Commodity Futures Trading Commission August 8, 2023 – Federal Register Recent Federal Regulation Documents

Reporting and Information Requirements for Derivatives Clearing Organizations
Document Number: 2023-16591
Type: Rule
Date: 2023-08-08
Agency: Commodity Futures Trading Commission, Agencies and Commissions
The Commodity Futures Trading Commission (Commission) is amending certain reporting and information regulations applicable to derivatives clearing organizations (DCOs). These amendments, among other things, update information requirements associated with commingling customer funds and positions in futures and swaps in the same account, revise certain daily and event-specific reporting requirements in the regulations, and codify in an appendix the fields that a DCO is required to provide on a daily basis under the regulations. In addition, the Commission is adopting amendments to certain delegation provisions in its regulations.
Margin Requirements for Uncleared Swaps for Swap Dealers and Major Swap Participants
Document Number: 2023-16572
Type: Proposed Rule
Date: 2023-08-08
Agency: Commodity Futures Trading Commission, Agencies and Commissions
The Commodity Futures Trading Commission (``Commission'' or ``CFTC'') is proposing to amend the margin requirements for uncleared swaps applicable to swap dealers (``SDs'') and major swap participants (``MSPs'') for which there is no prudential regulator. The proposed amendment would revise the definition of ``margin affiliate'' to provide that certain collective investment vehicles (``investment funds'' or ``funds'') that receive all of their start-up capital, or a portion thereof, from a sponsor entity (``seeded funds'') would be deemed not to have any margin affiliates for the purposes of calculating certain thresholds that trigger the requirement to exchange initial margin (``IM'') for uncleared swaps. This proposed amendment (``Seeded Funds Proposal'') would effectively relieve SDs and MSPs from the requirement to post and collect IM with certain eligible seeded funds for their uncleared swaps for a period of three years from the date on which the eligible seeded fund's asset manager first begins making investments on behalf of the fund (``trading inception date''). The Commission is also proposing to eliminate a provision disqualifying the securities issued by certain pooled investment funds (``money market and similar funds'') that transfer their assets through securities lending, securities borrowing, repurchase agreements, reverse repurchase agreements, and similar arrangements from being used as eligible IM collateral, thereby expanding the scope of assets that qualify as eligible collateral (``Money Market Funds Proposal''). Additionally, the Commission is proposing an amendment to the haircut schedule set forth in a Commission Regulation to add a footnote that was inadvertently omitted when the rule was originally promulgated.
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