Commodity Futures Trading Commission November 2020 – Federal Register Recent Federal Regulation Documents

The Commodity Futures Trading Commission (CFTC) announces that on December 17, 2020, from 9:15 a.m. to 12:00 p.m. (Eastern Standard Time), the Global Markets Advisory Committee (GMAC) will hold a public meeting via teleconference. At this meeting, the GMAC will hear presentations on issues affecting international central counterparties and the global clearing ecosystem.

The Commodity Futures Trading Commission (CFTC) announces that on December 14, 2020, from 9 a.m. to 12 p.m., the Technology Advisory Committee (TAC) will hold a public meeting via teleconference. At this meeting, the TAC will hear presentations from the TAC subcommittees on Distributed Ledger Technology and Market Infrastructure and Virtual Currencies. The TAC also plans to vote on a recommendation from the Cyber Security subcommittee.

The Commodity Futures Trading Commission (``Commission'' or ``CFTC'') is amending its regulations to improve the accuracy of data reported to, and maintained by, swap data repositories (``SDRs''), and to provide enhanced and streamlined oversight over SDRs and data reporting generally. Among other changes, the amendments modify existing requirements for SDRs to establish policies and procedures to confirm the accuracy of swap data with both counterparties to a swap and require reporting counterparties to verify the accuracy of swap data pursuant to those SDR procedures. The amendments also update existing requirements related to corrections for data errors and certain provisions related to SDR governance.

The Commodity Futures Trading Commission (``Commission'' or ``CFTC'') is amending certain regulations setting forth the real-time public swap reporting and dissemination requirements for swap data repositories (``SDRs''), derivatives clearing organizations (``DCOs''), swap execution facilities (``SEFs''), designated contract markets (``DCMs''), swap dealers (``SDs''), major swap participants (``MSPs''), and swap counterparties that are neither SDs nor MSPs. The amendments, among other things, address certain issues related to reporting post- priced swaps (``PPS'') and disseminating swaps associated with prime brokerage arrangements. In addition, the Commission is adopting technical amendments to certain provisions in other parts of its regulations.

The Commodity Futures Trading Commission (Commission or CFTC) is granting an exemption to certain member firms designated by the BSE Limited (BSE) from the application of certain of the Commission's foreign futures and option regulations based upon substituted compliance with certain comparable regulatory and self-regulatory requirements of a foreign regulatory authority consistent with conditions specified by the Commission, as set forth herein. This Order is issued pursuant to Commission regulation 30.10, which permits persons to file a petition with the Commission for exemption from the application of certain of the regulations set forth in part 30 and authorizes the Commission to grant such an exemption if such action would not be otherwise contrary to the public interest or to the purposes of the provision from which exemption is sought. The Commission notes that this Order does not pertain to any transaction in swaps, as defined in Section 1a(47) of the Commodity Exchange Act (Act).

The Commodity Futures Trading Commission (Commission or CFTC) is granting an exemption to certain member firms designated by NZX Limited (NZX) from the application of certain of the Commission's foreign futures and option regulations based upon substituted compliance with certain comparable regulatory and self-regulatory requirements of a foreign regulatory authority consistent with conditions specified by the Commission, as set forth herein. This Order is issued pursuant to Commission regulation 30.10, which permits persons to file a petition with the Commission for exemption from the application of certain of the regulations set forth in part 30 and authorizes the Commission to grant such an exemption if such action would not be otherwise contrary to the public interest or to the purposes of the provision from which exemption is sought. The Commission notes that this Order does not pertain to any transaction in swaps, as defined in Section 1a(47) of the Commodity Exchange Act (Act).

By this Order, the Commodity Futures Trading Commission (Commission) is amending and consolidating prior relief issued in orders pursuant to Commission regulation 30.10 regarding the offer and sale of foreign futures and options contracts to customers located in the U.S. by firms designated by the Montreal Exchange (MX) to reflect changes to the local laws and regulations applicable to the segregation of customer funds.

The Commodity Futures Trading Commission (CFTC or Commission) is adopting amendments (the Final Rule) to Commission regulations on additional reporting by commodity pool operators (CPOs) and commodity trading advisors and to Form CPO-PQR (also, the form). The Commission is: Eliminating existing Schedules B and C of Form CPO-PQR, except for the Pool Schedule of Investments; amending the information requirements and instructions to request Legal Entity Identifiers (LEIs) for CPOs and their operated pools that have them, and to delete questions regarding pool auditors and marketers; and making certain other changes due to the rescission of Schedules B and C, including the elimination of all existing reporting thresholds. Pursuant to the Final Rule, all reporting CPOs will be required to file the revised Form CPO-PQR (Revised Form CPO-PQR, or the Revised Form) quarterly. The Final Rule also amends Commission regulations to permit reporting CPOs to file NFA Form PQR, a comparable form required by the National Futures Association (NFA), in lieu of filing the Commission's Revised Form. Conversely, Form PF will no longer be accepted in lieu of the Revised Form, though it will remain a Commission form.

The Commodity Futures Trading Commission (``CFTC'') and the Securities and Exchange Commission (``SEC'') (collectively, the ``Commissions'') seek public comment on potential ways to implement portfolio margining of uncleared swaps and non-cleared security-based swaps.

The Commodity Futures Trading Commission (Commission) is correcting a final rule published in the Federal Register on September 14, 2020. The document addressed the cross-border application of certain swap provisions of the Commodity Exchange Act (``CEA'' or ``Act''), as added by Title VII of the Dodd-Frank Wall Street Reform and Consumer Protection Act (``Dodd-Frank Act'').