Commodity Futures Trading Commission August 2013 – Federal Register Recent Federal Regulation Documents
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Fees for Reviews of the Rule Enforcement Programs of Designated 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 rule enforcement programs, specifically National Futures Association, a registered futures association, and the designated contract markets. The calculation of the fee amounts charged for FY 2013 by this notice is based upon an average of actual program costs incurred during FY 2010, 2011, and 2012.
Retail Commodity Transactions Under Commodity Exchange Act
On December 14, 2011, the Commodity Futures Trading Commission (``Commission'' or ``CFTC'') issued in the Federal Register an interpretation (``Interpretation'') regarding the meaning of the term ``actual delivery,'' as set forth in the Commodity Exchange Act. The Commission also requested public comment on whether the Interpretation accurately construed the statutory language. In response to the comments received, the Commission has determined to clarify its Interpretation.
Quantitative Messaging Research
The Commodity Futures Trading Commission (``CFTC'' or ``Commission'') is announcing an opportunity for public comment on a proposed collection of information by the agency. Under the Paperwork Reduction Act (``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 and to allow 60 days for public comment. The CFTC's Office of Consumer Outreach (``OCO'') develops campaigns to change consumer behaviors so that consumers can better avoid fraud as defined under the Commodities Exchange Act. The CFTC is posing survey questions to the public. This survey will include screening questions to identify the correct respondents and questions to determine optimal messages to help consumers identify, avoid, and report financial fraud as part of a consumer-facing anti-fraud campaign. This survey will follow qualitative message testing research (for which CFTC received fast-track OMB approval) and is necessary to identify, with statistical validation, which of these messages most effectively help consumers to identify, avoid, and report financial fraud.
Clearing Exemption for Certain Swaps Entered Into by Cooperatives
The Commodity Futures Trading Commission (``CFTC'' or ``Commission'') is adopting final regulations pursuant to its authority under section 4(c) of the Commodity Exchange Act (``CEA'') allowing cooperatives meeting certain conditions to elect not to submit for clearing certain swaps that such cooperatives would otherwise be required to submit for clearing in accordance with section 2(h)(1) of the CEA.
Harmonization of Compliance Obligations for Registered Investment Companies Required To Register as Commodity Pool Operators
The Commodity Futures Trading Commission (``Commission'' or ``CFTC'') is adopting final regulations with respect to certain compliance obligations for commodity pool operators (``CPOs'') of investment companies registered under the Investment Company Act of 1940 (``registered investment companies'' or ``RICs'') that are required to register due to the recent amendments to its regulations. The Commission is also adopting amendments to certain provisions of part 4 of the Commission's regulations that are applicable to all CPOs and Commodity Trading Advisors (``CTAs'').
Technology Advisory Committee
The Commodity Futures Trading Commission (CFTC) announces that on September 12, 2013, the CFTC's Technology Advisory Committee (TAC) will hold a public meeting at the CFTC's Washington, DC headquarters, from 10:00 a.m. to 5:00 p.m. The TAC committee will focus on SDR reporting; swap execution facilities; and the Commission's upcoming concept release on automated trading environments.
Derivatives Clearing Organizations and International Standards
The Commodity Futures Trading Commission (``Commission'') is proposing amendments to its regulations to establish additional standards for compliance with the derivatives clearing organization (``DCO'') core principles set forth in Section 5b(c)(2) of the Commodity Exchange Act (``CEA'') for systemically important DCOs (``SIDCOs'') and DCOs that elect to opt-in to the SIDCO regulatory requirements (``Subpart C DCOs''). SIDCOs and Subpart C DCOs would be required to comply with the requirements applicable to all DCOs, which are set forth in the Commission's DCO regulations on compliance with core principles, to the extent those requirements are not inconsistent with the requirements of the regulations in this proposed rule. The proposed amendments include: Procedural requirements for opting in to the regulatory regime as well as substantive requirements relating to governance, financial resources, system safeguards, special default rules and procedures for uncovered losses or shortfalls, risk management, additional disclosure requirements, efficiency, and recovery and wind-down procedures. These additional requirements would also be consistent with the Principles for Financial Market Infrastructures (``PFMIs'') published by the Committee on Payment and Settlement Systems and the Board of the International Organization of Securities Commissions (``CPSS-IOSCO''). In addition, the Commission is proposing certain delegation provisions and certain technical clarifications.
Enhanced Risk Management Standards for Systemically Important Derivatives Clearing Organizations
The Commodity Futures Trading Commission (``Commission'' or ``CFTC'') is adopting final regulations to implement enhanced risk management standards for systemically important derivatives clearing organizations that include increased financial resources requirements for systemically important derivatives clearing organizations that are involved in activities with a more complex risk profile or that are systemically important in multiple jurisdictions, the prohibited use of assessments by systemically important derivatives clearing organizations in calculating their available default resources, and enhanced system safeguards for systemically important derivatives clearing organizations for business continuity and disaster recovery (``BC-DR''). This final rule also implements special enforcement authority over systemically important derivatives clearing organizations granted to the Commission under section 807(c) of the Dodd-Frank Wall Street Reform and Consumer Protection Act (``Dodd-Frank Act'').
Core Principles and Other Requirements for Swap Execution Facilities; Correction
The Commodity Futures Trading Commission is correcting a final rule that appeared in the Federal Register of June 4, 2013 (78 FR 33476). The final rule applies to the registration and operation of a new type of regulated entity named a swap execution facility, and implements provisions of the Dodd-Frank Wall Street Reform and Consumer Protection Act.
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