Commodity Futures Trading Commission – Federal Register Recent Federal Regulation Documents
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Event Contracts
The Commodity Futures Trading Commission (Commission or CFTC) is proposing amendments to its rules concerning event contracts in certain excluded commodities. The Commission is proposing amendments to further specify types of event contracts that fall within the scope of section 5c(c)(5)(C) of the Commodity Exchange Act (CEA or the Act) and are contrary to the public interest, such that they may not be listed for trading or accepted for clearing on or through a CFTC-registered entity. Among other things, the Commission proposes to further specify the types of event contracts that involve "gaming." The Commission also proposes to amend certain language in its event contract rules to further align with statutory text, and to make certain technical changes to its event contract rules in order to enhance clarity and organization.
Large Trader Reporting Requirements
The Commodity Futures Trading Commission ("Commission" or "CFTC") is amending certain regulations setting forth large trader position reporting requirements for futures and options. The amendments, among other things, remove the 80-character submission standard and delegate authority to the Director of the Office of Data and Technology to designate a modern submission standard for reports required to be submitted, and replace certain data fields previously with an appendix specifying and adding certain applicable data elements.
Capital and Financial Reporting Requirements for Swap Dealers and Major Swap Participants
The Commodity Futures Trading Commission ("Commission" or "CFTC") is adopting amendments to certain of the Commission's regulations that impose minimum capital requirements and financial reporting obligations on swap dealers ("SDs") and major swap participants ("MSPs"). The Commission is adopting amendments consistent with previously issued staff letters addressing the Tangible Net Worth Capital Approach for calculating capital under the applicable Commission regulation and alternative financial reporting by SDs subject to the capital requirements of a prudential regulator. The Commission is also adopting amendments to certain of its regulations applicable to SDs, in areas including the required timing of certain notifications, the process for approval of subordinated debt for capital, and the revision of financial reporting forms to conform to the rules. The amendments are intended to facilitate SDs' compliance with the Commission's financial reporting obligations and minimum capital requirements.
Global Markets Advisory Committee
The Commodity Futures Trading Commission (CFTC) announces that on June 4, 2024 from 10:00 a.m. to 3:00 p.m. Eastern Time, the Global Markets Advisory Committee (GMAC) will hold an in-person public meeting in New York City with options for the public to attend virtually. At this meeting, the GMAC will hear a presentation from the GMAC's Global Market Structure Subcommittee, Technical Issues Subcommittee, and Digital Asset Markets Subcommittee on various workstreams, and consider recommendations from the Subcommittees on such workstreams.
Agency Information Collection Activities: Notice of Intent To Extend Information Collection 3038-0115, Reparations Complaint, CFTC Form 30
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 proposed extension of an existing collection of information, and to allow 60 days for public comment. This notice solicits comments on the extension of information collection requirements regarding the CFTC Reparations Complaint Process, pursuant to part 12 of the Commission regulations under the Commodity Exchange Act ("CEA").
Swap Confirmation Requirements for Swap Execution Facilities
The Commodity Futures Trading Commission (Commission or CFTC) is amending its swap execution facility (SEF) regulations related to uncleared swap confirmations, and making associated technical and conforming changes.
Requirements for Designated Contract Markets and Swap Execution Facilities Regarding Governance and the Mitigation of Conflicts of Interest Impacting Market Regulation Functions
On March 19, 2024, the Commodity Futures Trading Commission ("Commission" or "CFTC") published in the Federal Register a notice of proposed rulemaking ("Proposed Rule" or "NPRM") titled Requirements for Designated Contract Markets and Swap Execution Facilities Regarding Governance and the Mitigation of Conflicts of Interest Impacting Market Regulation Functions. The comment period for the Proposed Rule was set to close on April 22, 2024. The Commission is extending the comment period for this NPRM by an additional twenty-one days.
Technology Advisory Committee
The Commodity Futures Trading Commission (CFTC) announces that on May 2, 2024, from 1:00 p.m. to 4:00 p.m. Eastern Daylight Time, the Technology Advisory Committee (TAC or Committee) will hold an in-person public meeting at the CFTC's Washington, DC headquarters with options for the public to attend virtually. At this meeting, the TAC will continue its study of artificial intelligence in regulated financial services and discuss the work of the Subcommittee on Emerging and Evolving Technologies.
Agricultural Advisory Committee
The Commodity Futures Trading Commission (CFTC) announces that on April 11, 2024, from 9:30 a.m. to 11:00 a.m. (Central Daylight Time), the Agricultural Advisory Committee (AAC or Committee) will hold an in-person public meeting at the Sheraton Overland Park Hotel in Overland Park, KS, with options for the public to attend virtually. At this meeting, the AAC will discuss topics related to the agricultural economy and recent developments in the agricultural derivatives markets.
Requirements for Designated Contract Markets and Swap Execution Facilities Regarding Governance and the Mitigation of Conflicts of Interest Impacting Market Regulation Functions
The Commodity Futures Trading Commission (``Commission'' or ``CFTC'') is proposing new rules and amendments to its existing regulations for designated contract markets (``DCMs'') and swap execution facilities (``SEFs'') that would establish governance and fitness requirements with respect to market regulation functions, as well as related conflict of interest standards. The proposed new rules and amendments include minimum fitness standards, requirements for identifying, managing, and resolving conflicts of interest, and structural governance requirements to ensure that SEF and DCM governing bodies adequately incorporate an independent perspective. The proposal also address requirements relating to the following: composition requirements for board of directors and disciplinary panels; limitations on the use and disclosure by employees and certain others of material non-public information; requirements relating to Chief Regulatory Officers, Chief Compliance Officers, and Regulatory Oversight Committees; and notification of certain changes in the ownership or corporate or organizational structure of a SEF or DCM.
Agency Information Collection Activities: Notice of Intent To Renew Collection 3038-0095; Large Trader Reporting for Physical Commodity Swaps
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.
Form PF; Reporting Requirements for All Filers and Large Hedge Fund Advisers
The Commodity Futures Trading Commission (``CFTC'') and the Securities and Exchange Commission (``SEC'') (collectively, ``we'' or ``Commissions'') are adopting amendments to Form PF, the confidential reporting form for certain SEC-registered investment advisers to private funds, including those that also are registered with the CFTC as a commodity pool operator (``CPO'') or commodity trading adviser (``CTA''). The amendments are designed to enhance the Financial Stability Oversight Council's (``FSOC's'') ability to monitor systemic risk as well as bolster the SEC's regulatory oversight of private fund advisers and investor protection efforts. In connection with the amendments to Form PF, the SEC is amending a rule under the Investment Advisers Act of 1940 (``Advisers Act'') to revise instructions for requesting a temporary hardship exemption.
Foreign Boards of Trade
The Commodity Futures Trading Commission (CFTC or Commission) is proposing to amend its regulations to permit a foreign board of trade (FBOT) registered with the Commission to provide direct access to its electronic trading and order matching system to an identified member or other participant located in the United States and registered with the Commission as an introducing broker (IB) for submission of customer orders to the FBOT's trading system for execution. The Commission is also proposing to establish a procedure for an FBOT to request revocation of its registration, and to remove certain outdated references to ``existing no-action relief.''
Regulations To Address Margin Adequacy and To Account for the Treatment of Separate Accounts by Futures Commission Merchants
On April 14, 2023, the Commodity Futures Trading Commission (Commission or CFTC) published a notice of proposed rulemaking (First Proposal) that proposed to amend the derivatives clearing organization (DCO) risk management regulations adopted under the Commodity Exchange Act (CEA) to permit futures commission merchants (FCMs) that are clearing members of DCOs (clearing FCMs), subject to specified requirements, to treat separate accounts of a single customer as accounts of separate legal entities for purposes of certain Commission regulations. In light of comments received supporting direct application of separate account treatment requirements to FCMs in the Commission's regulations, the Commission has determined to withdraw the First Proposal. The Commission now proposes regulations to require an FCM to ensure that a customer does not withdraw funds from its account with the FCM if the balance in such account after such withdrawal would be insufficient to meet the customer's initial margin requirements, and relatedly, to permit an FCM, in certain circumstances and subject to certain conditions, to treat the separate accounts of a single customer as accounts of separate entities for purposes of certain Commission regulations (Second Proposal). The proposed amendments would establish the conditions under which an FCM may engage in such separate account treatment.
Real-Time Public Reporting Requirements and Swap Data Recordkeeping and Reporting Requirements; Reopening of Comment Period
On December 28, 2023, the Commodity Futures Trading Commission (``Commission'' or ``CFTC'') published in the Federal Register a notice of proposed rulemaking (``Proposed Rule'' or ``NPRM'') titled Real-Time Public Reporting Requirements and Swap Data Recordkeeping and Reporting Requirements. The comment period for the Proposed Rule closed on February 26, 2024. The Commission is reopening the comment period for this NPRM for an additional forty-five days from the date the original comment period closed.
Market Risk Advisory Committee
The Commodity Futures Trading Commission (CFTC) announces that on April 9, 2024, from 9:30 a.m. to 12:30 p.m. (Eastern Daylight Time), the Market Risk Advisory Committee (MRAC or Committee) will hold an in- person public meeting at the CFTC's Washington, DC. headquarters, with options for the public to attend virtually. At this meeting, the MRAC will discuss current topics and developments in the areas of central counterparty risk and governance, market structure, climate-related risk, and innovative and emerging technologies affecting the derivatives and related financial markets.
Operational Resilience Framework for Futures Commission Merchants, Swap Dealers, and Major Swap Participants
On December 18, 2023, the Commodity Futures Trading Commission (Commission) issued a notice of proposed rulemaking (NPRM) titled Operational Resilience Framework for Futures Commission Merchants, Swap Dealers, and Major Swap Participants. The comment period for the NPRM was to close on March 2, 2024. The Commission is extending the comment period for this NPRM by an additional 30 days to April 1, 2024.
Global Markets Advisory Committee
The Commodity Futures Trading Commission (CFTC) announces that on March 6, 2024 from 10:00 a.m. to 3:00 p.m. Eastern Standard Time, the Global Markets Advisory Committee (GMAC) will hold an in-person public meeting at the CFTC's Washington, DC headquarters with options for the public to attend virtually. At this meeting, the GMAC will hear a presentation from the GMAC's Global Market Structure Subcommittee, Technical Issues Subcommittee, and Digital Asset Markets Subcommittee on various workstreams, and consider recommendations from the Subcommittees on such workstreams.
Protection of Clearing Member Funds Held by Derivatives Clearing Organizations
On January 3, 2024, the Commodity Futures Trading Commission (Commission) published, in the Federal Register, a notice of proposed rulemaking (NPRM) titled Protection of Clearing Member Funds Held by Derivatives Clearing Organizations. The comment period for the NPRM was to close on February 16, 2024. The Commission is extending the comment period for this NPRM by an additional 31 days.
Notice of Proposed Order and Request for Comment on an Application for a Capital Comparability Determination Submitted on Behalf of Nonbank Swap Dealers Subject to Capital and Financial Reporting Requirements of the United Kingdom and Regulated by the United Kingdom Prudential Regulation Authority
The Commodity Futures Trading Commission is soliciting public comment on an application submitted by the Institute of International Bankers, International Swaps and Derivatives Association, and Securities Industry and Financial Markets Association requesting that the Commission determine that the capital and financial reporting laws and regulations of the United Kingdom applicable to CFTC-registered swap dealers organized and domiciled in the United Kingdom, which are licensed under the United Kingdom Financial Services and Markets Act 2000 as investment firms and designated for prudential supervision by the United Kingdom Prudential Regulation Authority, provide sufficient bases for an affirmative finding of comparability with respect to the Commission's swap dealer capital and financial reporting requirements adopted under the Commodity Exchange Act. The Commission is also soliciting public comment on a proposed order providing for the conditional availability of substituted compliance in connection with the application.
Privacy Act Regulations
The Commodity Futures Trading Commission (CFTC or Commission) proposes to update its regulations regarding exemptions for certain systems of records from one or more provisions of the Privacy Act of 1974 (Privacy Act). The Commission proposes to revise these regulations to specifically identify the systems of records currently included in the regulation that the Commission is exempting, additional systems of records that the Commission intends to exempt, and the sections of the Privacy Act from which the Commission is exempting each system of records, and the reasons therefor, in order to better conform to the requirements of the Privacy Act and the guidance contained in Office of Management and Budget (OMB) Circular A-108, Federal Agency Responsibilities for Review, Reporting, and Publication Under the Privacy Act (OMB A-108). The Commission also proposes to reorganize the regulations for ease of reference.
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 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
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
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.
Annual Adjustment of Civil Monetary Penalties To Reflect Inflation-2024
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.
Operational Resilience Framework for Futures Commission Merchants, Swap Dealers, and Major Swap Participants
The Commodity Futures Trading Commission (CFTC or Commission) is proposing to require that futures commission merchants, swap dealers, and major swap participants establish, document, implement, and maintain an Operational Resilience Framework reasonably designed to identify, monitor, manage, and assess risks relating to information and technology security, third-party relationships, and emergencies or other significant disruptions to normal business operations. The framework would include three componentsan information and technology security program, a third-party relationship program, and a business continuity and disaster recovery plansupported by broad requirements relating to governance, training, testing, and recordkeeping. The proposed rule would also require certain notifications to the Commission and customers or counterparties. The Commission is further proposing guidance relating to the management of risks stemming from third-party relationships.
Capital and Financial Reporting Requirements for Swap Dealers and Major Swap Participants
The Commodity Futures Trading Commission (``Commission'' or ``CFTC'') proposes to amend certain of the Commission's regulations that impose minimum capital requirements and financial reporting obligations on swap dealers (``SDs'') and major swap participants (``MSPs''). The Commission proposes to do this by codifying parts of staff interpretive letter 21-15 to SDs addressing the Tangible Net Worth Capital Approach for calculating capital under the applicable Commission regulation and no-action letter 21-18 (and its successor no- action letter 23-11) regarding alternative financial reporting by SDs subject to the capital requirements of a prudential regulator (together, ``CFTC Letters''). The Commission is also proposing to amend certain of its regulations applicable to SDs, in areas including the required timing of certain notifications, the process for approval of subordinated debt for capital, and the revision of financial reporting forms to conform to the rules. The proposed amendments are intended to make it easier for SDs to comply with the Commission's financial reporting obligations and demonstrate compliance with minimum capital requirements.
Protection of Clearing Member Funds Held by Derivatives Clearing Organizations
The Commodity Futures Trading Commission (CFTC or Commission) is proposing regulations to ensure clearing member funds and assets receive the proper treatment in the event the derivatives clearing organization (DCO) enters bankruptcy by requiring, among other things, that clearing member funds be segregated from the DCO's own funds and held in a depository that acknowledges in writing that the funds belong to clearing members, not the DCO. In addition, the Commission is proposing to permit DCOs to hold customer and clearing member funds at foreign central banks subject to certain requirements. Finally, the Commission is proposing to require DCOs to conduct a daily calculation and reconciliation of the amount of funds owed to customers and clearing members and the amount actually held for customers and clearing members.
Real-Time Public Reporting Requirements and Swap Data Recordkeeping and Reporting Requirements
The Commodity Futures Trading Commission (the ``Commission'' or the ``CFTC'') is proposing revisions to part 43 and part 45 of the Commission's regulations to: allow for continued geographic masking after the designation of the unique product identifier and product classification system (``UPI'') for swaps in the other commodity asset class; implement conforming changes in connection with the geographic masking requirement; add reportable data fields to appendix A to part 43 and appendix 1 to part 45 that promote international harmonization and further the Commission's surveillance and analysis activities; and implement non-substantive revisions to the descriptions of the existing reportable data elements in such appendices.
Commission Guidance Regarding the Listing of Voluntary Carbon Credit Derivative Contracts; Request for Comment
The Commodity Futures Trading Commission (the ``Commission'' or ``CFTC'') is issuing for public comment this proposed guidance regarding the listing for trading of voluntary carbon credit (``VCC'') derivative contracts. Specifically, the Commission is proposing to issue guidance to outline factors that designated contract markets (``DCMs'') should consider when addressing certain provisions of the Commodity Exchange Act (``CEA''), and CFTC regulations thereunder, that are relevant to the listing for trading of VCC derivative contracts. The Commission recognizes that VCC derivatives are a comparatively new and evolving class of products, and believes that guidance that outlines factors for a DCM to consider in connection with product design and listing may help to advance the standardization of such products in a manner that promotes transparency and liquidity. The Commission requests comment on this proposed guidance and further invites comment on specific questions related to the listing for trading of VCC derivative contracts.
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 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.
Technology Advisory Committee
The Commodity Futures Trading Commission (CFTC) announces that on January 8, 2024, from 12:30 p.m. to 4:30 p.m. Eastern Standard Time, the Technology Advisory Committee (TAC or Committee) will hold an in- person public meeting at the CFTC's Washington, DC headquarters with options for the public to attend virtually. At this meeting, the TAC will discuss digital assets and blockchain technology, cybersecurity, and emerging and evolving technologies.
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: Copies of Crop and Market Information Reports
The Commodity Futures Trading Commission (``Commission'' or ``CFTC'') is announcing an opportunity for public comment on the extension of a proposed collection of certain information by the agency. In compliance with the Paperwork Reduction Act of 1995, 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 response to the notice. This notice solicits comments, as described below, on the proposed Information Collection Request (``ICR'') titled: Copies of Crop and Market Information Reports.
Agency Information Collection Activities: Notice of Intent To Extend Collection 3038-0026, Gross Collection of Exchange-Set Margins for Omnibus Accounts
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 each proposed extension of an existing collection of information, and to allow 60 days for public comment. This notice solicits comments on requirements relating to Gross Collection of Exchange-Set Margins for Omnibus Accounts.
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 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.
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