Commodity Futures Trading Commission – Federal Register Recent Federal Regulation Documents
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Agency Information Collection Activities: Submission for OMB Emergency Review; Comment Request: Exemptive Order Regarding Compliance With Certain Swap Regulations
The Commodity Futures Trading Commission (``Commission'' or ``CFTC'') has submitted a request for review and approval of an information collection request (``ICR'') titled ``Exemptive Order Regarding Compliance with Certain Swap Regulations,'' utilizing emergency review procedures in accordance with the Paperwork Reduction Act of 1995 (``PRA''), 44 U.S.C. 3501 et seq., and Office of Management and Budget (``OMB'') regulation 5 CFR 1320.13. The Commission is requesting that this information collection be approved by August 8, 2012. The Commission is initially requesting a six-month approval for this collection. The Commission plans to follow this emergency request with a request for a 3-year approval, through OMB's normal clearance procedures of OMB regulation 5 CFR 1320.10.
Meeting; Technology Advisory Committee
The CFTC announces that on Thursday, July 26, 2012, the CFTC's Technology Advisory Committee (``TAC'') will hold an emergency public meeting at the CFTC's Washington, DC headquarters, from 10:00 a.m. to 4:00 p.m. The TAC will focus on possible technology solutions to, among other things, enable futures commission merchant customers, self- regulatory organizations and the CFTC to verify in near real-time the accuracy of the amount of funds held in customer segregated accounts.
End-User Exception to the Clearing Requirement for Swaps
The Commodity Futures Trading Commission (Commission or CFTC) is adopting final regulations to implement certain provisions of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act). These regulations govern the exception to the clearing requirement available to swap counterparties meeting certain conditions under the Commodity Exchange Act (CEA), as amended by the Dodd-Frank Act.
Clearing Exemption for Certain Swaps Entered Into by Cooperatives
The Commodity Futures Trading Commission (``CFTC'' or ``Commission'') is proposing a rule pursuant to its authority under Section 4(c) of the Commodity Exchange Act (CEA) allowing cooperatives meeting certain conditions to elect not to submit for clearing certain swaps that such cooperatives would otherwise be required to clear in accordance with Section 2(h)(1) of the CEA.
Privacy Act of 1974 System of Records Notice
The Commodity Futures Trading Commission (Commission) is revising one system of records under the Privacy Act of 1974: CFTC-44, Personnel Security Files, to be renamed CFTC-44, Personnel Clearance System. The Commission also is establishing two new systems of records: CFTC-48, Personal Property Claims, and CFTC-49, Whistleblower Records (Exempted). Revisions to CFTC-44 incorporate enhancements to the system of records with a new streamlined process of capturing personal information, minimizing paper records and eliminating manual entry into a legacy application when an individual applies for a security clearance. New CFTC-48 addresses information collected through a new process for employees to file and have adjudicated claims for damage or loss of certain personal property, as stated in Commission policies and applicable law. New CFTC-49 addresses information collected for the Commission's whistleblower program, which is described and defined in Section 23 of the Commodity Exchange Act, 7 U.S.C. 26, and the rules promulgated thereunder, 17 CFR part 165.
Second Amendment to July 14, 2011 Order for Swap Regulation
On May 16, 2012, the Commodity Futures Trading Commission (``CFTC'' or the ``Commission'') published in the Federal Register a Notice of Proposed Amendment (``Notice'') to extend the temporary exemptive relief the Commission granted on July 14, 2011 (``July 14 Order'') from certain provisions of the Commodity Exchange Act (``CEA'') that otherwise would have taken effect on the general effective date of title VII of the Dodd-Frank Wall Street Reform and Consumer Protection Act (``the Dodd-Frank Act'')July 16, 2011. This final order extends the July 14 Order with certain modifications. Specifically, it removes references to the entities terms, including ``swap dealer,'' ``major swap participant,'' and ``eligible contract participant'' in light of the final joint rulemaking of the CFTC and Securities and Exchange Commission (``SEC'') further defining those terms issued on April 18, 2012; extends the potential latest expiration date of the July 14 Order to December 31, 2012, or, depending on the nature of the relief, such other compliance date as may be determined by the Commission; allows the clearing of agricultural swaps, as described herein; and removes any reference to the exempt commercial market (``ECM'') and exempt board of trade (``EBOT'') grandfather relief previously issued by the Commission.
Margin Requirements for Uncleared Swaps for Swap Dealers and Major Swap Participants
On April 28, 2011, the Commodity Futures Trading Commission (``Commission'' or ``CFTC'') published in the Federal Register a notice of proposed rulemaking that would establish initial and variation margin requirements on uncleared swaps for swap dealers (``SDs'') and major swap participants (``MSPs'').\1\ In October 2011, the Basel Commission on Banking Supervision (``BCBS'') and the International Organization of Securities Commissions (``IOSCO'') established a Working Group on Margin Requirements (``WGMR'') to develop harmonized international standards for uncleared swaps. BCBS and IOSCO recently published a consultative paper prepared by the WGMR that outlines possible margin requirements for non-centrally cleared derivatives (``consultative paper'').\2\ The Commission is extending the comment period for its proposed margin rules for uncleared swaps for swap dealers and major swap participants in order to give interested parties the opportunity to comment on the consultative paper and the CFTC's proposed rules concurrently.
Exemptive Order Regarding Compliance With Certain Swap Regulations
The Commodity Futures Trading Commission (``Commission'') is proposing to grant, pursuant to section 4(c) of the Commodity Exchange Act (``CEA''), temporary exemptive relief in order to allow non-U.S. swap dealers and non-U.S. major swap participants to delay compliance with certain entity-level requirements of the CEA (and Commission regulations promulgated thereunder), subject to specified conditions. Additionally, with respect to transaction-level requirements of the CEA (and Commission regulations promulgated thereunder), the relief would allow non-U.S. swap dealers and non-U.S. major swap participants, as well as foreign branches of U.S. swap dealers and major swap participants, to comply only with those requirements as may be required in the home jurisdiction of such non-U.S. swap dealers and non-U.S. major swap participants (or in the case of foreign branches of a U.S. swap dealer or U.S. major swap participant, the foreign location of the branch) for swaps with non-U.S. counterparties. This relief would become effective concurrently with the date upon which swap dealers and major swap participants must first apply for registration and expire 12 months following the publication of this proposed order in the Federal Register. Finally, U.S. swap dealers and U.S. major swap participants may delay compliance with certain entity-level requirements of the CEA (and Commission regulations promulgated thereunder) from the date upon which swap dealers and major swap participants must apply for registration until January 1, 2013.
Cross-Border Application of Certain Swaps Provisions of the Commodity Exchange Act
The Commodity Futures Trading Commission (``Commission'' or ``CFTC) is publishing for public comment this proposed interpretive guidance and policy statement regarding the cross-border application of the swaps provisions of the Commodity Exchange Act (``CEA'') that were enacted by Title VII of the Dodd-Frank Wall Street Reform and Consumer Protection Act, and the Commission's regulations promulgated thereunder. Specifically, this proposed interpretive guidance and policy statement describes the following: The general manner in which the Commission will consider whether a person's swap dealing activities or swap positions may require registration as a swap dealer or major swap participant, respectively, and the application of the related requirements under the CEA to swaps involving such persons; and the application of the clearing, trade execution, and certain reporting and recordkeeping provisions under the CEA, to cross-border swaps involving one or more counterparties that are not swap dealers or major swap participants. This proposed interpretive guidance and policy statement also generally describes the policy and procedural framework under which the Commission may permit compliance with a comparable regulatory requirement of a foreign jurisdiction to substitute for compliance with the requirements of the CEA.
Further Definition of “Swap Dealer,” “Security-Based Swap Dealer,” “Major Swap Participant,” “Major Security-Based Swap Participant” and “Eligible Contract Participant”; Correction
The Commodity Futures Trading Commission and Securities and Exchange Commission are correcting final rules that appeared in the Federal Register of May 23, 2012 (77 FR 30596). The rules further defined the terms ``swap dealer,'' ``security-based swap dealer,'' ``major swap participant,'' ``major security-based swap participant'' and ``eligible contract participant.'' Only the rules of the Commodity Futures Trading Commission are subject to this correction. This document also corrects a footnote in the Supplementary Information accompanying the final rules.
Reestablishment of the Agricultural Advisory Committee
The Commodity Futures Trading Commission has determined to reestablish the charter of its Agricultural Advisory Committee.
Rules Prohibiting the Aggregation of Orders To Satisfy Minimum Block Sizes or Cap Size Requirements, and Establishing Eligibility Requirements for Parties to Block Trades
The Commodity Futures Trading Commission (``Commission'') is issuing a notice of proposed rulemaking to add certain provisions to part 43 of the Commission's regulations pertaining to block trades in swap contracts. The provisions would: (i) Prohibit the aggregation of orders for different trading accounts in order to satisfy the minimum block size or cap size requirements, except for orders aggregated by certain commodity trading advisors (``CTAs''), investment advisers and foreign persons (as described in this release), if such person has more than $25,000,000 in total assets under management (``AUM''); (ii) provide that parties to a block trade must individually qualify as eligible contract participants (``ECPs''), except where a designated contract market allows certain CTAs, investment advisers and foreign persons (as described in this release), to transact block trades for customers who are not ECPs, if such CTA, investment adviser or foreign person has more than $25,000,000 in total AUM; and (iii) require that persons transacting block trades on behalf of customers must receive prior written instruction or consent from the customer to do so.
Customer Clearing Documentation, Timing of Acceptance for Clearing, and Clearing Member Risk Management; Core Principles and Other Requirements for Designated Contract Markets; Correction
This document corrects incorrect text published in the Federal Register of April 9, 2012, and June 19, 2012, regarding Customer Clearing Documentation, Timing of Acceptance for Clearing, and Clearing Member Risk Management, and Core Principles and Other Requirements for Designated Contract Markets.
Core Principles and Other Requirements for Designated Contract Markets
The Commodity Futures Trading Commission (``Commission'' or ``CFTC'') is adopting new and amended rules, guidance, and acceptable practices to implement certain statutory provisions enacted by Title VII of the Dodd-Frank Wall Street Reform and Consumer Protection Act (``Dodd-Frank Act''). The final rules, guidance and acceptable practices, which apply to the designation and operation of contract markets, implement the Dodd-Frank Act's new statutory framework that, among other things, amends section 5 of the Commodity Exchange Act (``the Act'' or ``CEA'') concerning designation and operation of contract markets, and adds a new CEA section 2(h)(8) to mandate the listing, trading and execution of certain swaps on designated contract markets (``DCMs'').
Renewal of the Global Markets Advisory Committee
The Commodity Futures Trading Commission has determined to renew the charter of its Global Markets Advisory Committee.
Dual and Multiple Associations of Persons Associated With Swap Dealers, Major Swap Participants and Other Commission Registrants
The Commodity Futures Trading Commission (Commission or CFTC) is proposing regulations that would make clear that each swap dealer (SD), major swap participant (MSP), and other Commission registrant with whom an associated person (AP) is associated is required to supervise the AP and is jointly and severally responsible for the activities of the AP with respect to customers common to it and any other SD, MSP or other Commission registrant (Proposal).
Swap Data Recordkeeping and Reporting Requirements: Pre-Enactment and Transition Swaps
The Commodity Futures Trading Commission (``Commission'' or ``CFTC'') is adopting rules to further implement the Commodity Exchange Act (``CEA'' or ``Act'') with respect to the new statutory framework regarding swap data recordkeeping and reporting established by the Dodd-Frank Wall Street Reform and Consumer Protection Act (``Dodd-Frank Act''). The Dodd-Frank Act, which amended the CEA, directs that rules adopted by the Commission shall provide for the reporting of data relating to swaps entered into before the date of enactment of the Dodd-Frank Act, the terms of which have not expired as of the date of enactment of the Dodd-Frank Act (``pre-enactment swaps'') and data relating to swaps entered into on or after the date of enactment of the Dodd-Frank Act and prior to the compliance date specified in the Commission's final swap data reporting rules (``transition swaps''). These final rules establish swap data recordkeeping and reporting requirements for pre-enactment swaps and transition swaps.
Meeting of Technology Advisory Committee
The CFTC announces that on Wednesday, June 20, 2012, the CFTC's Technology Advisory Committee (``TAC'') will hold a public meeting at the CFTC's Washington, DC headquarters, from 10:00 a.m. to 5:00 p.m. The TAC will focus on updates from the TAC Subcommittee on Automated and High Frequency Trading (HFT), HFT strategies, and liquidity aggregation across designated contract markets (DCMs) and swap execution facilities (SEFs).
Aggregation, Position Limits for Futures and Swaps
On November 18, 2011, the Commodity Futures Trading Commission (``Commission'' or ``CFTC'') published in the Federal Register a final rule and interim final rule, which establish a position limits regime for 28 exempt and agricultural commodity futures and options contracts and the physical commodity swaps that are economically equivalent to such contracts. In response to a petition for exemptive relief under the Commodity Exchange Act and certain comments to the Commission's interim final rule for spot-month limits for cash-settled contracts, this notice proposes certain modifications to the Commission's policy for aggregation under the position limits regime in CFTC regulations.
Further Definition of “Swap Dealer,” “Security-Based Swap Dealer,” “Major Swap Participant,” “Major Security-Based Swap Participant” and “Eligible Contract Participant”
In accordance with the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (``Dodd-Frank Act''), the Commodity Futures Trading Commission (``CFTC'') and the Securities and Exchange Commission (``SEC'') (collectively, the ``Commissions''), in consultation with the Board of Governors of the Federal Reserve System (``Board''), are adopting new rules and interpretive guidance under the Commodity Exchange Act (``CEA''), and the Securities Exchange Act of 1934 (``Exchange Act''), to further define the terms ``swap dealer,'' ``security-based swap dealer,'' ``major swap participant,'' ``major security-based swap participant,'' and ``eligible contract participant.''
Second Amendment to July 14, 2011 Order for Swap Regulation
On July 14, 2011, the Commodity Futures Trading Commission (``CFTC'' or the ``Commission'') issued a final order (``July 14 Order'') that granted temporary exemptive relief from certain provisions of the Commodity Exchange Act (``CEA'') that otherwise would have taken effect on the general effective date of title VII of the Dodd-Frank Wall Street Reform and Consumer Protection Act (the ``Dodd- Frank Act'')July 16, 2011. On December 23, 2011, the Commission amended the July 14 Order to extend the potential latest expiration date of the July 14 Order from December 31, 2011 to July 16, 2012, and added provisions to account for the repeal and replacement (as of December 31, 2011) of part 35 of the Commission's regulations (the ``First Amended July 14 Order''). In this Notice of Proposed Amendment (``Notice''), the Commission proposes to further modify the temporary exemptive relief provided in the First Amended July 14 Order by: (1) Removing references to the entities terms, including ``swap dealer,'' ``major swap participant,'' and ``eligible contract participant'' in light of the final, joint CFTC-SEC rulemaking further defining them issued on April 18, 2012; (2) extending the potential latest expiration date of the July 14 Order to December 31, 2012, or, depending on the nature of the relief, such other compliance date as may be determined by the Commission; (3) allowing the clearing of agricultural swaps, as described herein; and (4) removing any reference to the exempt commercial market (``ECM'') and exempt board of trade (``EBOT'') grandfather relief previously issued by the Commission. Only comments pertaining to these proposed amendments to the First Amended July 14 Order, as amended (the ``Second Amended July 14 Order''), will be considered.
Joint CFTC-SEC Advisory Committee on Emerging Regulatory Issues
The Chairmen of the SEC and CFTC, with the concurrence of the other SEC and CFTC Commissioners, respectively, intend to renew the charter of the Joint CFTC-SEC Advisory Committee on Emerging Regulatory Issues (the ``Committee'').
Swap Data Repositories: Interpretative Statement Regarding the Confidentiality and Indemnification Provisions of Section 21(d) of the Commodity Exchange Act
The Commodity Futures Trading Commission (``Commission'' or ``CFTC'') is proposing this interpretative statement to provide guidance regarding the applicability of the confidentiality and indemnification provisions set forth in new section 21(d) of the Commodity Exchange Act (``CEA'') added by section 728 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (``Dodd-Frank Act''). The Commission requests comment on all aspects of the proposed interpretative statement. The proposed interpretative statement clarifies that the provisions of section 21(d) should not operate to inhibit or prevent foreign regulatory authorities from accessing data in which they have an independent and sufficient regulatory interest, even if that data also has been reported pursuant to the CEA and Commission regulations.
Fees for Reviews of the Rule Enforcement Programs of Designated Contract Markets and Registered Futures Associations
The 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, a registered futures association, and the designated contract markets. The calculation of the fee amounts charged for FY 2011 by this notice is based upon an average of actual program costs incurred during FY 2008, 2009, and 2010.
Commodity Options
The Commodity Futures Trading Commission (``Commission'' or ``CFTC'') is issuing a final rule to repeal and replace the Commission's current regulations concerning commodity options. The Commission is also issuing an interim final rule (with a request for additional comment) that incorporates a trade option exemption into the final rules for commodity options (added Sec. 32.3). For a transaction to be within the trade option exemption, the option, the offeror (seller), and the offeree (buyer), as applicable, must satisfy certain eligibility requirements, including that the option, if exercised, be physically settled, that the option seller meet certain eligibility requirements, and that the option buyer be a commercial user of the commodity underlying the option, and certain other regulatory conditions. Only comments pertaining to the interim final rule will be considered in any further action related to these rules.
Customer Clearing Documentation, Timing of Acceptance for Clearing, and Clearing Member Risk Management
The Commodity Futures Trading Commission (``Commission'' or ``CFTC'') is adopting rules to implement new statutory provisions enacted by Title VII of the Dodd-Frank Wall Street Reform and Consumer Protection Act. These rules address: The documentation between a customer and a futures commission merchant that clears on behalf of the customer; the timing of acceptance or rejection of trades for clearing by derivatives clearing organizations and clearing members; and the risk management procedures of futures commission merchants, swap dealers, and major swap participants that are clearing members. The rules are designed to increase customer access to clearing, to facilitate the timely processing of trades, and to strengthen risk management at the clearing member level.
Agency Information Collection Activities; Proposed Collection, Comment Request
The Commodity Futures Trading Commission (``CFTC'' or ``Commission'') seeks public comment on the collection of certain information by the Commission under section 745 of the Wall Street Reform and Consumer Protection Act (``Dodd-Frank Act''). The Paperwork Reduction Act (``PRA'') requires federal agencies to publish a notice in the Federal Register concerning each proposed collection of information and to allow 60 days for public comment. Section 745 requires the Commission to seek public comment for not less than 30 days with respect to certain industry filings. This notice solicits comments on the provisions of the Commission's final rulemaking on ``Provisions Common to Registered Entities'' under which the Commission would collect comments on the industry filings by publication of documents related to the filings and a request for comments on the Commission's public Web site.\1\
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
The Commodity Futures Trading Commission (Commission or CFTC) is adopting regulations to implement certain provisions of Title VII of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd- Frank Act). These regulations set forth reporting and recordkeeping requirements and daily trading records requirements for swap dealers (SDs) and major swap participants (MSPs). These regulations also set forth certain duties imposed upon SDs and MSPs registered with the Commission with regard to: Risk management procedures; monitoring of trading to prevent violations of applicable position limits; diligent supervision; business continuity and disaster recovery; disclosure and the ability of regulators to obtain general information; and antitrust considerations. In addition, these regulations establish conflicts-of- interest requirements for SDs, MSPs, futures commission merchants (FCMs), and introducing brokers (IBs) with regard to firewalls between research and trading and between clearing and trading. Finally, these regulations also require each FCM, SD, and MSP to designate a chief compliance officer, prescribe qualifications and duties of the chief compliance officer, and require that the chief compliance officer prepare, certify, and furnish to the Commission an annual report containing an assessment of the registrant's compliance activities.
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