Commodity Futures Trading Commission April 1, 2019 – Federal Register Recent Federal Regulation Documents
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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 burdens.
Agency Information Collection Activities Notice of Intent to Renew Collection 3038-0061: Daily Trade and Supporting Data Reports
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 on the daily trade and supporting data reports that are submitted to CFTC pursuant to Commission Rule 16.02. This part imposes reporting requirements on Reporting Markets, including Designated Contract Markets.
Amendment to Comparability Determination for Japan: Margin Requirements for Uncleared Swaps for Swap Dealers and Major Swap Participants
The following is an amendment (this ``Amendment'') to the Comparability Determination for Japan: Margin Requirements for Uncleared Swaps for Swap Dealers and Major Swap Participants of the Commodity Futures Trading Commission (``Commission'' or ``CFTC'') published on September 15, 2016 (the ``Japan Determination''). This Amendment amends the Japan Determination by: Making a positive determination of comparability with respect to the scope of entities subject to margin requirements, and making a positive determination of comparability with respect to the treatment of inter-affiliate transactions. All other findings and determinations contained in the Japan Determination remain unchanged and in full force and effect.
De Minimis Exception to the Swap Dealer Definition-Swaps Entered Into by Insured Depository Institutions in Connection With Loans to Customers
The Commodity Futures Trading Commission (``Commission'' or ``CFTC'') is amending the de minimis exception within the ``swap dealer'' definition in the Commission's regulations by establishing as a factor in the de minimis threshold determination whether a given swap has specified characteristics of swaps entered into by insured depository institutions in connection with loans to customers.
Margin Requirements for Uncleared Swaps for Swap Dealers and Major Swap Participants
The United Kingdom (``UK'') has provided formal notice of its intention to withdraw from the European Union (``EU''). The withdrawal may happen as soon as April 12, 2019 and may transpire without a negotiated agreement between the UK and EU (``No-deal Brexit''). To the extent there is a No-deal Brexit, affected swap dealers (``SDs'') and major swap participants (``MSPs'') may need to effect legal transfers of uncleared swaps that were entered into before the relevant compliance dates under the CFTC Margin Rule or Prudential Margin Rule (each, as defined herein) and that are not now subject to such rules, in whole or in part. The Commodity Futures Trading Commission (``Commission'' or ``CFTC'') is adopting, and invites comments on, an interim final rule amending its margin requirements for uncleared swaps for SDs and MSPs for which there is no prudential regulator (``CFTC Margin Rule'') such that the date used for purposes of determining whether an uncleared swap was entered into prior to an applicable compliance date will not change under the CFTC Margin Rule if the swap is transferred, and thereby amended, in accordance with the terms of the interim final rule in respect of any such transfer, including that the transfer be made solely in connection with a party to the swap's planning for or response to a No-deal Brexit. The interim final rule is designed to allow an uncleared swap to retain its legacy status under the CFTC Margin Rule or Prudential Margin Rule when so transferred.
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