Commodity Futures Trading Commission 2019 – Federal Register Recent Federal Regulation Documents
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Post-Trade Name Give-Up on Swap Execution Facilities
The Commodity Futures Trading Commission (``Commission'' or ``CFTC'') is proposing a rule to prohibit ``post-trade name give-up'' practices related to trading on swap execution facilities.
Agency Information Collection Activities Under OMB Review
In compliance with the Paperwork Reduction Act of 1995 (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.
Regulatory Flexibility Agenda
The Commodity Futures Trading Commission (``Commission''), in accordance with the requirements of the Regulatory Flexibility Act, is publishing a semiannual agenda of rulemakings that the Commission expects to propose or promulgate over the next year. The Commission welcomes comments from small entities and others on the agenda.
Exemption From the Swap Clearing Requirement for Certain Affiliated Entities-Alternative Compliance Frameworks for Anti-Evasionary Measures
The Commodity Futures Trading Commission (Commission or CFTC) is proposing revisions to the Commission regulation that exempts certain affiliated entities within a corporate group from the swap clearing requirement under the applicable provision of the Commodity Exchange Act (CEA or Act). The revisions concern the anti-evasionary condition that swaps subject to the clearing requirement entered into with unaffiliated counterparties either be cleared or be eligible for an exception to or exemption from the clearing requirement. Specifically, the revisions would make permanent certain temporary alternative compliance frameworks intended to make this anti-evasionary condition workable for international corporate groups in the absence of foreign clearing regimes determined to be comparable to U.S. requirements.
Capital Requirements of Swap Dealers and Major Swap Participants
The Commodity Futures Trading Commission (``Commission'' or ``CFTC'') is re-opening the comment period and requesting additional comment (including potential modifications to proposed rule language) on proposed regulations and amendments to existing regulations to implement sections 4s(e) and (f) of the Commodity Exchange Act (``CEA''), as added by section 731 of the Wall Street Reform and Consumer Protection Act (``Dodd-Frank Act'') previously published in 2011 and re-proposed in 2016. Section 4s(e) requires the Commission to adopt capital requirements for swap dealers (``SDs'') and major swap participants (``MSPs'') that are not subject to capital rules of a prudential regulator. Section 4s(f) requires the Commission to adopt financial reporting and recordkeeping requirements for SDs and MSPs. The Commission is reopening the comment period and soliciting further comment on all aspects of the SD and MSP capital and associated financial reporting proposal from 2016, as well as related proposed amendments to existing capital rules for futures commission merchants (``FCMs'') providing specific market risk and credit risk capital deductions for swaps and security-based swaps (``SBS'') entered into by FCMs.
Public Rulemaking Procedures
The Commodity Futures Trading Commission (the ``Commission'') is issuing a final rule that amends the Commission's regulations to eliminate the provisions that set forth the procedures for the formulation, amendment, or repeal of rules or regulations. Because the Administrative Procedure Act (``APA'') governs the Commission's rulemaking process, the Commission believes that it is unnecessary to codify the rulemaking process in a Commission regulation. The amended regulation is comprised solely of the procedure for filing petitions for rulemakings, as the APA does not address this process.
Agency Information Collection Activities: Notice of Intent To Renew Collection Number 3038-0055, Privacy of Consumer Financial Information
The Commodity Futures Trading Commission (``CFTC'' or ``Commission'') is announcing an opportunity for public comment on the proposed renewal of a 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. This notice solicits comments on the collections of information mandated by the Commission's regulations involving Privacy of Consumer Financial Information Under Title V of the Gramm-Leach- Bliley Act.
Registration and Compliance Requirements for Commodity Pool Operators (CPOs) and Commodity Trading Advisors: Family Offices and Exempt CPOs
The Commodity Futures Trading Commission (CFTC or Commission) is adopting certain amendments to its regulations applicable to commodity pool operators (CPOs) and commodity trading advisors (CTAs). The amendments (Final Rules) are consistent with no-action and exemptive letters issued by the Commission's Division of Swap Dealer and Intermediary Oversight (DSIO). The amendments provide an exemption from registration for CPOs and CTAs of family offices; adopt exemptive relief consistent with the Jumpstart Our Business Startups Act of 2012 by permitting general solicitation under applicable Commission regulations; and clarify that non-U.S. persons, regardless of financial sophistication, are permitted participants in pools exempt under the applicable Commission regulation.
Registration and Compliance Requirements for Commodity Pool Operators and Commodity Trading Advisors: Registered Investment Companies, Business Development Companies, and Definition of Reporting Person
The Commodity Futures Trading Commission (CFTC or Commission) is adopting certain amendments containing the regulations applicable to commodity pool operators (CPOs) and commodity trading advisors (CTAs). The amendments (Final Rules) are consistent with and/or expand upon no- action and exemptive letters issued by the Commission's Division of Swap Dealer and Intermediary Oversight (DSIO). In particular, the Commission intends to increase regulatory certainty by amending two regulations. In the first, the Commission is providing clarification that the exclusion from the CPO definition currently provided for a registered investment company (RIC) should be claimed by the entity most commonly understood to solicit for or ``operate'' the RIC, i.e., its investment adviser, and is adding an exclusion for the investment advisers of business development companies (BDCs), which share many operational similarities with RICs. In the second, the Commission is adopting amendments to the ``Reporting Person'' definition that would eliminate the filing requirements for Forms CPO-PQR and CTA-PR for certain classes of CPOs and CTAs.
Market Risk Advisory Committee
The Commodity Futures Trading Commission (CFTC) announces that on December 11, 2019, from 9:30 a.m. to 1:00 p.m., the Market Risk Advisory Committee (MRAC) will hold a public meeting in the Conference Center at the CFTC's Washington, DC, headquarters. At this meeting, the MRAC will receive status reports from its subcommittees (Climate- related Market Risk, Central Counterparty (CCP) Risk and Governance, Market Structure, and Interest Rate Benchmark Reform) and discuss other issues involving the transition from the London Inter-bank Offered Rate to alternative risk-free reference rates (RFRs), including the International Swaps and Derivatives Association's recent consultation on the final parameters for the spread and term adjustments that will apply to RFRs if derivatives fallbacks are triggered.
Agency Information Collection Activities: Notice of Intent To Extend Collection 3038-0025, Practice by Former Members and Employees of the Commission
The Commodity Futures Trading Commission (``CFTC'' or ``Commission'') is announcing an opportunity for public comment on the proposed renewal of an information collection 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 proposed extension of an existing collection of information, and to allow 60 days for public comment. This notice solicits comments regarding the reporting requirement imposed on former members and employees of the Commission who are employed or retained by third parties to appear before the Commission.
Agency Information Collection Activities: Notice of Intent To Renew Collection 3038-0013, Exemptions From Speculative Limits
The Commodity Futures Trading Commission (``CFTC'' or ``Commission'') is announcing an opportunity for public comment on the proposed renewal of an information collection 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 proposed extension of an existing collection of information, and to allow 60 days for public comment. This notice solicits comments on the Commission's regulation pertaining to the requirements of qualified persons filing for exemptive relief from aggregation of positions.
Prohibitions and Restrictions on Proprietary Trading and Certain Interests in, and Relationships With, Hedge Funds and Private Equity Funds
The OCC, Board, FDIC, SEC, and CFTC are adopting amendments to the regulations implementing section 13 of the Bank Holding Company Act. Section 13 contains certain restrictions on the ability of a banking entity and nonbank financial company supervised by the Board to engage in proprietary trading and have certain interests in, or relationships with, a hedge fund or private equity fund. These final amendments are intended to provide banking entities with clarity about what activities are prohibited and to improve supervision and implementation of section 13.
Privacy of Consumer Financial Information
The Commodity Futures Trading Commission (``CFTC'' or ``Commission'') is proposing to make a correction to one of the Commission's regulations to restore text that was inadvertently deleted in a 2011 amendment to that regulation.
Agency Information Collection Activities Under OMB Review
In compliance with the Paperwork Reduction Act of 1995 (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.
Certain Swap Data Repository and Data Reporting Requirements
On May 13, 2019, the Commodity Futures Trading Commission (Commission) published in the Federal Register a notice of proposed rulemaking (NPRM) titled Certain Swap Data Repository and Data Reporting Requirements. The comment period for the NPRM was originally scheduled to close on July 29, 2019. The Commission subsequently extended the comment period for 90 days to October 28, 2019. The Commission is further extending the comment period for this NPRM by an additional 90 days to January 27, 2020.
Agency Information Collection Activities Under OMB Review
In compliance with the Paperwork Reduction Act of 1995 (``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.
Agency Information Collection Activities Under OMB Review
In compliance with the Paperwork Reduction Act of 1995 (``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.
Request for Nominations for the Subcommittee on Margin Requirements for Non-Cleared Swaps Under the Global Markets Advisory Committee
The Commodity Futures Trading Commission (CFTC or Commission) is requesting nominations for membership on the Subcommittee on Margin Requirements for Non-Cleared Swaps (Subcommittee) under the Global Markets Advisory Committee (GMAC). The GMAC is a discretionary advisory committee established by the Commission in accordance with the Federal Advisory Committee Act.
Margin Requirements for Uncleared Swaps for Swap Dealers and Major Swap Participants
The Commodity Futures Trading Commission (``Commission'' or ``CFTC'') is seeking comment on a proposed amendment to the margin requirements for uncleared swaps for swap dealers (``SD'') and major swap participants (``MSP'') for which there is no prudential regulator (the ``CFTC Margin Rule''). As adopted in 2016, the CFTC Margin Rule, which mandates the collection and posting of variation margin and initial margin (``IM''), takes effect under a phased compliance schedule extending from September 1, 2016 to September 1, 2020. The proposed amendment would extend the compliance schedule to September 1, 2021, for entities with smaller average daily aggregate notional amounts of swaps and certain other financial products. By extending the compliance schedule, the proposed amendment would mitigate the potential market disruption that could result from such a large number of entities coming into the scope of the IM requirements on September 1, 2020.
Margin Requirements for Uncleared Swaps for Swap Dealers and Major Swap Participants
The Commodity Futures Trading Commission (``Commission'' or ``CFTC'') is seeking comment on proposed amendments to the margin requirements for uncleared swaps for swap dealers (``SD'') and major swap participants (``MSP'') for which there is no prudential regulator. The proposed amendments would add the European Stability Mechanism (``ESM'') to the list of entities that are expressly excluded from the definition of financial end user and correct an erroneous cross- reference in the Commission's regulations.
Agency Information Collection Activities Under OMB Review
In compliance with the Paperwork Reduction Act of 1995 (``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.
Agency Information Collection Activities Under OMB Review
In compliance with the Paperwork Reduction Act of 1995 (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.
Agency Information Collection Activities Under OMB Review
In compliance with the Paperwork Reduction Act of 1995 (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.
Position Limits and Position Accountability for Security Futures Products
The Commodity Futures Trading Commission (``CFTC'' or ``Commission'') is issuing a final rule to amend the position limit rules applicable to security futures products (``SFP'') by increasing the default maximum level of equity SFP position limits that designated contract markets (``DCMs'') may set; modifying the criteria for setting a higher position limit and position accountability level by relying primarily on estimated deliverable supply; and adjusting the time during which position limits or position accountability must be in effect. In addition, the final rule will provide DCMs discretion to apply limits to either a person's net position or a person's position on the same side of the market. The rule also includes position limit requirements and related guidance and acceptable practices for DCMs to apply in adopting position limits for SFPs based on products other than an equity security.
Agency Information Collection Activities Under OMB Review
In compliance with the Paperwork Reduction Act of 1995 (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.
Agency Information Collection Activities: Notice of Intent To Extend Collection 3038-0096, Swap Data Recordkeeping and Reporting Requirements
The Commodity Futures Trading Commission (``CFTC'' or ``Commission'') is announcing an opportunity for public comment on the proposed renewal of an information collection 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 and to allow 60 days for public comment. This notice solicits comments on the swap data recordkeeping and reporting requirements on the following entities: Swap Dealers (``SDs''), Major Swap Participants (``MSPs''), and swap counterparties that are neither swap dealers nor major swap participants (``non-SD/MSP counterparties'').
Public Rulemaking Procedures
The Commodity Futures Trading Commission (the ``Commission'') is proposing to amend part 13 of its regulations to eliminate the provisions that set forth the procedure for the formulation, amendment, or repeal of rules or regulations. Because the Administrative Procedure Act (``APA'') governs the Commission's rulemaking process, the Commission believes that it is unnecessary to codify the rulemaking process in a Commission regulation. Part 13, as amended, will be comprised solely of the procedure for filing petitions for rulemakings as the APA does not address this process.
Exemption From Derivatives Clearing Organization Registration
On July 23, 2019, the Commodity Futures Trading Commission (Commission) published in the Federal Register a supplemental notice of proposed rulemaking (NPRM) titled Exemption from Derivatives Clearing Organization Registration. The comment period for the supplemental NPRM closes on September 23, 2019. The Commission is extending the comment period for this supplemental NPRM by an additional 60 days.
Registration With Alternative Compliance for Non-U.S. Derivatives Clearing Organizations
On July 19, 2019, the Commodity Futures Trading Commission (Commission) published in the Federal Register a notice of proposed rulemaking (NPRM) titled Registration With Alternative Compliance for Non-U.S. Derivatives Clearing Organizations. The comment period for the NPRM closes on September 17, 2019. The Commission is extending the comment period for this NPRM by an additional 60 days.
Technology Advisory Committee
The Commodity Futures Trading Commission (CFTC) announces that on October 3, 2019, from 10:00 a.m. to 3:30 p.m., the Technology Advisory Committee (TAC) will hold a public meeting in the Conference Center at the Commodity Futures Trading Commission's headquarters in Washington, DC. At this meeting, the TAC will hear presentations and actionable recommendations from the TAC subcommittees on Automated and Modern Trading Markets, Distributed Ledger Technology and Market Infrastructure, Virtual Currencies, and Cyber Security.
Fees for Reviews of the Rule Enforcement Programs of Designated Contract Markets and Registered Futures Associations
The Commodity Futures Trading Commission (``CFTC'' or ``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 (``NFA''), a registered futures association, and the designated contract markets. Fees collected from each self-regulatory organization are deposited in the Treasury of the United States as miscellaneous receipts. The calculation of the fee amounts charged for 2019 by this notice is based upon an average of actual program costs incurred during fiscal year (``FY'') 2016, FY 2017, and FY 2018.
Global Markets Advisory Committee; Meeting
The Commodity Futures Trading Commission (CFTC) announces that on September 24, 2019, from 9:30 a.m. to 3:00 p.m., the Global Markets Advisory Committee (GMAC) will hold a public meeting in the Conference Center at the Commodity Futures Trading Commission's headquarters in Washington, DC. At this meeting, the GMAC will hear presentations on developments regarding the implementation of margin requirements for non-centrally cleared derivatives, and on EMIR 2.2 and responses to the consultation by the European Securities and Markets Authority on various aspects of EMIR 2.2 affecting third-country central counterparties.
Energy and Environmental Markets Advisory Committee
The Commodity Futures Trading Commission (CFTC or Commission) is requesting nominations for Associate Members of the Energy and Environmental Markets Advisory Committee (EEMAC or Committee) and also inviting the submission of potential topics for discussion at future Committee meetings. The EEMAC is an advisory committee established by the Dodd-Frank Wall Street Reform and Consumer Protection Act.
Market Risk Advisory Committee; Meeting
The Commodity Futures Trading Commission (CFTC) announces that on September 9, 2019, from 3:00 p.m. to 5:00 p.m. (Eastern Standard Time), the Market Risk Advisory Committee (MRAC) will hold a public meeting via teleconference. At this meeting, the MRAC will receive a status update from the Interest Rate Benchmark Reform Subcommittee (Subcommittee) and vote on a recommendation of the Subcommittee. In addition, the MRAC will discuss other issues involving the transition from the London Inter-bank Offered Rate to risk-free reference rates, including central counterparty adjustments to discounting/price alignment interest and the clearing treatment for certain physically- settled swaptions.
Agency Information Collection Activities: Notice of Intent To Renew Collection 3038-0031, Procurement Contracts
In compliance with the Paperwork Reduction Act (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.
Agency Information Collection Activities: Notice of Intent To Extend Collection 3038-0102: Clearing Exemption for Certain Swaps Entered Into by Cooperatives
The Commodity Futures Trading Commission (``CFTC'' or ``Commission'') is announcing an opportunity for public comment on the proposed renewal of a 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. This notice solicits comments on the reporting requirements related to permitting certain cooperatives to elect not to clear certain swaps that otherwise would be required to be cleared, provided that they meet certain conditions.
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