Commodity Futures Trading Commission July 2014 – Federal Register Recent Federal Regulation Documents
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Enhancing Protections Afforded Customers and Customer Funds Held by Futures Commission Merchants and Derivatives Clearing Organizations; Correction
The Commodity Futures Trading Commission (``CFTC'') is correcting final rules published in the Federal Register of November 14, 2013 (``final rules''). Those rules, which adopted new regulations and amended existing regulations requiring enhanced customer protections, risk management programs, internal monitoring and controls, capital and liquidity standards, customer disclosures, and auditing and examination programs for futures commission merchants, took effect on January 13, 2014. This correction amends erroneous cross-references found in three sections of the final rules. Additionally, this correction amends one section of the final rules to insert language that was in the proposed rulemaking, and which was stated as being adopted in the preamble to the final rules, but was erroneously omitted from the final rule text.
Amended and Restated Order Designating the Provider of Legal Entity Identifiers To Be Used in Recordkeeping and Swap Data Reporting Pursuant to the Commission's Regulations
The Commodity Futures Trading Commission (``Commission'') has issued an Amended and Restated Order to extend the Commission's designation of the Depository Trust and Clearing Corporation (``DTCC'') and Society for Worldwide Interbank Financial Telecommunication (``SWIFT'') joint venture (``DTCC-SWIFT'') as the provider of legal entity identifiers, or ``LEIs,'' pursuant to the Commodity Exchange Act and the Commission's regulations. DTCC-SWIFT's designation was made by Commission order issued on July 23, 2012. The designation was made for a term of two years. The Amended and Restated Order amends the Commission's order of July 23, 2012, as previously amended on June 7, 2013, to extend DTCC-SWIFT's designation for an additional one year, while the terms of transition to a fully operational global LEI system are finalized and implemented. Consistent with the terms of the Commission's order of July 23, 2012, as amended on June 7, 2013, the Amended and Restated Order permits registered entities and swap counterparties subject to the Commission's jurisdiction to comply with the specified legal entity identifier requirements of the Commission's regulations by using identifiers issued by DTCC-SWIFT, or any other pre-Local Operating Unit (``pre-LOU'') that has been endorsed by the Regulatory Oversight Committee of the global LEI system as being globally acceptable and as issuing globally acceptable legal entity identifiers.
Agency Information Collection Activities Under OMB Review-Notice of Intent To Renew Collection 3038-0026; Gross Collection of Exchange-Set Margins for Omnibus Accounts
In compliance with the Paperwork Reduction Act, 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.
Swap Dealer and Major Swap Participant Recordkeeping, Reporting, and Duties Rules; Futures Commission Merchant and Introducing Broker Conflicts of Interest Rules; and Chief Compliance Officer Rules for Swap Dealers, Major Swap Participants, and Futures Commission Merchants; Correction
This document contains corrections to final regulations, which were published in the Federal Register of Tuesday, April 3, 2012. The regulations are related to the risk management programs of swap dealers and major swap participants.
Agency Information Collection Activities: Notice of Intent To Renew Collection 3038-0082-Whistleblower Provision and Updated Form TCR for Whistleblower Submissions
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 (``PRA''), 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 August 2011, the Commission adopted the final rule, as required by the Wall Street Reform and Consumer Protection Act (``Dodd-Frank Act''), requiring the submission of whistleblower information to the Commission on the Form TCR. The Commission is updating the Form TCR to incorporate questions from the Division of Enforcement's Complaint Form. This notice solicits comments, as described below, on the proposed Information Collection Request (ICR) titled: Whistleblower Provision, and Updated Form TCR; OMB Control Number 3038-0082.
Position Limits for Derivatives and Aggregation of Positions
On December 12, 2013, the Commodity Futures Trading Commission (``Commission'') published in the Federal Register a notice of proposed rulemaking (the ``Position Limits Proposal'') to establish speculative position limits for 28 exempt and agricultural commodity futures and options contracts and the physical commodity swaps that are economically equivalent to such contracts. On November 15, 2013, the Commission published in the Federal Register a notice of proposed rulemaking (the ``Aggregation Proposal'') to amend existing regulations setting out the Commission's policy for aggregation under its position limits regime. In addition, the Commission directed staff to hold a public roundtable on June 19, 2014, to consider certain issues regarding position limits for physical commodity derivatives. In order to provide interested parties with an opportunity to comment on the issues to be discussed at the roundtable, the Commission published notice in the Federal Register on May 29, 2014, that the comment periods for the Position Limits Proposal and the Aggregation Proposal were reopened, starting June 12, 2014 (one week before the roundtable) and ending July 3, 2014 (two weeks following the roundtable). To provide commenters with a sufficient period of time to respond to questions raised and points made at the roundtable, the Commission is now further extending the comment period. Comments should be limited to the issues of hedges of a physical commodity by a commercial enterprise, including gross hedging, cross-commodity hedging, anticipatory hedging, and the process for obtaining a non-enumerated exemption; the setting of spot month limits in physical-delivery and cash-settled contracts and a conditional spot-month limit exemption; the setting of non-spot limits for wheat contracts; the aggregation exemption for certain ownership interests of greater than 50 percent in an owned entity; and aggregation based on substantially identical trading strategies.
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