Commodity Futures Trading Commission April 2020 – Federal Register Recent Federal Regulation Documents
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Agency Information Collection Activities: Notice of Intent To Revise Collection 3038-0090
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 recordkeeping obligations set forth in certain aspects of certain of the Commission's recordkeeping regulations.
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.
Global Markets Advisory Committee
The Commodity Futures Trading Commission (CFTC) announces that on May 19, 2020, from 10:00 a.m. to 2:00 p.m., the Global Markets Advisory Committee (GMAC) will hold a public meeting in the Conference Center at the Commodity Futures Trading Commission's headquarters in Washington, DC or via teleconference as circumstances permit. At this meeting, the GMAC will hear a presentation and consider recommendations from the GMAC's Subcommittee on Margin Requirements for Non-Cleared Swaps.
Extension of Currently Open Comment Periods for Rulemakings in Response to the COVID-19 Pandemic
The coronavirus disease 2019 (``COVID-19'') pandemic may present challenges to the ability of market participants and other members of the public to submit timely comments on the Commission's proposed rulemakings. Accordingly, the Commission is extending the comment period for the rulemakings listed herein until the dates specified herein in order to provide market participants and other members of the public an additional period of time to comment on the proposed rulemakings.
Agricultural Advisory Committee Meeting
The Commodity Futures Trading Commission (CFTC or Commission) announces that the Agricultural Advisory Committee (AAC) will hold a public meeting. The Federal Advisory Committee Act and its implementing regulations require the Commission to provide notice of the meeting at least fifteen days in advance of the meeting through a Federal Register notice unless there are exceptional circumstances. The exceptional circumstances requiring less than fifteen days' notice are the COVID-19 pandemic.
Energy and Environmental Markets Advisory Committee
The Commodity Futures Trading Commission (CFTC or Commission) announces that on May 7, 2020, from 10:00 a.m. to 2:30 p.m., the Energy and Environmental Markets Advisory Committee (EEMAC) will hold a public meeting. At this meeting, the EEMAC will hear remarks on the Commission's Position Limits for Derivatives proposed rule as approved by the Commission on January 30, 2020. The agenda for this meeting will be available to the public and posted on the Commission's website at https://www.cftc.gov. Instructions for public access to the live audio feed of the meeting will also be posted on the Commission's website. In the event that the time, date, or place of this meeting changes, an announcement of the change, along with the new time, date, or place of the meeting, will be posted on the Commission's website.
Climate-Related Market Risk Subcommittee Under the Market Risk Advisory Committee; Correction
The Commodity Futures Trading Commission published a document in the Federal Register of April 14, 2020, concerning a request for public comment on topics and issues being addressed by the Climate- Related Market Risk Subcommittee under the Market Risk Advisory Committee. The document contained an incorrect term in the DATES section. This document corrects that error.
Swap Data Recordkeeping and Reporting Requirements
The Commodity Futures Trading Commission (``Commission'' or ``CFTC'') is proposing revisions to the Commission regulations that set forth the swap data recordkeeping and reporting requirements for swap data repositories (``SDRs''), derivatives clearing organizations (``DCOs''), swap execution facilities (``SEFs''), designated contract markets (``DCMs''), swap dealers (``SDs''), major swap participants (``MSPs''), and swap counterparties that are neither SDs nor MSPs. The Commission is proposing revisions that, among other things, streamline the requirements for reporting new swaps, define and adopt swap data elements that harmonize with international technical guidance, and reduce reporting burdens for reporting counterparties that are not SDs or MSPs.
Real-Time Public Reporting Requirements
The Commodity Futures Trading Commission (``Commission'' or ``CFTC'') is proposing revisions to its regulations setting forth the real-time public reporting and dissemination requirements for swap data repositories (``SDRs''), derivatives clearing organizations (``DCOs''), swap execution facilities (``SEFs''), designated contract markets (``DCMs''), swap dealers (``SDs''), major swap participants (``MSPs''), and swap counterparties that are neither SDs nor MSPs. The Commission is also proposing revisions that, among other things, change the ``block trade'' definition, change the block swap categories, update the block thresholds and cap sizes, and adjust the delay for the public dissemination of block transactions.
Certain Swap Data Repository and Data Reporting Requirements
On May 13, 2019, the Commodity Futures Trading Commission (Commission) published in the Federal Register a notice of proposed rulemaking (NPRM) titled Certain Swap Data Repository and Data Reporting Requirements. The comment period for the NPRM was originally scheduled to close on July 29, 2019. The Commission subsequently extended the comment period for 90 days to October 28, 2019. On October 24, 2019, the Commission extended the comment period for another 90 days to January 27, 2020. The Commission is now reopening the comment period for this NPRM for an additional 90 days to allow market participants to comment on this NPRM in conjunction with the two swap data-related NPRMs approved on February 20, 2020.
Climate-Related Market Risk Subcommittee Under the Market Risk Advisory Committee
The Commodity Futures Trading Commission (CFTC or Commission) is seeking public comment on topics and issues being addressed by the Climate-Related Market Risk Subcommittee (Subcommittee, or MRAC Climate Subcommittee) under the Market Risk Advisory Committee (MRAC). The MRAC is a discretionary advisory committee established by the Commission in accordance with the Federal Advisory Committee Act.
Margin Requirements for Uncleared Swaps for Swap Dealers and Major Swap Participants
The Commodity Futures Trading Commission (``Commission'' or ``CFTC'') is adopting amendments to the margin requirements for uncleared swaps for swap dealers (``SD'') and major swap participants (``MSP'') for which there is no prudential regulator (the ``CFTC Margin Rule''). Specifically, the Commission is adopting an amendment, along with certain conforming, technical changes, to extend the compliance schedule for the posting and collection of initial margin (``IM'') under the CFTC Margin Rule to September 1, 2021, for entities with smaller average daily aggregate notional amounts of swaps and certain other financial products (``Final Rule''). The compliance schedule currently extends from September 1, 2016 to September 1, 2020. The revised compliance schedule mitigates the potential of a market disruption, which could be triggered by the large number of entities that would come into the scope of the IM requirements at the end of the current compliance schedule on September 1, 2020.
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