commodity Futures Trading Commission (Commission or CFTC) is adopting amendments to its regulations as they affect certain commodity pool operators (CPOs) of commodity pools whose units of participation are listed and traded on a national securities exchange (Amendments). Specifically, this action codifies the relief from certain disclosure, reporting, and recordkeeping requirements that Commission staff previously had issued to these CPOs on a case-by-case basis. It also codifies relief from the CPO registration requirement for certain independent directors or trustees of actively-managed commodity pools that Commission staff similarly has issued.
Capital Requirements of Swap Dealers and Major Swap Participants
The Commodity Futures Trading Commission (Commission or CFTC) is proposing regulations that would implement the new statutory framework in the Commodity Exchange Act (CEA), added by the Wall Street Reform and Consumer Protection Act (Dodd-Frank Act). These new provisions of the CEA require, among other things, the Commission to adopt capital requirements for certain swap dealers (SDs) and major swap participants (MSPs). The proposed rules also provide for related financial condition reporting and recordkeeping by SDs and MSPs. The Commission further proposes to amend existing capital and financial reporting regulations for futures commission merchants (FCMs) that also register as SDs or MSPs. The proposed regulations also include requirements for supplemental FCM financial reporting to reflect section 724 of the Dodd-Frank Act. In order to align the comment periods for this proposed rule and the Commission's earlier proposed rulemaking on margin requirements for uncleared swaps,\1\ the comment period for the proposed margin rulemaking is being extended elsewhere in the Federal Register today, so that commenters will have the opportunity to review the proposed capital and margin rules together before the expiration of the comment periods for either proposed rule.
Margin Requirements for Uncleared Swaps for Swap Dealers and Major Swap Participants
On April 28, 2011, the Commodity Futures Trading Commission (``Commission'' or ``CFTC'') published in the Federal Register a notice of proposed rulemaking that would establish initial and variation margin requirements for swap dealers (SDs) and major swap participants (MSPs). Elsewhere today in the Federal Register, the Commission is proposing to adopt capital, financial reporting, and recordkeeping requirements for these same entities, as well as proposing to amend certain capital requirements for futures commission merchants (FCMs) that also register as SDs or MSPs and supplemental capital requirements, and supplemental financial reporting requirements for these FCMs. The Commission now is extending the comment period for the proposed margin regulations so that the comment period will run concurrently with the comment period for the proposed rulemaking on capital requirements being published today.
Agricultural Advisory Committee; Meeting
The CFTC's Agricultural Advisory Committee will hold a public meeting on May 19, 2011, from 9 a.m. to 1 p.m., at the Commission's Washington, DC, headquarters. At the meeting the committee will discuss issues related to the Dodd-Frank Act. Members of the public may file written statements with the committee.
Reopening and Extension of Comment Periods for Rulemakings Implementing the Dodd-Frank Wall Street Reform and Consumer Protection Act
Since the enactment of the Wall Street Reform and Consumer Protection Act (the ``Dodd-Frank Act'') on July 21, 2010, the Commodity Futures Trading Commission (``Commission'') has published in the Federal Register a significant number of notices of proposed rulemaking to implement the provisions of the Dodd-Frank Act that establish a comprehensive new framework for the regulation of swaps. In order to provide interested parties with an additional opportunity to participate in these Dodd-Frank Act rulemakings and comment on the proposed new regulatory framework, the Commission is reopening or extending the comment period for many of its proposed rulemakings. The Commission is also requesting comment on the order in which it should consider final rulemakings made under the Dodd-Frank Act.
Federal Register Notice Requesting Nominations for the Subcommittee on Data Standardization Under the Technology Advisory Committee
The Commodity Futures Trading Commission (CFTC or Commission) is calling for nominations to the Subcommittee on Data Standardization (Subcommittee) under the auspices of the Technology Advisory Committee. The Subcommittee on Data Standardization was established to develop recommendations for a standardized reference data depository representing the universe of legal and financial terms utilized in describing, defining, and valuing the various derivatives and other financial instruments which are presently and in the future may be traded on and off of regulated exchanges. The Subcommittee will report to the full Technology Advisory Committee. The creation of standardized reference points and data terms is anticipated to aid in the development of universal entity, product, and/or instrument identifiers and provide greater consistency in the collection, reporting, and management of individual transactions, underlying legal documents (including master agreements and credit support agreements), and risk exposures. Nominations are sought for highly qualified representatives from government agencies, industry, exchanges, academia, information technology, information systems, and groups representing interests or organizations involved with the development, design and use of standardized data and/or affected by the standardization of data. Individuals seeking to be nominated to the Subcommittee on Data Standardization should possess demonstrable expertise in a related field or represent a stakeholder of interest in the issue. Prospective nominees should be open to participating in an open public-private forum.
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