Commodity Futures Trading Commission – Federal Register Recent Federal Regulation Documents
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Swap Data Repositories-Access to SDR Data by Market Participants
The Commodity Futures Trading Commission (``Commission'' or ``CFTC'') is adopting an interim final rule to clarify the scope of permissible access by market participants to swap data and information maintained by a registered swap data repository (``SDR''). Specifically, the interim final rule clarifies that, for a swap that is executed anonymously on a swap execution facility or designated contract market, and then cleared in accordance with the Commission's straight-through processing requirements, the data and information maintained by a registered SDR that may be accessed by either counterparty to the swap does not include the identity of the other counterparty to the swap, the identity of the other counterparty's clearing member for the swap, or such counterparty's or clearing member's legal entity identifier.
Review of Swap Data Recordkeeping and Reporting Requirements
On January 21, 2014, the Commodity Futures Trading Commission (``Commission'' or ``CFTC'') announced the formation of an interdivisional staff working group (``Working Group'') \1\ to review its swap data reporting rules and related provisions set forth in part 45 of the Commission's regulations.\2\ Among other objectives, the Working Group was asked to identify and make recommendations to resolve reporting challenges, and to consider data field standardization and consistency in reporting by market participants. Consistent with those efforts, and informed by the Working Group's analysis to date, the Commission today requests comment on specific swap data reporting and recordkeeping rules to help determine how such rules are being applied and to determine whether or what clarifications, enhancements or guidance may be appropriate. This request for comment is limited to part 45 and related provisions.
Enhancing Protections Afforded Customers and Customer Funds Held by Futures Commission Merchants and Derivatives Clearing Organizations; Correction
The Commodity Futures Trading Commission (CFTC) is correcting final rules published in the Federal Register of November 14, 2013 (78 FR 68506). Those rules, 17 CFR Parts 1, 3, 22, 30, and 140, took effect on January 13, 2014. This correction amends Appendix E to Part 30 correcting a typographical error contained in that appendix.
Agency Information Collection Activities Under OMB Review-Notice of Intent To Renew Collection 3038-0049; Procedural Requirements for Requests for Interpretative, No-Action, and Exemptive Letters
In compliance with the Paperwork Reduction Act, 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.
Agency Information Collection Activities Under OMB Review
In compliance with the Paperwork Reduction Act, 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.
Agency Information Collection Activities Under OMB Review
In compliance with the Paperwork Reduction Act, 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.
Public Availability of Fiscal Year 2013 Service Contract Inventory
The Commodity Futures Trading Commission (CFTC) is publishing this notice to advise the public of the availability of CFTC's Fiscal Year (FY) 2013 Service Contract Inventory.
Treatment of Certain Collateralized Debt Obligations Backed Primarily by Trust Preferred Securities With Regard to Prohibitions and Restrictions on Certain Interests in, and Relationships With, Hedge Funds and Private Equity Funds
The OCC, Board, FDIC, CFTC and SEC (individually, an ``Agency,'' and collectively, ``the Agencies'') are each adopting a common interim final rule that would permit banking entities to retain investments in certain pooled investment vehicles that invested their offering proceeds primarily in certain securities issued by community banking organizations of the type grandfathered under section 171 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (``Dodd- Frank Act''). The interim final rule is a companion rule to the final rules adopted by the Agencies to implement section 13 of the Bank Holding Company Act of 1956 (``BHC Act''), which was added by section 619 of the Dodd-Frank Act.
Prohibitions and Restrictions on Proprietary Trading and Certain Interests in, and Relationships with, Hedge Funds and Private Equity Funds
The Commodity Futures Trading Commission (``CFTC'' or ``Commission'') is adopting a final rule to implement Section 619 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (the ``Dodd-Frank Act''), which contains certain prohibitions and restrictions on the ability of a banking entity and nonbank financial company supervised by the Board of Governors of the Federal Reserve System (the ``Board'') to engage in proprietary trading and have certain interests in, or relationships with, a hedge fund or private equity fund. Section 619 also requires the Board, the Federal Deposit Insurance Corporation, the Office of the Comptroller of the Currency, and the Securities and Exchange Commission to also issue regulations implementing section 619 and directs the CFTC and those four agencies to consult and coordinate with each other, as appropriate, in developing and issuing the implementing rules, for the purposes of assuring, to the extent possible, that such rules are comparable and provide for consistent application and implementation. To that end, although the Commission is adopting a final rule that is not a joint rule with the other agencies, the CFTC and the other agencies have worked closely together to develop the same rule text and supplementary information, except for information specific to the CFTC or the other agencies, as applicable. In particular, the CFTC's final rule is numbered as part 75 of the Commission's regulations, the rule text refers to the ``Commission'' instead of the ``[Agency]'' and one section of the regulations addresses authority, purpose, scope, and relationship to other authorities with respect to the Commission. Furthermore, it is noted that the supplementary information generally refers to the ``Agencies'' collectively when referring to deliberations and considerations in developing the final rule by the CFTC together with the other four agencies and references to the ``final rule'' should be deemed to refer to the final rule of the Commission as herein adopted.
Technology Advisory Committee
The Commodity Futures Trading Commission (CFTC or Commission) announces that the public meeting for the CFTC's Technology Advisory Committee (TAC) initially scheduled on January 21, 2014, was postponed due to the inclement weather that closed the Federal Government. The TAC meeting has been rescheduled for February 10, 2014, from 10:00 a.m. to 5:00 p.m. at the CFTC's Washington, DC headquarters. The TAC meeting will focus on swap data reporting; the Commission's concept release on automated trading environments; and swap execution facilities.
Global Markets Advisory Committee
The Commodity Futures Trading Commission (CFTC) announces that on February 12, 2014, from 2 p.m. to 5 p.m., the Global Markets Advisory Committee (GMAC) will hold a public meeting at the CFTC's Washington, DC, headquarters. The GMAC will discuss the CFTC staff's advisory issued on November 14, 2013, related to the CFTC's cross- border guidance addressing the applicability of certain Commission regulations.
Concept Release on Risk Controls and System Safeguards for Automated Trading Environments
On September 12, 2013, the Commodity Futures Trading Commission (``Commission'') published in the Federal Register a Concept Release on Risk Controls and System Safeguards for Automated Trading Environments (``Concept Release''). The Concept Release addresses the evolution from human-centered to automated trading environments and seeks comment on a series of pre-trade risk controls, post-trade measures, system safeguards and other protections applicable to trading platforms and other categories of market participants. Its original comment period closed on December 11, 2013. For the reasons set forth below, the Commission is reopening the comment period for the Concept Release beginning on January 21, 2014. Interested parties may submit comments on or before February 14, 2014.
Aggregation of Provisions
On November 15, 2013, the Commodity Futures Trading Commission (``Commission'') published in the Federal Register a notice of proposed rulemaking (the ``Aggregation Proposal'') to amend existing regulations setting out the Commission's policy for aggregation under its position limits regime. On the same day that the Commission adopted the Aggregation Proposal, it also adopted a proposal to establish speculative position limits for the 28 exempt and agricultural commodity futures and options contracts and the physical commodity swaps that are economically equivalent to such contracts that previously had been covered by part 151 of its regulations (the ``Position Limits Proposal''). However, the Position Limits Proposal was not published in the Federal Register until December 12, 2013. Because the comment period for both proposals was 60 days after publication in the Federal Register, the comment period for the Position Limits Proposal runs to a later date than the comment period for the Aggregation Proposal. In order to provide interested parties with an opportunity to comment on the Aggregation Proposal for so long as the comment period on the Position Limits Proposal is open, the Commission is extending the comment period for the Aggregation Proposal so that it ends at the same time as the comment period for the Position Limits Proposal.
Updates to Cross-References to Bank Secrecy Act Regulations
The Commodity Futures Trading Commission (``Commission'') is adopting technical amendments to the Commission's regulations that correct cross-references to regulations administered by the Financial Crimes Enforcement Network (``FinCEN''), a bureau of the U.S. Department of Treasury, under the Bank Secrecy Act (``BSA''). FinCEN's regulations have been reorganized and transferred to a new chapter in the Code of Federal Regulations. The amendments update the cross- references to FinCEN regulations and are to be made effective upon publication of this rulemaking.
Request for Comment on Application of Commission Regulations to Swaps Between Non-U.S. Swap Dealers and Non-U.S. Counterparties Involving Personnel or Agents of the Non-U.S. Swap Dealers Located in the United States
The Commodity Futures Trading Commission (``Commission'') is requesting comment on an advisory issued by Commission staff on November 14, 2013 (the ``Staff Advisory''), regarding the applicability of certain Commission regulations to the activity in the United States of swap dealers (``SDs'') and major swap participants (``MSPs'') registered with the Commission that are established in jurisdictions other than the United States (whether an affiliate or not of a U.S. person, a ``non-U.S. SD'' or ``non-U.S. MSP'').
Meeting of Technology Advisory Committee
The Commodity Futures Trading Commission (CFTC) announces that on January 21, 2014, the CFTC's Technology Advisory Committee (TAC) will hold a public meeting at the CFTC's Washington, DC, headquarters from 10:00 a.m. to 5:00 p.m. The TAC will focus on swap data repository reporting; the Commission's concept release on automated trading environments; and swap execution facilities.
Agency Information Collection Activities; Notice of Intent To Renew Collection: Procedural Requirements for Requests for Interpretative, No-Action, and Exemptive Letters
The Commodity Futures Trading Commission (CFTC) seeks public comment on the proposed renewal of a collection of 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 in response to the notice. This notice solicits comments on requirements relating to requests for and issuance of exemptive, no- action, and interpretative letters.
Comparability Determination for the European Union: Certain Transaction-Level Requirements
The following is the analysis and determination of the Commodity Futures Trading Commission (``Commission'') regarding certain parts of a joint request by the European Commission (``EC'') and the European Securities and Markets Authority (``ESMA'') that the Commission determine that laws and regulations applicable in the European Union (``EU'') provide a sufficient basis for an affirmative finding of comparability with respect to the following regulatory obligations applicable to swap dealers (``SDs'') and major swap participants (``MSPs'') registered with the Commission: (i) swap trading relationship documentation; (ii) swap portfolio reconciliation and compression; (iii) trade confirmation; and (iv) daily trading records (collectively, the ``Business Conduct Requirements'').
Comparability Determination for the European Union: Certain Entity-Level Requirements
The following is the analysis and determination of the Commodity Futures Trading Commission (``Commission'') regarding certain parts of a joint request by the European Commission (``EC'') and the European Securities and Markets Authority (``ESMA'') that the Commission determine that laws and regulations applicable in the European Union (``EU'') provide a sufficient basis for an affirmative finding of comparability with respect to the following regulatory obligations applicable to swap dealers (``SDs'') and major swap participants (``MSPs'') registered with the Commission: (i) Chief compliance officer; (ii) risk management; and (iii) swap data recordkeeping; (collectively, the ``Internal Business Conduct Requirements'').
Comparability Determination for Canada: Certain Entity-Level Requirements
The following is the analysis and determination of the Commodity Futures Trading Commission (``Commission'') regarding certain parts of a joint request by the Canadian Bankers Association (``CBA''), five individual Canadian banks provisionally-registered with the Commodity Futures Trading Commission (``Commission'') as swap dealers (``SDs''), and the Office of the Superintendent of Financial Institutions (``OSFI'') that the Commission determine that certain laws and regulations applicable in Canada provide a sufficient basis for an affirmative finding of comparability with respect to the following regulatory obligations applicable to SDs and major swap participants (``MSPs'') registered with the Commission: (i) Chief compliance officer; (ii) risk management; and (iii) swap data recordkeeping (collectively, the ``Internal Business Conduct Requirements'').
Comparability Determination for Switzerland: Certain Entity-Level Requirements
The following is the analysis and determination of the Commodity Futures Trading Commission (``Commission'') regarding certain parts of a request by UBS AG (``UBS'') that the Commission determine that laws and regulations applicable in Switzerland provide a sufficient basis for an affirmative finding of comparability with respect to the following regulatory obligations applicable to swap dealers (``SDs'') and major swap participants (``MSPs'') registered with the Commission: (i) Chief compliance officer; (ii) risk management; and (iii) swap data recordkeeping (collectively, the ``Internal Business Conduct Requirements'').
Comparability Determination for Japan: Certain Transaction-Level Requirements
The following is the analysis and determination of the Commodity Futures Trading Commission (``Commission'') regarding certain parts of a request by the Bank of Tokyo-Mitsubishi UFJ, Ltd (``BTMU'') that the Commission determine that laws and regulations applicable in the Japan provide a sufficient basis for an affirmative finding of comparability with respect to the following regulatory obligations applicable to swap dealers (``SDs'') and major swap participants (``MSPs'') registered with the Commission: (i) Swap trading relationship documentation and (ii) daily trading records (collectively, the ``Business Conduct Requirements'').
Comparability Determination for Japan: Certain Entity-Level Requirements
The following is the analysis and determination of the Commodity Futures Trading Commission (``Commission'') regarding certain parts of a joint request by the Bank of Tokyo-Mitsubishi UFJ, Ltd (``BTMU''), Goldman Sachs Japan Co., Ltd., Merrill Lynch Japan Securities Co., Ltd., and Morgan Stanley MUFG Securities Co., Ltd. that the Commission determine that laws and regulations applicable in Japan provide a sufficient basis for an affirmative finding of comparability with respect to the following regulatory obligations applicable to swap dealers (``SDs'') and major swap participants (``MSPs'') registered with the Commission: (i) Chief compliance officer; (ii) risk management; and (iii) swap data recordkeeping (collectively, the ``Internal Business Conduct Requirements'').
Comparability Determination for Hong Kong: Certain Entity-Level Requirements
The following is the analysis and determination of the Commodity Futures Trading Commission (``Commission'') regarding certain parts of a request by the Hong Kong Monetary Authority (``HKMA'') that the Commission determine that laws and regulations applicable in Hong Kong provide a sufficient basis for an affirmative finding of comparability with respect to the following regulatory obligations applicable to swap dealers (``SDs'') and major swap participants (``MSPs'') registered with the Commission: (i) Chief compliance officer; (ii) risk management; and (iii) swap data recordkeeping (collectively, the ``Internal Business Conduct Requirements'').
Comparability Determination for Australia: Certain Entity-Level Requirements
The following is the analysis and determination of the Commodity Futures Trading Commission (``Commission'') regarding certain parts of a request by the Australian Bankers Association (``ABA'') that the Commission determine that laws and regulations applicable in in the Commonwealth of Australia (``Australia'') provide a sufficient basis for an affirmative finding of comparability with respect to the following regulatory obligations applicable to swap dealers (``SDs'') and major swap participants (``MSPs'') registered with the Commission: (i) Chief compliance officer; (ii) risk management; and (iii) swap data recordkeeping (collectively, the ``Internal Business Conduct Requirements'').
Agency Information Collection Activities; Proposed Collection; Comment Request: Part 41, Relating to Security Futures Products
The Commodity Futures Trading Commission (CFTC) is announcing an opportunity for public comment on the extension of a proposed collection of certain information by the agency. In compliance with the Paperwork Reduction Act of 1995 (PRA), (44 U.S.C. 3501 et seq.), 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 in response to the notice. This notice solicits comments, as described below, on the proposed Information Collection Request (ICR) titled: Part 41, Relating to Security Futures Products; OMB Control Number 3038-0059.
Position Limits for Derivatives
The Commission proposes to amend regulations concerning speculative position limits to conform to the Wall Street Transparency and Accountability Act of 2010 (``Dodd-Frank Act'') amendments to the Commodity Exchange Act (``CEA'' or ``Act''). The Commission proposes to establish speculative position limits for 28 exempt and agricultural commodity futures and option contracts, and physical commodity swaps that are ``economically equivalent'' to such contracts. In connection with establishing these limits, the Commission proposes to update some relevant definitions; revise the exemptions from speculative position limits, including for bona fide hedging; and extend and update reporting requirements for persons claiming exemption from these limits. The Commission proposes appendices that would provide guidance on risk management exemptions for commodity derivative contracts in excluded commodities permitted under the proposed definition of bona fide hedging position; list core referenced futures contracts and commodities that would be substantially the same as a commodity underlying a core referenced futures contract for purposes of the proposed definition of basis contract; describe and analyze fourteen fact patterns that would satisfy the proposed definition of bona fide hedging position; and present the proposed speculative position limit levels in tabular form. In addition, the Commission proposes to update certain of its rules, guidance and acceptable practices for compliance with Designated Contract Market (``DCM'') core principle 5 and Swap Execution Facility (``SEF'') core principle 6 in respect of exchange- set speculative position limits and position accountability levels.
Agency Information Collection Activities Under OMB Review
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 of 1995 (PRA), 44 U.S.C. 3501 et seq., 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 in response to the notice. This notice solicits comments on requirements relating to practice before the Commission by former members and employees of the Commission.
Derivatives Clearing Organizations and International Standards
The Commodity Futures Trading Commission (``Commission'') is adopting final regulations to establish additional standards for compliance with the derivatives clearing organization (``DCO'') core principles set forth in the Commodity Exchange Act (``CEA'') for systemically important DCOs (``SIDCOs'') and DCOs that elect to opt-in to the SIDCO regulatory requirements (``Subpart C DCOs''). Pursuant to the new regulations, SIDCOs and Subpart C DCOs are required to comply with the requirements applicable to all DCOs, which are set forth in the Commission's DCO regulations on compliance with core principles, to the extent those requirements are not inconsistent with the new requirements set forth herein. The new regulations include provisions concerning: procedural requirements for opting in to the regulatory regime as well as substantive requirements relating to governance, financial resources, system safeguards, special default rules and procedures for uncovered losses or shortfalls, risk management, additional disclosure requirements, efficiency, and recovery and wind- down procedures. These additional requirements are consistent with the Principles for Financial Market Infrastructures (``PFMIs'') published by the Committee on Payment and Settlement Systems and the Board of the International Organization of Securities Commissions (``CPSS-IOSCO''). In addition, the Commission is adopting certain delegation provisions and certain technical clarifications.
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