Commodity Futures Trading Commission 2011 – Federal Register Recent Federal Regulation Documents
Results 101 - 150 of 155
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.
Margin Requirements for Uncleared Swaps for Swap Dealers and Major Swap Participants
The Commodity Futures Trading Commission (``Commission'' or ``CFTC'') is proposing regulations 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 would implement the new statutory framework of Section 4s(e) of the Commodity Exchange Act (``CEA''), added by Section 731 of the Dodd-Frank Act, which requires the Commission to adopt capital and initial and variation margin requirements for certain swap dealers (``SDs'') and major swap participants (``MSPs''). The proposed rules address initial and variation margin requirements for SDs and MSPs. The proposed rules will not impose margin requirements on non-financial end users. The Commission will propose rules regarding capital requirements for SDs and MSPs at a later date. The Commission will align the comment periods of these two proposals so that commenters will have an opportunity to review each before commenting on either.
Joint Public Roundtable on Issues Related to the Schedule for Implementing Final Rules for Swaps and Security-Based Swaps Under the Dodd-Frank Wall Street Reform and Consumer Protection Act
On Monday, May 2, 2011, and Tuesday, May 3, 2011, commencing each day at 9:30 a.m. and ending at 4 p.m., staff of the Agencies will hold a public roundtable meeting at which invited participants will discuss various issues related to the schedule for implementing final rules for swaps and security-based swaps under the Dodd-Frank Wall Street Reform and Consumer Protection Act (the ``Act''). The discussion will be open to the public with seating on a first-come, first-served basis. Members of the public may also listen to the meeting by telephone. Call-in participants should be prepared to provide their first name, last name and affiliation. The information for the conference call is set forth below. U.S. Toll-Free: (866) 844-9416. International Toll: information on international dialing can be found at the following link: https://www.cftc.gov/PressRoom/ PressReleases/internationalnumbers021811.html. Conference ID: 1212444. A transcript of the public roundtable discussion will be published at https://www.cftc.gov/PressRoom/Events/2011/index.htm. The roundtable discussion will take place each day in the Conference Center at the CFTC's headquarters, Three Lafayette Centre, 1155 21st Street, NW., Washington, DC.
Swap Data Recordkeeping and Reporting Requirements: Pre-Enactment and Transition Swaps
The Commodity Futures Trading Commission (``Commission'' or ``CFTC'') is proposing rules to implement new statutory provisions introduced by Title VII of the Dodd-Frank Wall Street Reform and Consumer Protection Act (``Dodd-Frank Act''). The Dodd-Frank Act amends the Commodity Exchange Act (``CEA'' or ``Act'') directing that rules adopted by the Commission shall provide for the reporting of data relating to swaps entered into before the date of enactment of the Dodd-Frank Act, the terms of which have not expired as of the date of enactment of that Act (``pre-enactment swaps'') and data relating to swaps entered into on or after the date of enactment of the Dodd-Frank Act and prior to the compliance date specified in the Commission's final swap data reporting rules (``transition swaps''). This proposal would establish recordkeeping and reporting requirements for pre- enactment swaps and transition swaps.
Renewal of the Agricultural Advisory Committee
The Commodity Futures Trading Commission has determined to renew the charter of its Global Markets Advisory Committee.
Order of the Commodity Futures Trading Commission Relating to the Continuation, Shutdown, and Resumption of Certain Commission Operations in the Event of a Lapse in Appropriations
This order is being issued to provide for the continuation, shutdown, and resumption of certain operations of the Commodity Futures Trading Commission in the event of a lapse in appropriations, and to alert all persons regulated by or engaged in proceedings at the Commodity Futures Trading Commission of these provisions.
Privacy Act of 1974 System of Records Notice
The Commodity Futures Trading Commission is establishing a system of records under the Privacy Act of 1974 for the online collection of public comments to notices of proposed rulemakings, proposed orders, and other regulatory actions that are required to be published in the Federal Register, or applications for registration or designation, approval requests or self-certifications related to financial products or self-regulatory organization rules or rule amendments, petitions for exemption, and other input collected from the public that may not be associated with statutory or regulatory notice and comment requirements.
Agency Information Collection Activities Under OMB Review
In compliance with the Paperwork Reduction Act of 1995, 44 U.S.C. 3501 et seq. (PRA), 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.
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).
Technology Advisory Committee
The Technology Advisory Committee will hold a rescheduled public meeting on March 1, 2011, from 1 p.m. to 5 p.m., at the CFTC's Washington, DC headquarters.
Commodity Pool Operators and Commodity Trading Advisors: Amendments to Compliance Obligations
The Commodity Futures Trading Commission is proposing to amend its existing regulations and proposing one new regulation regarding Commodity Pool Operators and Commodity Trading Advisors. The Commission is proposing a new data collection for CPOs and CTAs that is consistent with the data collection required under the Dodd-Frank Act. The proposed amendments would: Rescind the exemptions from registration provided in the Commission's regulations; rescind the relief from the certification requirement for annual reports provided to operators of certain pools only offered to qualified eligible persons (``QEPs''); modify the criteria for claiming relief under the Commission's regulations; and require the annual filing of notices claiming exemptive relief. Finally, the proposal includes new risk disclosure requirements for CPOs and CTAs regarding swap transactions.
Reporting by Investment Advisers to Private Funds and Certain Commodity Pool Operators and Commodity Trading Advisors on Form PF
The Commodity Futures Trading Commission (``CFTC'') and the Securities and Exchange Commission (``SEC'') (collectively, ``we'' or the ``Commissions'') are proposing new rules under the Commodity Exchange Act and the Investment Advisers Act of 1940 to implement provisions of Title IV of the Dodd-Frank Wall Street Reform and Consumer Protection Act. The proposed SEC rule would require investment advisers registered with the SEC that advise one or more private funds to file Form PF with the SEC. The proposed CFTC rule would require commodity pool operators (``CPOs'') and commodity trading advisors (``CTAs'') registered with the CFTC to satisfy certain proposed CFTC filing requirements by filing Form PF with the SEC, but only if those CPOs and CTAs are also registered with the SEC as investment advisers and advise one or more private funds. The information contained in Form PF is designed, among other things, to assist the Financial Stability Oversight Council in its assessment of systemic risk in the U.S. financial system. These advisers would file these reports electronically, on a confidential basis.
Swap Trading Relationship Documentation Requirements for Swap Dealers and Major Swap Participants
The Commodity Futures Trading Commission (Commission or CFTC) is proposing regulations to implement new statutory provisions established under Title VII of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act). Section 731 of the Dodd-Frank Act added a new section 4s(i) to the Commodity Exchange Act (CEA), which requires the Commission to prescribe standards for swap dealers and major swap participants related to the timely and accurate confirmation, processing, netting, documentation, and valuation of swaps. The proposed rules would establish requirements for swap trading relationship documentation for swap dealers and major swap participants.
Orderly Liquidation Termination Provision in Swap Trading Relationship Documentation for Swap Dealers and Major Swap Participants
The Commodity Futures Trading Commission (Commission or CFTC) is proposing regulations to implement new statutory provisions established under Title VII of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act). Section 731 of the Dodd-Frank Act added a new section 4s(i) to the Commodity Exchange Act (CEA), which requires the Commission to prescribe standards for swap dealers and major swap participants related to the timely and accurate confirmation, processing, netting, documentation, and valuation of swaps. The proposed rule would set forth parameters for the inclusion of an orderly liquidation termination provision in the swap trading relationship documentation for swap dealers and major swap participants.
Joint CFTC-SEC Advisory Committee on Emerging Regulatory Issues
The Joint CFTC-SEC Advisory Committee on Emerging Regulatory Issues will hold a public meeting on February 18, 2011, from 9:30 a.m. to 12 p.m., at the CFTC's Washington, DC headquarters. At the meeting, the committee will discuss matters relating to its recommendations regarding the market events of May 6, 2010, and other matters relating to the on-going work of the committee.
Commodity Options and Agricultural Swaps
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 provides that swaps in an agricultural commodity (as defined by the Commission) are prohibited unless entered into pursuant to a rule, regulation or order of the Commission adopted pursuant to Commodity Exchange Act (``CEA'' or ``Act''). The Dodd-Frank Act also includes options (other than an option on a futures contract) in its definition of swaps. Broadly speaking, the rules proposed herein would implement regulations whereby swaps in agricultural commodities and all commodity options (including options on both agricultural and non-agricultural commodities), other than options on futures, may transact subject to the same rules as all other swaps. The proposed rules for swaps in an agricultural commodity would repeal and replace the Commission's regulations concerning the exemption of swap agreements. Because the Dodd-Frank Act defines commodity options (other than options on futures) as swaps, the proposed rules for options would substantially amend the Commission's regulations regarding commodity option transactions. Also, current regulations on domestic exchange-traded commodity option transactions applies not only to exchange-traded options on futures (which are excluded from the Dodd-Frank definition of a swap), but also to exchange-traded options on physical commodities (which are within the Dodd-Frank swap definition). Therefore, the proposed rules would remove references to options on physical commodities from the Commission's regulations for exchange-traded options on futures.
Privacy Act of 1974; Notice; Publication of the Systems of Records Managed by the Commodity Futures Trading Commission
The Commodity Futures Trading Commission (Commission) is revising the notices it is required to publish under the Privacy Act of 1974 to describe the systems of records that contain information about individuals. This revision incorporates address and title changes and updated system descriptions. It also incorporates new systems of records that were compiled since the last publication of the Commission's systems of records notices in 2001. This revision proposes to add routine uses that are applicable to all of the Commission's systems of records and to re-identify the systems of records already in existence in a more consistent format.
Position Limits for Derivatives
Title VII of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (``Dodd-Frank Act'') requires the Commodity Futures Trading Commission (``Commission'' or ``CFTC'') to establish position limits for certain physical commodity derivatives. The Commission is proposing to simultaneously establish position limits and limit formulas for certain physical commodity futures and option contracts executed pursuant to the rules of designated contract markets (``DCM'') and physical commodity swaps that are economically equivalent to such DCM contracts. In compliance with the requirements of the Dodd- Frank Act, the CFTC is also proposing aggregate position limits that would apply across different trading venues to contracts based on the same underlying commodity. The Commission is proposing to establish position limits in two phases: The first phase would involve adopting current DCM spot-month limits, while the second phase would involve establishing non-spot-month limits based on open interest levels as well as establishing Commission-determined spot-month limits. The proposal includes exemptions for bona fide hedging transactions and for positions that are established in good faith prior to the effective date of specific limits that could be adopted pursuant to final regulations. This notice of rulemaking also proposes new account aggregation standards, visibility regulations that are similar to current reporting obligations for large bona fide hedgers, and new regulations establishing requirements and standards for position limits and accountability rules that are implemented by registered entities. The Commission solicits comment on any aspect of the proposal. The Commission also solicits comment on particular issues throughout the preamble.
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