Commodity Futures Trading Commission 2010 – Federal Register Recent Federal Regulation Documents

Order Exempting the Trading and Clearing of Certain Products Related to the CBOE Gold ETF Volatility Index and Similar Products
Document Number: 2010-32812
Type: Notice
Date: 2010-12-29
Agency: Commodity Futures Trading Commission, Agencies and Commissions
On November 10, 2010, the Commodity Futures Trading Commission (``CFTC'' or the ``Commission'') published for public comment in the Federal Register a proposal to exempt the trading and clearing of certain options (``Options'') on the CBOE Gold ETF Volatility Index (``GVZ Index''), which would be traded on the Chicago Board Options Exchange (``CBOE''), a national securities exchange, and cleared through the Options Clearing Corporation (``OCC'') in its capacity as a registered securities clearing agency, from the provisions of the Commodity Exchange Act (``CEA'') and the regulations thereunder, to the extent necessary to permit such Options to be so traded and cleared. The Commission also requested comment regarding whether it should provide a categorical exemption that would permit the trading and clearing of options on indexes that measure the volatility of shares of gold exchange-traded funds (``ETFs'') generally, regardless of issuer, including options on any index that measures the magnitude of changes in, and is composed of the price(s) of shares of one or more gold ETFs and the price(s) of any other instrument(s), which other instruments are securities as defined in the Securities Exchange Act of 1934 (``the '34 Act''). The Commission has determined to issue this Order essentially as proposed. Authority for these exemptions is found in Sec. 4(c) of the CEA.
Sunshine Act Meetings
Document Number: 2010-32783
Type: Notice
Date: 2010-12-28
Agency: Commodity Futures Trading Commission, Agencies and Commissions
Sunshine Act Meetings
Document Number: 2010-32782
Type: Notice
Date: 2010-12-28
Agency: Commodity Futures Trading Commission, Agencies and Commissions
Sunshine Act Meetings
Document Number: 2010-32781
Type: Notice
Date: 2010-12-28
Agency: Commodity Futures Trading Commission, Agencies and Commissions
Sunshine Act Meetings
Document Number: 2010-32780
Type: Notice
Date: 2010-12-28
Agency: Commodity Futures Trading Commission, Agencies and Commissions
Sunshine Act Meetings
Document Number: 2010-32749
Type: Notice
Date: 2010-12-28
Agency: Commodity Futures Trading Commission, Agencies and Commissions
Confirmation, Portfolio Reconciliation, and Portfolio Compression Requirements for Swap Dealers and Major Swap Participants
Document Number: 2010-32264
Type: Proposed Rule
Date: 2010-12-28
Agency: Commodity Futures Trading Commission, Agencies and Commissions
The Commodity Futures Trading Commission (Commission or CFTC) is proposing regulations to implement new statutory provisions established under Title VII of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act). Section 731 of the Dodd-Frank Act added a new section 4s(i) to the Commodity Exchange Act (CEA), which requires the Commission to prescribe standards for swap dealers and major swap participants related to the timely and accurate confirmation, processing, netting, documentation, and valuation of swaps. The proposed rules would establish requirements for swap confirmation, portfolio reconciliation, and portfolio compression for swap dealers and major swap participants.
End-User Exception to Mandatory Clearing of Swaps
Document Number: 2010-31578
Type: Proposed Rule
Date: 2010-12-23
Agency: Commodity Futures Trading Commission, Agencies and Commissions
The Commodity Futures Trading Commission (``CFTC'' or ``Commission'') is proposing new requirements governing the elective exception to mandatory clearing of swaps available for swap counterparties meeting certain conditions under Section 2(h)(7) of the Commodity Exchange Act, as amended by the Dodd-Frank Wall Street Reform and Consumer Protection Act. The Commission is requesting comments on the proposed rule and related matters.
Swap Data Repositories
Document Number: 2010-31133
Type: Proposed Rule
Date: 2010-12-23
Agency: Commodity Futures Trading Commission, Agencies and Commissions
The Commodity Futures Trading Commission (``CFTC'' or ``Commission'') is proposing rules to implement new statutory provisions introduced by Title VII of the Dodd-Frank Wall Street Reform and Consumer Protection Act (``Dodd-Frank Act''). Section 728 of the Dodd-Frank Act amends the Commodity Exchange Act (``CEA'' or the ``Act'') by adding new Section 21, which establishes registration requirements, statutory duties, core principles and certain compliance obligations for registered swap data repositories (``SDRs'') and directs the Commission to adopt rules governing persons that are registered, as such, under this Section.
Business Conduct Standards for Swap Dealers and Major Swap Participants With Counterparties
Document Number: 2010-31588
Type: Proposed Rule
Date: 2010-12-22
Agency: Commodity Futures Trading Commission, Agencies and Commissions
The Commodity Futures Trading Commission (``Commission'' or ``CFTC'') is proposing for comment new rules under Section 4s(h) of the Commodity Exchange Act (``CEA'') to implement provisions of Title VII of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (``Dodd-Frank Act'') relating generally to external business conduct standards for swap dealers and major swap participants.
Core Principles and Other Requirements for Designated Contract Markets
Document Number: 2010-31458
Type: Proposed Rule
Date: 2010-12-22
Agency: Commodity Futures Trading Commission, Agencies and Commissions
The Commodity Futures Trading Commission (``Commission'' or ``CFTC'') is proposing new rules and amended guidance and acceptable practices to implement the new statutory provisions enacted by Title VII of the Dodd-Frank Wall Street Reform and Consumer Protection Act (``Dodd-Frank Act''). The proposed 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 (``CEA'') concerning designation and operation of contract markets, and adds a new CEA Section 2(h)(8) to include the listing, trading and execution of swaps on designated contract markets. The Commission requests comment on all aspects of the proposed rules, guidance and acceptable practices.
Further Definition of “Swap Dealer,” “Security-Based Swap Dealer,” “Major Swap Participant,” “Major Security-Based Swap Participant” and “Eligible Contract Participant”
Document Number: 2010-31130
Type: Proposed Rule
Date: 2010-12-21
Agency: Securities and Exchange Commission, Agencies and Commissions, Commodity Futures Trading Commission
In accordance with Section 712(d)(1) of Title VII of 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, are proposing rules and interpretative guidance under the Commodity Exchange Act (``CEA''), 7 U.S.C. 1 et seq., and the Securities Exchange Act of 1934 (``Exchange Act''), 15 U.S.C. 78a et seq., to further define the terms ``swap dealer,'' ``security-based swap dealer,'' ``major swap participant,'' ``major security-based swap participant,'' and ``eligible contract participant.''
Agency Information Collection Activities under OMB Review
Document Number: 2010-31900
Type: Notice
Date: 2010-12-20
Agency: Commodity Futures Trading Commission, Agencies and Commissions
In compliance with the Paperwork Reduction Act (44 U.S.C. 3501 et seq.), 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; it includes the actual data collection instruments [if any].
Agency Information Collection Activities Under OMB Review
Document Number: 2010-31766
Type: Notice
Date: 2010-12-17
Agency: Commodity Futures Trading Commission, Agencies and Commissions
In compliance with the Paperwork Reduction Act (44 U.S.C. 3501 et seq.), this notice announces that the CFTC is planning to submit the following proposed Information Collection Request (ICR) to the Office of Management and Budget (OMB): Rules Pertaining to Contract Markets and Their Members; [OMB Control Number 3038-0022]. Before submitting the ICR to OMB for review and approval, the CFTC is soliciting comments on specific aspects of the proposed information collection as described below.
Reporting Certain Post-Enactment Swap Transactions
Document Number: 2010-31579
Type: Rule
Date: 2010-12-17
Agency: Commodity Futures Trading Commission, Agencies and Commissions
The Commodity Futures Trading Commission (``Commission'' or ``CFTC'') is publishing for comment an interim final rule to implement new statutory provisions introduced by Title VII of the Dodd-Frank Wall Street Reform and Consumer Protection Act (``Dodd-Frank Act''). Section 723 of the Dodd-Frank Act amends Section 2 of the Commodity Exchange Act (``CEA'' or the ``Act'') by adding new Section 2(h)(5)(B), which directs that rules adopted by the Commission under this section shall provide for the reporting of ``transition'' swapsthat is, swaps entered into on or after the date of enactment of the Dodd-Frank Act and prior to the effective date of swap data reporting rules to implement Section 2(h)(5)(B)to a registered swap data repository (``SDR'') or to the Commission. Each category of data is subject to a reporting timetable specified in Section 2(h)(5). The Commission intends shortly to notice for comment substantive rules implementing the swap data reporting provisions of Section 2(h)(5)(B). In order to ensure the preservation of data pending implementation of such rules, the Commission is today adopting an interim final rule directing specified counterparties to post-enactment, or transition, swap transactions entered into prior to the effective date of the swap data reporting and recordkeeping rules implementing Section 2(h)(5)(B) of the CEA to retain information pertaining to the terms of such swaps.
Information Management Requirements for Derivatives Clearing Organizations
Document Number: 2010-31131
Type: Proposed Rule
Date: 2010-12-15
Agency: Commodity Futures Trading Commission, Agencies and Commissions
The Commodity Futures Trading Commission (Commission or CFTC) is proposing regulations to implement certain core principles for derivatives clearing organizations (DCOs) as amended by Title VII of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd- Frank Act). The proposed regulations would establish standards for compliance with DCO Core Principles J (Reporting), K (Recordkeeping), L (Public Information), and M (Information Sharing). Additionally, the Commission is proposing technical amendments to parts 1 and 21 in connection with the proposed regulations. Finally, the Commission also is proposing to delegate to the Director of the Division of Clearing and Intermediary Oversight the Commission's authority to perform certain functions in connection with the proposed regulations.
General Regulations and Derivatives Clearing Organizations
Document Number: 2010-31029
Type: Proposed Rule
Date: 2010-12-13
Agency: Commodity Futures Trading Commission, Agencies and Commissions
The Commodity Futures Trading Commission (Commission or CFTC) is proposing regulations to implement Title VII of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act). These proposed amendments would establish the regulatory standards for compliance with derivatives clearing organization (DCO) Core Principles A (Compliance), H (Rule Enforcement), N (Antitrust Considerations), and R (Legal Risk), as well as DCO chief compliance officer (CCO) requirements set forth in Section 5b of the Commodity Exchange Act (CEA). The proposed amendments also would revise procedures for DCO applications, clarify procedures for the transfer of a DCO registration, add requirements for approval of DCO rules establishing a portfolio margining program for customer accounts carried by a futures commission merchant (FCM) that is also registered as a securities broker-dealer (FCM/BD), and make certain technical amendments. The Commission also is proposing amendments to update the definitions of ``clearing member'' and ``clearing organization,'' and to add definitions for certain other terms.
Foreign Futures and Options Contracts on a Non-Narrow-Based Security Index; Commission Certification Procedures
Document Number: 2010-31014
Type: Proposed Rule
Date: 2010-12-13
Agency: Commodity Futures Trading Commission, Agencies and Commissions
Currently, a security index futures contract traded on, or subject to the rules of, a foreign board of trade may be offered or sold to persons located within the United States pursuant to a staff no-action letter confirming that the contract satisfies the requirements enumerated in Section 2(a)(1)(C)(ii) of the Commodity Exchange Act (the ``CEA'' or ``Act''). The Commodity Futures Trading Commission (``Commission'') is hereby proposing new requirements which would establish a Commission certification procedure applicable to the offer or sale, to persons in the U.S., of a security index futures contract traded on a foreign board of trade; the new certification procedure will replace the existing staff no-action process. Additionally, this proposed rule would establish a procedure for a foreign board of trade to request and receive a Commission certification on an expedited basis. Under this expedited procedure, a security index futures contract of qualifying foreign boards of trade could be offered or sold in the U.S. forty-five (45) days after submission of such request, absent a contrary action (or an extension of time) by the Commission.
Real-Time Public Reporting of Swap Transaction Data
Document Number: C1-2010-29994
Type: Proposed Rule
Date: 2010-12-10
Agency: Commodity Futures Trading Commission, Agencies and Commissions
Joint Public Roundtable on Issues Related to Capital and Margin Requirements for Swaps and Security-Based Swaps
Document Number: 2010-31003
Type: Notice
Date: 2010-12-09
Agency: Securities and Exchange Commission, Agencies and Commissions, Commodity Futures Trading Commission
On Friday, December 10, 2010, commencing at 1 p.m. and ending at 5 p.m., staff of the Agencies will hold a public roundtable meeting at which invited participants will discuss provisions of the Dodd-Frank Wall Street Reform and Consumer Protection Act (the ``Act'') that require the Agencies to adopt rules for the capital and margin requirements applicable to swaps and security-based swaps of swap dealers, major swap participants, security-based swap dealers, and security-based swap participants. The discussion will be open to the public with seating on a first-come, first-served basis. Members of the public may also listen to the meeting by telephone. Call-in participants should be prepared to provide their first name, last name and affiliation. The information for the conference call is set forth below. U.S. Toll-Free: 877-951-7311 International Toll: 1-203-607-0666 Conference ID: 8978249 A transcript of the public roundtable discussion will be published at http://www.cftc.gov/LawRegulation/DoddFrankAct/OTC_5_ CapMargin.html. The roundtable discussion will take place in Lobby Level Hearing Room (Room 1000) at the CFTC's headquarters at Three Lafayette Centre, 1155 21st Street, NW., Washington, DC.
Acceptance of Public Submissions on a Study Mandated by the Dodd-Frank Wall Street Reform and Consumer Protection Act, Section 719(b)
Document Number: 2010-30905
Type: Notice
Date: 2010-12-09
Agency: Securities and Exchange Commission, Agencies and Commissions, Commodity Futures Trading Commission
The Dodd-Frank Wall Street Reform and Consumer Protection Act (``Dodd-Frank Act'') was enacted on July 21, 2010. The Dodd-Frank Act, among other things, mandates that the Commodity Futures Trading Commission (``CFTC'') and the Securities and Exchange Commission (``SEC'') conduct a study on ``the feasibility of requiring the derivatives industry to adopt standardized computer-readable algorithmic descriptions which may be used to describe complex and standardized financial derivatives.'' These algorithmic descriptions should be designed to ``facilitate computerized analysis of individual derivative contracts and to calculate net exposures to complex derivatives.'' The study also must consider the extent to which the algorithmic description, ``together with standardized and extensible legal definitions, may serve as the binding legal definition of derivative contracts.'' In connection with this study, the staff of the CFTC and SEC seek responses of interested parties to the questions set forth below.
Agency Information Collection Activities Under OMB Review
Document Number: 2010-30887
Type: Notice
Date: 2010-12-09
Agency: Commodity Futures Trading Commission, Agencies and Commissions
In compliance with the Paperwork Reduction Act (44 U.S.C. 3501 et seq.), 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.
Reporting, Recordkeeping, and Daily Trading Records Requirements for Swap Dealers and Major Swap Participants
Document Number: 2010-30884
Type: Proposed Rule
Date: 2010-12-09
Agency: Commodity Futures Trading Commission, Agencies and Commissions
The Commodity Futures Trading Commission (Commission or CFTC) is proposing regulations to implement new statutory provisions established under Title VII of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act). Section 731 of the Dodd-Frank Act added new sections 4s(f) and (g) to the Commodity Exchange Act (CEA), which set forth reporting and recordkeeping requirements and daily trading records requirements for swap dealers and major swap participants. The proposed rules would establish the regulatory standards for compliance with these new sections of the CEA.
Swap Data Recordkeeping and Reporting Requirements
Document Number: 2010-30476
Type: Proposed Rule
Date: 2010-12-08
Agency: Commodity Futures Trading Commission, Agencies and Commissions
The Commodity Futures Trading Commission (``Commission or CFTC'') is proposing rules to implement new statutory provisions enacted by Title VII of the Dodd-Frank Wall Street Reform and Consumer Protection Act. These proposed rules apply to swap data recordkeeping and reporting requirements for swap data repositories, derivatives clearing organizations, designated contract markets, swap execution facilities, swap dealers, major swap participants, and swap counterparties who are neither swap dealers nor major swap participants (including counterparties who qualify for the end user exception with respect to particular swaps).
Real-Time Public Reporting of Swap Transaction Data
Document Number: 2010-29994
Type: Proposed Rule
Date: 2010-12-07
Agency: Commodity Futures Trading Commission, Agencies and Commissions
The Commodity Futures Trading Commission (``Commission'') is proposing rules to implement new statutory provisions enacted by Title VII of the Dodd-Frank Wall Street Reform and Consumer Protection Act (the ``Dodd-Frank Act''). Specifically, in accordance with Section 727 of the Dodd-Frank Act, the Commission is proposing rules to implement a new framework for the real-time public reporting of swap transaction and pricing data for all swap transactions. Additionally, the Commission is proposing rules to address the appropriate minimum size and time delay relating to block trades on swaps and large notional swap transactions.
Agency Information Collection Activities Under OMB Review: Notice of Intent To Renew Collection 3038-0054, Establishing Procedures for Entities Operating as Exempt Markets
Document Number: 2010-30474
Type: Notice
Date: 2010-12-06
Agency: Commodity Futures Trading Commission, Agencies and Commissions
In compliance with the Paperwork Reduction Act (44 U.S.C. 3501 et seq.), 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 the expected costs and burden.
Implementing the Whistleblower Provisions of Section 23 of the Commodity Exchange Act
Document Number: 2010-29022
Type: Proposed Rule
Date: 2010-12-06
Agency: Commodity Futures Trading Commission, Agencies and Commissions
The Commodity Futures Trading Commission (``Commission'' or ``CFTC'') is proposing rules to implement new statutory provisions enacted by Title VII of the Dodd-Frank Wall Street Reform and Consumer Protection Act. These proposed rules apply to the whistleblowers incentives and protection of section 748. The proposed rules establish a whistleblower program that enables the Commission to pay an award, under regulations prescribed by the Commission and subject to certain limitations, to eligible whistleblowers who voluntarily provide the Commission with original information about a violation of the Commodity Exchange Act that leads to the successful enforcement of a covered judicial or administrative action, or a related action. The proposed rules also provide public notice of section 748's prohibition on retaliation by employers against individuals that provide the Commission with information about potential violations.
Protection of Collateral of Counterparties to Uncleared Swaps; Treatment of Securities in a Portfolio Margining Account in a Commodity Broker Bankruptcy
Document Number: 2010-29831
Type: Proposed Rule
Date: 2010-12-03
Agency: Commodity Futures Trading Commission, Agencies and Commissions
The Commodity Futures Trading Commission (the ``Commission'') hereby proposes rules to implement new statutory provisions enacted by Title VII of the Dodd-Frank Wall Street Reform and Consumer Protection Act (the ``Dodd-Frank Act''). Specifically, the proposed rules contained herein impose requirements on swap dealers (``SDs'') and major swap participants (``MSPs'') with respect to the treatment of collateral posted by their counterparties to margin, guarantee, or secure uncleared swaps. Additionally, such proposed rules ensure that, for purposes of subchapter IV of chapter 7 of the Bankruptcy Code: Securities held in a portfolio margining account that is a futures account constitute ``customer property''; and owners of such account constitute ``customers''.
Protection of Cleared Swaps Customers Before and After Commodity Broker Bankruptcies
Document Number: 2010-29836
Type: Proposed Rule
Date: 2010-12-02
Agency: Commodity Futures Trading Commission, Agencies and Commissions
The Commodity Futures Trading Commission (the ``CFTC'' or ``Commission'') seeks comment on possible models for implementing new statutory provisions enacted by Title VII of the Dodd-Frank Wall Street Reform and Consumer Protection Act (``Dodd-Frank'') concerning the protection of collateral posted by customers clearing swaps.
Sunshine Act Meetings
Document Number: 2010-29904
Type: Notice
Date: 2010-11-26
Agency: Commodity Futures Trading Commission, Agencies and Commissions
Sunshine Act Meetings
Document Number: 2010-29903
Type: Notice
Date: 2010-11-26
Agency: Commodity Futures Trading Commission, Agencies and Commissions
Sunshine Act Meetings
Document Number: 2010-29902
Type: Notice
Date: 2010-11-26
Agency: Commodity Futures Trading Commission, Agencies and Commissions
Sunshine Act Meetings
Document Number: 2010-29901
Type: Notice
Date: 2010-11-26
Agency: Commodity Futures Trading Commission, Agencies and Commissions
Sunshine Act Meetings
Document Number: 2010-29899
Type: Notice
Date: 2010-11-26
Agency: Commodity Futures Trading Commission, Agencies and Commissions
Public Input for the Study Regarding the Oversight of Existing and Prospective Carbon Markets
Document Number: 2010-29780
Type: Notice
Date: 2010-11-26
Agency: Commodity Futures Trading Commission, Agencies and Commissions
Section 750 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (the ``Dodd-Frank Act'' or ``Act'') establishes an interagency working group (``interagency group''), headed by the Commodity Futures Trading Commission (the ``CFTC''), to conduct a study on the oversight of existing and prospective carbon markets to ensure an efficient, secure, and transparent carbon market, including oversight of spot markets and derivative markets. The members of the interagency group are the Chairman of the CFTC, the Secretary of Agriculture, the Secretary of the Treasury, the Chairman of the Securities and Exchange Commission, the Administrator of the Environmental Protection Agency, the Chairman of the Federal Energy Regulatory Commission, the Chairman of the Federal Trade Commission and the Administrator of the Energy Information Administration, or their designees. In conducting the study, the Dodd-Frank Act directs the interagency group to consult, as appropriate, with representatives of exchanges, clearing houses, self-regulatory bodies, major carbon market participants, consumers, and the general public. To assist the interagency group in conducting the study and formulating recommendations for the oversight of existing and prospective carbon markets, the CFTC is issuing this request for information through public comment.
Registration of Swap Dealers and Major Swap Participants
Document Number: 2010-29024
Type: Proposed Rule
Date: 2010-11-23
Agency: Commodity Futures Trading Commission, Agencies and Commissions
The Commodity Futures Trading Commission (``Commission'' or ``CFTC'') is proposing to adopt regulations that would establish the process for registering swap dealers (``SDs'') and major swap participants (``MSPs,'' and collectively with SDs, ``swaps entities''). The proposed regulations also would require swaps entities to become members of the National Futures Association (``NFA'') and to confirm that persons associated with them are not subject to a statutory disqualification under the Commodity Exchange Act (``CEA'') (``Proposal''). The Commission is making the Proposal in accordance with Section 4s of the CEA, which was recently added to the CEA by the Dodd-Frank Wall Street Reform and Consumer Protection Act (``Dodd-Frank Act'').
Regulations Establishing and Governing the Duties of Swap Dealers and Major Swap Participants
Document Number: 2010-29009
Type: Proposed Rule
Date: 2010-11-23
Agency: Commodity Futures Trading Commission, Agencies and Commissions
The Commodity Futures Trading Commission is proposing regulations to implement new statutory provisions enacted by Title VII of the Dodd-Frank Wall Street Reform and Consumer Protection Act. The proposed regulations set forth certain duties imposed upon swap dealers and major swap participants 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. The proposed regulations would implement the new statutory framework of section 4s(j) of the Commodity Exchange Act, added by section 731 of the Dodd-Frank Act, excepting regulations related to conflicts of interest pursuant to section 4s(j)(5), which will be addressed in a separate rulemaking. These regulations set forth certain duties with which swap dealers and major swap participants must comply to maintain registration as a swap dealer or major swap participant.
Implementation of Conflicts of Interest Policies and Procedures by Swap Dealers and Major Swap Participants
Document Number: 2010-29006
Type: Proposed Rule
Date: 2010-11-23
Agency: Commodity Futures Trading Commission, Agencies and Commissions
The Commodity Futures Trading Commission (Commission or CFTC) is proposing rules to implement new statutory provisions enacted by Title VII of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act). The proposed regulations establish conflicts of interest requirements for swap dealers (SDs) and major swap participants (MSPs) for the purpose of ensuring that such persons implement adequate policies and procedures in compliance with the Commodity Exchange Act (CEA), as amended by the Dodd-Frank Act.
Sunshine Act Meetings
Document Number: 2010-29357
Type: Notice
Date: 2010-11-19
Agency: Commodity Futures Trading Commission, Agencies and Commissions
Agency Information Collection Activities Under OMB Review: Proposed Collection; Comment Request: Part 41 Relating to Security Futures Products
Document Number: 2010-29232
Type: Notice
Date: 2010-11-19
Agency: Commodity Futures Trading Commission, Agencies and Commissions
In compliance with the Paperwork Reduction Act (44 U.S.C. 3501 et seq.), 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.
Registration of Foreign Boards of Trade
Document Number: 2010-29023
Type: Proposed Rule
Date: 2010-11-19
Agency: Commodity Futures Trading Commission, Agencies and Commissions
The Commodity Futures Trading Commission (Commission or CFTC) is proposing rules to implement new statutory provisions enacted by Title VII of the Dodd-Frank Wall Street Reform and Consumer Protection Act. These proposed rules establish a registration requirement that applies to foreign boards of trade (FBOT) that wish to provide their identified members or other participants located in the United States with direct access to their electronic trading and order matching systems.
Designation of a Chief Compliance Officer; Required Compliance Policies; and Annual Report of a Futures Commission Merchant, Swap Dealer, or Major Swap Participant
Document Number: 2010-29021
Type: Proposed Rule
Date: 2010-11-19
Agency: Commodity Futures Trading Commission, Agencies and Commissions
The Commodity Futures Trading Commission (Commission or CFTC) is proposing rules to implement new statutory provisions enacted by Title VII of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act) regarding the compliance activities of certain registrants. The proposed rules require each futures commission merchant, swap dealer, and major swap participant to designate a chief compliance officer. The proposed rules also prescribe qualifications and duties of the chief compliance officer. Finally, the proposed rules 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.
Implementation of Conflicts of Interest Policies and Procedures by Futures Commission Merchants and Introducing Brokers
Document Number: 2010-29003
Type: Proposed Rule
Date: 2010-11-17
Agency: Commodity Futures Trading Commission, Agencies and Commissions
The Commodity Futures Trading Commission (Commission or CFTC) is proposing rules to implement new statutory provisions enacted by Title VII of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act). The proposed regulations establish conflicts of interest requirements for futures commission merchants (FCMs) and introducing brokers (IBs) for the purpose of ensuring that such persons implement adequate policies and procedures in compliance with the Commodity Exchange Act (CEA), as amended by the Dodd-Frank Act.
Request for Comment on a Proposal to Exempt, Pursuant to the Authority in Section 4(c) of the Commodity Exchange Act, the Trading and Clearing of Certain Products Related to the CBOE Gold ETF Volatility Index and Similar Products
Document Number: 2010-28377
Type: Notice
Date: 2010-11-10
Agency: Commodity Futures Trading Commission, Agencies and Commissions
The Commodity Futures Trading Commission (``CFTC'' or the ``Commission'') is proposing to exempt the trading and clearing of certain contracts called ``options'' (``Options'') on the CBOE Gold ETF Volatility Index (``GVZ Index''), which would be traded on the Chicago Board Options Exchange (``CBOE''), a national securities exchange, and cleared through the Options Clearing Corporation (``OCC'') in its capacity as a registered securities clearing agency, from the provisions of the Commodity Exchange Act (``CEA'') \1\ and the regulations thereunder, to the extent necessary to permit such Options on the GVZ Index to be so traded and cleared. Authority for this exemption is found in Section 4(c) of the CEA.\2\ The Commission is also requesting comment regarding whether the Commission should provide a categorical exemption that would permit the trading and clearing of options on indexes that measure the volatility of shares of gold exchange-traded funds (``ETFs'') generally, regardless of issuer, including options on any index that measures the magnitude of changes in, and is composed of the price(s) of shares of one or more gold ETFs and the price(s) of any other instrument(s), which other instruments are securities as defined in the Securities Exchange Act of 1934 (``the '34 Act'').\3\
Investment of Customer Funds and Funds Held in an Account for Foreign Futures and Foreign Options Transactions
Document Number: 2010-27657
Type: Proposed Rule
Date: 2010-11-03
Agency: Commodity Futures Trading Commission, Agencies and Commissions
The Commodity Futures Trading Commission (Commission or CFTC) is proposing to amend its regulations regarding the investment of customer segregated funds and funds held in an account subject to Commission Regulation 30.7 (30.7 funds). Certain amendments reflect the implementation of new statutory provisions enacted under Title IX of the Dodd-Frank Wall Street Reform and Consumer Protection Act. The proposed rules address: Certain changes to the list of permitted investments, a clarification of the liquidity requirement, the removal of rating requirements, an expansion of concentration limits including asset-based, issuer-based, and counterparty concentration restrictions. It also addresses revisions to the acknowledgment letter requirement for investment in a money market mutual fund (MMMF), revisions to the list of exceptions to the next-day redemption requirement for MMMFs, the application of customer segregated funds investment limitations to 30.7 funds, the removal of ratings requirements for depositories of 30.7 funds, and the elimination of the option to designate a depository for 30.7 funds.
Prohibition of Market Manipulation
Document Number: 2010-27541
Type: Proposed Rule
Date: 2010-11-03
Agency: Commodity Futures Trading Commission, Agencies and Commissions
The Commodity Futures Trading Commission is proposing rules to implement new anti-manipulation authority in section 753 of the Dodd- Frank Wall Street Reform and Consumer Protection Act. The proposed rules expand and codify the Commission's authority to prohibit manipulation.
Removing Any Reference to or Reliance on Credit Ratings in Commission Regulations; Proposing Alternatives to the Use of Credit Ratings
Document Number: 2010-27555
Type: Proposed Rule
Date: 2010-11-02
Agency: Commodity Futures Trading Commission, Agencies and Commissions
The Commodity Futures Trading Commission (``Commission'' or ``CFTC'') is proposing rules to implement new statutory provisions enacted by Title IX of the Dodd-Frank Wall Street Reform and Consumer Protection Act. These proposed rules apply to futures commission merchants, designated clearing organizations and commodity pool operators. The proposed rules implement the new statutory framework that requires agencies to replace any reference to or reliance on credit ratings in their regulations with an appropriate alternative standard.
Antidisruptive Practices Authority Contained in the Dodd-Frank Wall Street Reform and Consumer Protection Act
Document Number: 2010-27547
Type: Proposed Rule
Date: 2010-11-02
Agency: Commodity Futures Trading Commission, Agencies and Commissions
The Dodd-Frank Wall Street Reform and Consumer Protection Act (the ``Dodd-Frank Act'') amends section 4c(a) of the Commodity Exchange Act (``CEA'') in section 747 to expressly prohibit certain trading practices deemed disruptive of fair and equitable trading. The Commodity Futures Trading Commission (``Commission'') is issuing this advance notice of proposed rulemaking and request for public comment to assist the Commission in promulgating such rules and regulations to meet the requirements of section 747.
Position Reports for Physical Commodity Swaps
Document Number: 2010-27538
Type: Proposed Rule
Date: 2010-11-02
Agency: Commodity Futures Trading Commission, Agencies and Commissions
The Commodity Futures Trading Commission (``Commission'' or ``CFTC'') is proposing reporting regulations that are reasonably necessary for implementing and enforcing aggregate position limits for certain physical commodity derivatives. As a result of recent legislative reforms, the Commission may adopt regulations establishing aggregate position limits for designated contract market (``DCM'') physical commodity futures contracts and swaps that are economically equivalent to such contracts. The Commission currently receives, and uses for market surveillance purposes, including position limit enforcement, data on large positions in all physical commodity futures and option contracts traded on DCMs. However, there is no analogous reporting structure in place for economically equivalent swaps, which until recently were largely unregulated financial contracts. The Commission's proposal would require position reports on economically equivalent swaps from clearing organizations, their members and swap dealers. Notably, the proposed regulations also include a sunset provision. The sunset provision would render the regulations ineffective upon the Commission's issuance of an order finding that operating swap data repositories (``SDRs'') are capable of processing positional data in a manner that would enable the Commission to set and enforce aggregate position limits.
Provisions Common to Registered Entities
Document Number: 2010-27533
Type: Proposed Rule
Date: 2010-11-02
Agency: Commodity Futures Trading Commission, Agencies and Commissions
The Commodity Futures Trading Commission (``Commission'' or ``CFTC'') is proposing rules to implement new statutory provisions enacted under Title VII of the Dodd-Frank Wall Street Reform and Consumer Protection Act (``Dodd-Frank Act'') and amend existing rules affected by the passage of the Dodd-Frank Act. These proposed rules apply to designated contract markets (``DCMs''), derivatives clearing organizations (``DCOs''), swap execution facilities (``SEFs'') and swap data repositories (``SDRs''). The proposed rules implement the new statutory framework for certification and approval for new products, new rules and rule amendments submitted to the Commission by registered entities. Furthermore, the proposed rules prohibit event contracts based on certain excluded commodities, establish special procedures for certain rule changes proposed by systemically important derivatives clearing organizations (``SIDCOs''), and provide for the tolling of review periods for certain novel derivative products pending the resolution of jurisdictional determinations.