Commodity Futures Trading Commission 2021 – Federal Register Recent Federal Regulation Documents

Regulatory Flexibility Agenda
Document Number: 2021-04339
Type: Proposed Rule
Date: 2021-03-31
Agency: Commodity Futures Trading Commission, Agencies and Commissions
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.
Agency Information Collection Activities Under OMB Review
Document Number: 2021-04667
Type: Notice
Date: 2021-03-08
Agency: Commodity Futures Trading Commission, Agencies and Commissions
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 Information and Regulatory Affairs (``OIRA''), of 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
Document Number: 2021-04666
Type: Notice
Date: 2021-03-08
Agency: Commodity Futures Trading Commission, Agencies and Commissions
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 Information and Regulatory Affairs (``OIRA''), of 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 Renew Collection 3038-0095; Large Trader Reporting for Physical Commodity Swaps
Document Number: 2021-03817
Type: Notice
Date: 2021-02-24
Agency: Commodity Futures Trading Commission, Agencies and Commissions
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. This notice solicits comments on the information collection requirements set out in the Commission's regulations concerning large trader reporting for physical commodity swaps.
Global Markets Advisory Committee
Document Number: 2021-03405
Type: Notice
Date: 2021-02-19
Agency: Commodity Futures Trading Commission, Agencies and Commissions
The Commodity Futures Trading Commission (CFTC) announces that on March 11, 2021, from 9:00 a.m. to 1:00 p.m. (Eastern Standard Time), the Global Markets Advisory Committee (GMAC) will hold a public meeting via teleconference. At this meeting, the GMAC will continue discussions on the impact of market volatility related to the coronavirus pandemic and recent effects on international central counterparties and the global clearing ecosystem; and hear presentations and provide dialogue on matters related to retail participation in the derivatives markets.
Swap Execution Facilities and Trade Execution Requirement
Document Number: 2020-28945
Type: Proposed Rule
Date: 2021-02-12
Agency: Commodity Futures Trading Commission, Agencies and Commissions
On November 30, 2018, the Commodity Futures Trading Commission (``CFTC'' or the ``Commission'') published a ``Swap Execution Facilities and Trade Execution Requirement'' notice of proposed rulemaking (``NPRM'') in the Federal Register. While the Commission has adopted certain proposals from the NPRM, in light of feedback the Commission received in response to the remaining proposals in the NPRM, the Commission has determined to not proceed with those unadopted proposals relating to the regulation of swap execution facilities (``SEFs'') and the trade execution requirement (``Determination''). In separate final rules, the Commission adopted the following portions of the NPRM: Two exemptions, pursuant to Commodity Exchange Act (``CEA'') section 4(c), from the trade execution requirement in CEA section 2(h)(8); and final rules related to audit trail requirements for post- trade allocations, SEF financial resource requirements, and SEF chief compliance officer requirements (collectively, the ``Final Rules''). As such, this withdrawal does not impact or alter any of those sections of the NPRM that are being adopted in the Final Rules. In light of the Determination, the Commission has decided to withdraw the unadopted portions of the NPRM.
Swap Execution Facilities
Document Number: 2020-28944
Type: Rule
Date: 2021-02-11
Agency: Commodity Futures Trading Commission, Agencies and Commissions
The Commodity Futures Trading Commission (``Commission'' or ``CFTC'') is adopting final rules (``Final Rules'') addressing operational issues facing swap execution facilities (``SEF'') and their market participants in connection with the Commission's regulatory requirements for a SEF's audit trail data, financial resources, and chief compliance officer (``CCO'').
Exemptions From Swap Trade Execution Requirement
Document Number: 2020-28943
Type: Rule
Date: 2021-02-11
Agency: Commodity Futures Trading Commission, Agencies and Commissions
The Commodity Futures Trading Commission (``Commission'' or ``CFTC'') is adopting a final rule (``Final Rule'') that establishes two exemptions from the statutory requirement to execute certain types of swaps on a swap execution facility (``SEF'') or a designated contract market (``DCM'') (this requirement, the ``trade execution requirement'').
Market Risk Advisory Committee
Document Number: 2021-02440
Type: Notice
Date: 2021-02-05
Agency: Commodity Futures Trading Commission, Agencies and Commissions
The Commodity Futures Trading Commission (CFTC) announces that on February 23, 2021, from 9:30 a.m. to 2:00 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 reports from its subcommittees: Climate-related Market Risk, CCP Risk and Governance, Market Structure, and Interest Rate Benchmark Reform. The meeting will also include a discussion regarding diversity, equity, and inclusion in the derivatives markets as well as other related financial markets.
Annual Adjustment of Civil Monetary Penalties To Reflect Inflation-2021
Document Number: 2021-00897
Type: Rule
Date: 2021-02-02
Agency: Commodity Futures Trading Commission, Agencies and Commissions
The Commodity Futures Trading Commission (Commission) is amending its rule that governs the maximum amount of civil monetary penalties imposed under the Commodity Exchange Act (CEA), to adjust for inflation. This rule sets forth the maximum, inflation-adjusted dollar amount for civil monetary penalties (CMPs) assessable for violations of the CEA and Commission rules, regulations and orders thereunder. The rule, as amended, implements the Federal Civil Penalties Inflation Adjustment Act of 1990, as amended.
Agency Information Collection Activities Under OMB Review
Document Number: 2021-01911
Type: Notice
Date: 2021-01-28
Agency: Commodity Futures Trading Commission, Agencies and Commissions
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 Information and Regulatory Affairs (OIRA), of 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
Document Number: 2021-01841
Type: Notice
Date: 2021-01-28
Agency: Commodity Futures Trading Commission, Agencies and Commissions
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 Information and Regulatory Affairs (OIRA), of 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 Renew Collection 3038-0082, Whistleblower Provision
Document Number: 2021-01839
Type: Notice
Date: 2021-01-28
Agency: Commodity Futures Trading Commission, Agencies and Commissions
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 Information and Regulatory Affairs (OIRA), of 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.
Margin Requirements for Uncleared Swaps for Swap Dealers and Major Swap Participants
Document Number: 2020-27508
Type: Rule
Date: 2021-01-25
Agency: Commodity Futures Trading Commission, Agencies and Commissions
The Commodity Futures Trading Commission (``Commission'' or ``CFTC'') is amending the margin requirements for uncleared swaps (``Final Rule'') for swap dealers (``SD'') and major swap participants (``MSP'') for which there is not a prudential regulator (``CFTC Margin Rule''). The Final Rule amends the CFTC Margin Rule to permit the application of a minimum transfer amount (``MTA'') of up to $50,000 for each separately managed account (``SMA'') of a legal entity that is a counterparty to an SD or MSP in an uncleared swap transaction and to permit the application of separate MTAs for initial margin (``IM'') and variation margin (``VM'').
Fees for Reviews of the Rule Enforcement Programs of Designated Contract Markets and Registered Futures Associations
Document Number: 2021-01145
Type: Notice
Date: 2021-01-21
Agency: Commodity Futures Trading Commission, Agencies and Commissions
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 2020 by this notice is based upon an average of actual program costs incurred during fiscal year (``FY'') 2017, FY 2018, and FY 2019.
Agency Information Collection Activities: Notice of Intent To Extend Collection 3038-0074: Core Principles and Other Requirements for Swap Execution Facilities
Document Number: 2021-01081
Type: Notice
Date: 2021-01-19
Agency: Commodity Futures Trading Commission, Agencies and Commissions
The Commodity Futures Trading Commission (CFTC) 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 proposed extension of an existing collection of information, and to allow 60 days for public comment. This notice solicits comments, as described below, on the proposed Information Collection Requests (``ICR'') titled: OMB Control Number 3038-0074 and Part 37, Relating to Core Principles and Other Requirements for Swap Execution Facilities.
Position Limits for Derivatives
Document Number: 2020-25332
Type: Rule
Date: 2021-01-14
Agency: Commodity Futures Trading Commission, Agencies and Commissions
The Commodity Futures Trading Commission (``Commission'' or ``CFTC'') is adopting amendments in this final rule (``Final Rule'') to conform regulations concerning speculative position limits to the relevant Wall Street Transparency and Accountability Act of 2010 (``Dodd-Frank Act'') amendments to the Commodity Exchange Act (``CEA''). Among other regulatory amendments, the Commission is adopting: New and amended Federal spot-month limits for 25 physical commodity derivatives; amended single month and all-months-combined limits for most of the agricultural contracts currently subject to Federal position limits; new and amended definitions for use throughout the position limits regulations, including a revised definition of ``bona fide hedging transaction or position'' and a new definition of ``economically equivalent swaps''; amended rules governing exchange-set limit levels and grants of exemptions therefrom; a new streamlined process for bona fide hedging recognitions for purposes of Federal position limits; new enumerated bona fide hedges; and amendments to certain regulatory provisions that would eliminate Form 204 while also enabling the Commission to leverage and receive cash-market reporting submitted directly to the exchanges by market participants.
Electronic Trading Risk Principles
Document Number: 2020-27622
Type: Rule
Date: 2021-01-11
Agency: Commodity Futures Trading Commission, Agencies and Commissions
The Commodity Futures Trading Commission (``Commission'' or ``CFTC'') is adopting final rules amending its part 38 regulations to address the potential risk of a designated contract market's (``DCM'') trading platform experiencing a market disruption or system anomaly due to electronic trading. The final rules set forth three principles applicable to DCMs concerning: The implementation of exchange rules applicable to market participants to prevent, detect, and mitigate market disruptions and system anomalies associated with electronic trading; the implementation of exchange-based pre-trade risk controls for all electronic orders; and the prompt notification of Commission staff by DCMs of any significant market disruptions on their electronic trading platforms. In addition, the final rules include acceptable practices (``Acceptable Practices''), which provide that a DCM can comply with these principles by adopting and implementing rules and risk controls reasonably designed to prevent, detect, and mitigate market disruptions and system anomalies associated with electronic trading.
Exemption From Derivatives Clearing Organization Registration
Document Number: 2020-26527
Type: Rule
Date: 2021-01-07
Agency: Commodity Futures Trading Commission, Agencies and Commissions
The Commodity Futures Trading Commission (Commission) is adopting policies and procedures that the Commission will follow with respect to granting exemptions from registration as a derivatives clearing organization (DCO). In addition, the Commission is amending certain related delegation provisions in its regulations.
Margin Requirements for Uncleared Swaps for Swap Dealers and Major Swap Participants
Document Number: 2020-27736
Type: Rule
Date: 2021-01-05
Agency: Commodity Futures Trading Commission, Agencies and Commissions
The Commodity Futures Trading Commission (``Commission'' or ``CFTC'') is adopting amendments (``Final Rule'') to its margin requirements for uncleared swaps for swap dealers (``SDs'') and major swap participants (``MSPs'') for which there is not a prudential regulator (``CFTC Margin Rule''). The Commission is amending the CFTC Margin Rule to revise the calculation method for determining whether certain entities come within the scope of its initial margin (``IM'') requirements for uncleared swaps beginning in the last phase of the phased compliance schedule, which starts on September 1, 2022, and the timing for compliance with the IM requirements after the end of the phased compliance schedule. These amendments align certain aspects of the CFTC Margin Rule with the Basel Committee on Banking Supervision and the International Organization of Securities Commissions' (``BSBS/ IOSCO'') Framework for margin requirements for non-centrally cleared derivatives (``BCBS/IOSCO Framework''). The Commission is also amending the CFTC Margin Rule to allow SDs and MSPs subject to the CFTC Margin Rule to use the risk-based model calculation of IM of a counterparty that is a CFTC-registered SD or MSP to determine the amount of IM to be collected from the counterparty and to determine whether the IM threshold amount for the exchange of IM has been exceeded such that documentation concerning the collection, posting, and custody of IM would be required.
Portfolio Reconciliation Requirements for Swap Dealers and Major Swap Participants-Revision of “Material Terms” Definition
Document Number: 2020-26536
Type: Rule
Date: 2021-01-05
Agency: Commodity Futures Trading Commission, Agencies and Commissions
The Commodity Futures Trading Commission (``Commission'' or ``CFTC'') is adopting, and invites comments on, an interim final rule (``Interim Final Rule'') to amend the definition of ``material terms'' to maintain current portfolio reconciliation requirements for swap dealers and major swap participants following the effective date of changes to a recently amended Commission regulation.