Commodity Futures Trading Commission 2021 – Federal Register Recent Federal Regulation Documents

The Commodity Futures Trading Commission (CFTC or Commission) is establishing a new system of records, CFTC-57, Reasonable Accommodations Records, to receive, track, process, and report on requests for reasonable accommodations.

The Commodity Futures Trading Commission (Commission or CFTC) is seeking information and public comment on how the Commission could amend its swap clearing requirement to address the cessation of certain interbank offered rates (IBORs) (e.g., the London Interbank Offered Rate (LIBOR)) used as benchmark reference rates and the market adoption of alternative reference rates; namely, overnight, nearly risk-free reference rates (RFRs). The Commission is requesting input from market participants and all interested members of the public on aspects of the Commission's swap clearing requirement that may be affected by the transition from certain IBORs to alternative reference rates.

The Commodity Futures Trading Commission (CFTC) is announcing an opportunity for public comment on the revision 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. The Commission recently adopted a final rule amending requirements for swap execution facilities. This notice republishes the burden in the final rule, and solicits any additional comments on the burden associated with the previously published final rule.

The Commodity Futures Trading Commission (``CFTC'' or ``Commission'') is announcing an opportunity for public comments on the proposed extension 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 rules relating to review of National Futures Association decisions in disciplinary, membership denial, registration, and member responsibility actions.

The Commodity Futures Trading Commission (``CFTC'' or ``Commission'') is announcing an opportunity for public comments on the proposed extension 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 the information collection requirements concerning notification of pending legal proceedings.

The Commodity Futures Trading Commission (CFTC) is publishing this notice to advise the public of the availability of CFTC's Fiscal Year 2019 Service Contract Inventory.

The Commodity Futures Trading Commission (CFTC) announces that on July 13, 2021, from 9:30 a.m. to 12:00 p.m. (Eastern Daylight Time), the Market Risk Advisory Committee (MRAC) will hold a public meeting via teleconference. At this meeting, the MRAC will receive reports from its CCP Risk and Governance and Interest Rate Benchmark Reform Subcommittees. In addition, the MRAC will vote on recommendations from the Interest Rate Benchmark Reform Subcommittee regarding a market best practice for switching interdealer trading conventions from LIBOR to the Secured Overnight Financing Rate for U.S. Dollar linear interest rate swaps.

The Commodity Futures Trading Commission (CFTC) announces that on June 9, 2021 from 10:00 a.m. to 12:00 p.m. (Eastern Daylight Time), the Agricultural Advisory Committee (AAC) will hold a public meeting via teleconference. At this meeting, the AAC will receive a report from the Subcommittee to Evaluate Commission Policy with Respect to Implementation of Amendments to Enumerated Agricultural Futures Contracts with Open Interest (Ag-OI). The meeting will also include a discussion on global agricultural commodity derivatives contracts and other agricultural risk management issues.

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 collection of information relating to the CFTC Reparations Complaint Process, pursuant to the Commission's regulations under the Commodity Exchange Act (``CEA'').

The Commodity Futures Trading Commission (the ``Commission'') is amending its regulations governing bankruptcy proceedings of commodity brokers. The amendments are meant comprehensively to update those regulations to reflect current market practices and lessons learned from past commodity broker bankruptcies.

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.

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.

On November 30, 2018, the Commodity Futures Trading Commission (``CFTC'' or the ``Commission'') published a ``Swap Execution Facilities and Trade Execution Requirement'' notice of proposed rulemaking (``NPRM'') in the Federal Register. While the Commission has adopted certain proposals from the NPRM, in light of feedback the Commission received in response to the remaining proposals in the NPRM, the Commission has determined to not proceed with those unadopted proposals relating to the regulation of swap execution facilities (``SEFs'') and the trade execution requirement (``Determination''). In separate final rules, the Commission adopted the following portions of the NPRM: Two exemptions, pursuant to Commodity Exchange Act (``CEA'') section 4(c), from the trade execution requirement in CEA section 2(h)(8); and final rules related to audit trail requirements for post- trade allocations, SEF financial resource requirements, and SEF chief compliance officer requirements (collectively, the ``Final Rules''). As such, this withdrawal does not impact or alter any of those sections of the NPRM that are being adopted in the Final Rules. In light of the Determination, the Commission has decided to withdraw the unadopted portions of the NPRM.

The Commodity Futures Trading Commission (``Commission'' or ``CFTC'') is adopting a final rule (``Final Rule'') that establishes two exemptions from the statutory requirement to execute certain types of swaps on a swap execution facility (``SEF'') or a designated contract market (``DCM'') (this requirement, the ``trade execution requirement'').

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.

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.

The Commodity Futures Trading Commission (``Commission'' or ``CFTC'') is amending the margin requirements for uncleared swaps (``Final Rule'') for swap dealers (``SD'') and major swap participants (``MSP'') for which there is not a prudential regulator (``CFTC Margin Rule''). The Final Rule amends the CFTC Margin Rule to permit the application of a minimum transfer amount (``MTA'') of up to $50,000 for each separately managed account (``SMA'') of a legal entity that is a counterparty to an SD or MSP in an uncleared swap transaction and to permit the application of separate MTAs for initial margin (``IM'') and variation margin (``VM'').

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, as described below, on the proposed Information Collection Requests (``ICR'') titled: OMB Control Number 3038-0074 and Part 37, Relating to Core Principles and Other Requirements for Swap Execution Facilities.

The Commodity Futures Trading Commission (``Commission'' or ``CFTC'') is adopting final rules amending its part 38 regulations to address the potential risk of a designated contract market's (``DCM'') trading platform experiencing a market disruption or system anomaly due to electronic trading. The final rules set forth three principles applicable to DCMs concerning: The implementation of exchange rules applicable to market participants to prevent, detect, and mitigate market disruptions and system anomalies associated with electronic trading; the implementation of exchange-based pre-trade risk controls for all electronic orders; and the prompt notification of Commission staff by DCMs of any significant market disruptions on their electronic trading platforms. In addition, the final rules include acceptable practices (``Acceptable Practices''), which provide that a DCM can comply with these principles by adopting and implementing rules and risk controls reasonably designed to prevent, detect, and mitigate market disruptions and system anomalies associated with electronic trading.

The Commodity Futures Trading Commission (``Commission'' or ``CFTC'') is adopting amendments (``Final Rule'') to its margin requirements for uncleared swaps for swap dealers (``SDs'') and major swap participants (``MSPs'') for which there is not a prudential regulator (``CFTC Margin Rule''). The Commission is amending the CFTC Margin Rule to revise the calculation method for determining whether certain entities come within the scope of its initial margin (``IM'') requirements for uncleared swaps beginning in the last phase of the phased compliance schedule, which starts on September 1, 2022, and the timing for compliance with the IM requirements after the end of the phased compliance schedule. These amendments align certain aspects of the CFTC Margin Rule with the Basel Committee on Banking Supervision and the International Organization of Securities Commissions' (``BSBS/ IOSCO'') Framework for margin requirements for non-centrally cleared derivatives (``BCBS/IOSCO Framework''). The Commission is also amending the CFTC Margin Rule to allow SDs and MSPs subject to the CFTC Margin Rule to use the risk-based model calculation of IM of a counterparty that is a CFTC-registered SD or MSP to determine the amount of IM to be collected from the counterparty and to determine whether the IM threshold amount for the exchange of IM has been exceeded such that documentation concerning the collection, posting, and custody of IM would be required.