Commodity Futures Trading Commission July 2011 – Federal Register Recent Federal Regulation Documents
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Provisions Common to Registered Entities
The Commodity Futures Trading Commission (``Commission'') is adopting regulations to implement certain statutory provisions of the Dodd-Frank Wall Street Reform and Consumer Protection Act (``Dodd-Frank Act''). The Commission also is amending its existing regulations governing the submission of new products, rules, and rule amendments. The final regulations establish the Commission's procedural framework for the submission of new products, rules, and rule amendments by designated contract markets (``DCMs''), derivatives clearing organizations (``DCOs''), swap execution facilities (``SEFs''), and swap data repositories (``SDRs''). In addition, the final regulations prohibit event contracts involving certain excluded commodities, establish special submission procedures for certain rules proposed by systemically important derivatives clearing organizations (``SIDCOs''), and stay the certifications and the approval review periods of novel derivative products pending jurisdictional determinations.
Joint Public Roundtable on International Issues Relating to the Implementation of Title VII of the Dodd-Frank Wall Street Reform and Consumer Protection Act
On Monday, August 1, 2011, commencing at 9 a.m. and ending at 4 p.m., staff of Commodity Futures Trading Commission (``CFTC'') and Securities and Exchange Commission (``SEC'') (each, an ``Agency,'' and collectively, the ``Agencies'') will hold a public roundtable meeting at which invited participants will discuss various international issues related to the implementation of Title VII of the Dodd-Frank Wall Street Reform and Consumer Protection Act.
Acceptance of Public Submissions for a Study on International Swap Regulation Mandated by Section 719(c) of the Dodd-Frank Wall Street Reform and Consumer Protection Act
Section 719(c) of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act) requires the Commodity Futures Trading Commission (CFTC) and the Securities and Exchange Commission (SEC and, together with the CFTC, the Commissions) jointly to study and then report to Congress on swap regulation and clearinghouse regulation in the United States, Asia, and Europe and to identify areas of regulation that are similar and other areas of regulation that could be harmonized. The report also must identify major dealers, exchanges, clearinghouses, clearing members, and regulators in each geographic area and describe the major contracts (including trading volumes, clearing volumes, and notional values), methods for clearing swaps, and the systems used for setting margin in each geographic area. In connection with the study and report, the CFTC and SEC are issuing this request for information through public comment.
Process for Review of Swaps for Mandatory Clearing
The Commodity Futures Trading Commission (Commission or CFTC) is adopting regulations to implement certain provisions of the Dodd- Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act). These regulations establish the process by which the Commission will review swaps to determine whether the swaps are required to be cleared.
Removing Any Reference to or Reliance on Credit Ratings in Commission Regulations; Proposing Alternatives to the Use of Credit Ratings
The Commodity Futures Trading Commission (``Commission'' or
Large Trader Reporting for Physical Commodity Swaps
The Commission is adopting reporting regulations (``Reporting Rules'') that require physical commodity swap and swaption (for ease of reference, collectively ``swaps'') reports. The new regulations require routine position reports from clearing organizations, clearing members and swap dealers and also apply to reportable swap trader positions.
Business Affiliate Marketing and Disposal of Consumer Information Rules
The Commodity Futures Trading Commission is adopting regulations to implement new statutory provisions enacted by title X of the Dodd-Frank Wall Street Reform and Consumer Protection Act. These regulations apply to futures commission merchants, retail foreign exchange dealers, commodity trading advisors, commodity pool operators, introducing brokers, swap dealers and major swap participants. The Dodd-Frank Act provides the Commission with authority to implement regulations under sections 624 and 628 of the Fair Credit Reporting Act. The regulations implementing section 624 of the Fair Credit Reporting Act require CFTC-regulated entities to provide consumers with the opportunity to prohibit affiliates from using certain information to make marketing solicitations to consumers. The regulations implementing section 628 of the FCRA require CFTC-regulated entities that possess or maintain consumer report information in connection with their business activities to develop and implement written policies and procedures for the proper disposal of such information.
Privacy of Consumer Financial Information; Conforming Amendments Under Dodd-Frank Act
The Commodity Futures Trading Commission (``Commission'' or ``CFTC'') is amending its rules implementing new statutory provisions enacted by titles VII and X of the Dodd-Frank Wall Street Reform and Consumer Protection Act (the ``Dodd-Frank Act''). Section 1093 of the Dodd-Frank Act provides for certain amendments to title V of the Gramm- Leach-Bliley Act (the ``GLB Act''). The GLB Act sets forth certain protections for the privacy of consumer financial information and was amended by the Dodd-Frank Act to affirm the Commission's jurisdiction in this area. The Commission's amendments to its regulations, inter alia, broaden the scope of part 160 to cover two new entities created by title VII of the Dodd-Frank Act: swap dealers and major swap participants.
Agency Information Collection Activities Under OMB Review
In compliance with the Paperwork Reduction Act (44 U.S.C. 3501 et seq.), this notice announces that the Information Collection Request (ICR) abstracted below has been forwarded to the Office of Management and Budget (OMB) for review and comment. The ICR describes the nature of the information collection and its expected costs and burden; it includes the actual data collection instruments [if any].
Effective Date for Swap Regulation
On June 17, 2011, the Commodity Futures Trading Commission (``CFTC'' or the ``Commission'') published for public comment in the Federal Register a proposed order that would grant, pursuant to the Commission's exemptive authority pursuant to the Commodity Exchange Act (``CEA''), certain temporary relief from the provisions of the CEA added or amended by title VII of the Dodd-Frank Wall Street Reform and Consumer Protection Act (``Dodd-Frank Act'') that reference one or more terms regarding entities or instruments that title VII requires be ``further defined,'' such as the terms ``swap,'' ``swap dealer,'' ``major swap participant,'' or ``eligible contract participant,'' to the extent that requirements or portions of such provisions specifically relate to such referenced terms and do not require a rulemaking. The CFTC also proposed to grant temporary relief from certain provisions of the CEA that will or may apply to certain agreements, contracts, and transactions in exempt or excluded commodities as a result of the repeal of various CEA exemptions and exclusions as of the general effective date set forth in section 754 of the Dodd-Frank Act, July 16, 2011. Upon consideration of the full record, the Commission has determined to issue this final exemptive order (``Final Order'') essentially as proposed, with appropriate or necessary modification or clarification.
Prohibition on the Employment, or Attempted Employment, of Manipulative and Deceptive Devices and Prohibition on Price Manipulation
The Commodity Futures Trading Commission (``CFTC'' or ``Commission'') is adopting final rules pursuant to section 753 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (``Dodd-Frank Act''), to implement amended subsections (c)(1) and (c)(3) of section 6 of the Commodity Exchange Act (``CEA''). These rules broadly prohibit fraud and manipulation in connection with any swap, or contract of sale of any commodity in interstate commerce, or contract for future delivery on or subject to the rules of any registered entity.
Agricultural Commodity Definition
The Commodity Futures Trading Commission (``Commission'' or ``CFTC'') is charged with 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 Dodd-Frank Act, which amends the Commodity Exchange Act (``CEA'' or ``Act''), includes provisions applicable to ``a swap in an agricultural commodity (as defined by the [CFTC]).'' Neither Congress nor the CFTC has previously defined that term for purposes of the CEA or CFTC regulations. On October 26, 2010, the Commission requested comment on a proposed definition. After reviewing the comments submitted in response to the proposed definition, the Commission has determined to issue these final rules in essentially the same form as originally proposed, subject to a minor revision to the commodity-based index provision.
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