Commodity Futures Trading Commission – Federal Register Recent Federal Regulation Documents
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Position Reports for Physical Commodity Swaps
The Commodity Futures Trading Commission (``Commission'' or ``CFTC'') is proposing reporting regulations that are reasonably necessary for implementing and enforcing aggregate position limits for certain physical commodity derivatives. As a result of recent legislative reforms, the Commission may adopt regulations establishing aggregate position limits for designated contract market (``DCM'') physical commodity futures contracts and swaps that are economically equivalent to such contracts. The Commission currently receives, and uses for market surveillance purposes, including position limit enforcement, data on large positions in all physical commodity futures and option contracts traded on DCMs. However, there is no analogous reporting structure in place for economically equivalent swaps, which until recently were largely unregulated financial contracts. The Commission's proposal would require position reports on economically equivalent swaps from clearing organizations, their members and swap dealers. Notably, the proposed regulations also include a sunset provision. The sunset provision would render the regulations ineffective upon the Commission's issuance of an order finding that operating swap data repositories (``SDRs'') are capable of processing positional data in a manner that would enable the Commission to set and enforce aggregate position limits.
Provisions Common to Registered Entities
The Commodity Futures Trading Commission (``Commission'' or ``CFTC'') is proposing rules to implement new statutory provisions enacted under Title VII of the Dodd-Frank Wall Street Reform and Consumer Protection Act (``Dodd-Frank Act'') and amend existing rules affected by the passage of the Dodd-Frank Act. These proposed rules apply to designated contract markets (``DCMs''), derivatives clearing organizations (``DCOs''), swap execution facilities (``SEFs'') and swap data repositories (``SDRs''). The proposed rules implement the new statutory framework for certification and approval for new products, new rules and rule amendments submitted to the Commission by registered entities. Furthermore, the proposed rules prohibit event contracts based on certain excluded commodities, establish special procedures for certain rule changes proposed by systemically important derivatives clearing organizations (``SIDCOs''), and provide for the tolling of review periods for certain novel derivative products pending the resolution of jurisdictional determinations.
Process for Review of Swaps for Mandatory Clearing
The Commodity Futures Trading Commission (Commission or CFTC) is proposing rules to implement new statutory provisions enacted by Title VII of the Dodd-Frank Wall Street Reform and Consumer Protection Act. These proposed rules apply to the review of swaps by the Commission to determine whether the swaps are required to be cleared.
Joint CFTC-SEC Advisory Committee on Emerging Regulatory Issues
The Joint CFTC-SEC Advisory Committee on Emerging Regulatory Issues will hold a public meeting on November 5, 2010, from 9 a.m. to 12 p.m., at the CFTC's Washington, DC headquarters. At the meeting, the committee will: (1) Receive a summary and recap from the staffs of the SEC and CFTC on the report issued September 30, 2010; (2) Hear a report from the subcommittee on cross-market linkages; (3) Hear a report from the subcommittee on pre-trade risk management; and (4) Discuss potential recommendations and responses.
Privacy of Consumer Financial Information; Conforming Amendments Under Dodd-Frank Act
The Commodity Futures Trading Commission (``Commission'' or ``CFTC'') is proposing to amend its rules under part 160 of its Regulations to implement new statutory provisions enacted by Titles VII and X of the Dodd-Frank Wall Street Reform and Consumer Protection Act (``Dodd-Frank Act''). Section 1093 of the Dodd-Frank Act provides for certain amendments to Title V of the Gramm-Leach-Bliley Act (``GLB Act'')which sets forth certain protections for the privacy of consumer financial informationaffirming the Commission's jurisdiction in this area. This proposal broadens the scope of Part 160 to cover two new entities created by Title VII of the Dodd-Frank Act: Swap dealers and major swap participants. In addition, the Commission proposes to rename Part 160 as ``Privacy of Consumer Financial Information under the Gramm-Leach-Bliley Act'' to harmonize the title of this part with other parts of the Commission's Regulations.
Business Affiliate Marketing and Disposal of Consumer Information Rules
The Commodity Futures Trading Commission (``Commission'' or ``CFTC'') is proposing regulations to implement new statutory provisions enacted by Title X of the ``Dodd-Frank Wall Street Reform and Consumer Protection Act'' (``Dodd-Frank Act''). These proposed regulations apply to futures commission merchants, retail foreign exchange dealers, commodity trading advisors, commodity pool operators, introducing brokers, swap dealers and major swap participants (collectively, ``CFTC registrants''). The Dodd-Frank Act provides the CFTC with authority to implement regulations under sections 624 and 628 of the Fair Credit Reporting Act (``FCRA''). The proposed regulations implementing section 624 of the FCRA require CFTC registrants to provide consumers with the opportunity to prohibit affiliates from using certain information to make marketing solicitations to consumers. The proposed regulations implementing section 628 of the FCRA require CFTC registrants that possess or maintain consumer report information in connection with their business activities to develop and implement a written program for the proper disposal of such information.
Agricultural Commodity Definition
The Commodity Futures Trading Commission (``Commission'' or ``CFTC'') is charged with proposing rules to implement new statutory provisions enacted by Title VII of the Dodd-Frank Wall Street Reform and Consumer Protection Act (``Dodd-Frank Act''). The Dodd-Frank Act, which amends the Commodity Exchange Act (``CEA'' or ``Act''), includes provisions applicable to ``a swap in an agricultural commodity (as defined by the [CFTC]).'' Neither Congress nor the CFTC has previously promulgated a definition of that term for purposes of the CEA or CFTC regulations. This notice reviews the statutory and regulatory history of the term ``agricultural commodity'' in the context of the CEA and Commission regulations and proposes a definition of that term for purposes of the CEA and Commission regulations.
Joint Public Roundtable on Issues Related to the Clearing of Credit Default Swaps
On October 22, 2010, commencing at 9 a.m. and ending at 12 p.m., staff of the Agencies will hold a public roundtable discussion at which invited participants will discuss certain issues related to the clearing of Credit Default Swaps in the context of the Agencies rulemaking efforts pursuant to the Dodd-Frank Wall Street Reform and Consumer Protection Act (the ``Act''). The discussion will be open to the public with seating on a first-come, first-served basis. Members of the public may also listen by telephone. Call-in participants should be prepared to provide their first name, last name, and affiliation. The information for the conference call is set forth below. US Toll-Free: (866) 844-9416. International Toll: 1-203-369-5026. Passcode: 8693978. A transcript of the public roundtable discussion will be published on the CFTC's Web site at https://www.cftc.gov/LawRegulation/ DoddFrankAct/OTC_7_DCORules.html. The roundtable discussion will take place in Lobby Level Hearing Room (Room 1000) at the CFTC's headquarters at Three Lafayette Centre, 1155 21st Street, NW., Washington, DC.
Public Roundtable on Individual Customer Collateral Protection
On October 22, 2010, commencing at 1 p.m. and ending at 4 p.m., staff of the CFTC will hold a public roundtable discussion at which invited participants will discuss certain issues related to individual customer collateral protection in the context of the CFTC's rulemaking efforts pursuant to the Dodd-Frank Wall Street Reform and Consumer Protection Act (the ``Act''). The roundtable will focus on protection of customer assets used as collateral in the cleared swap market under section 724(a) of the Act including the appropriate treatment of customer collateral by clearinghouses in the event of a default by a futures commission merchant. The discussion will be open to the public with seating on a first-come, first-served basis. Members of the public may also listen by telephone. Call-in participants should be prepared to provide their first name, last name, and affiliation. The information for the conference call is set forth below. US Toll-Free: (866) 844-9416. International Toll: 1-203-369-5026. Passcode: 8693978. A transcript of the public roundtable discussion will be published on the CFTC's Web site at https://www.cftc.gov/LawRegulation/ DoddFrankAct/OTC_6_SegBankruptcy.html. The roundtable discussion will take place in Lobby Level Hearing Room (Room 1000) at the CFTC's headquarters at Three Lafayette Centre, 1155 21st Street, NW., Washington, DC.
Requirements for Derivatives Clearing Organizations, Designated Contract Markets, and Swap Execution Facilities Regarding the Mitigation of Conflicts of Interest
The Commodity Futures Trading Commission (the ``Commission'') hereby proposes rules to implement new statutory provisions enacted by Title VII of the Dodd-Frank Wall Street Reform and Consumer Protection Act (the ``Dodd-Frank Act''). Specifically, the proposed rules contained herein impose new requirements on derivatives clearing organizations (``DCOs''), designated contract markets (``DCMs''), and swap execution facilities (``SEFs'') with respect to mitigation of conflicts of interest.
Interim Final Rule for Reporting Pre-Enactment Swap Transactions
The Commodity Futures Trading Commission (``Commission'' or ``CFTC'') is publishing for comment an interim final rule to implement new statutory provisions introduced by Title VII of the Dodd-Frank Wall Street Reform and Consumer Protection Act (``Dodd-Frank Act''). Section 729 of the Dodd-Frank Act requires the CFTC to adopt, within 90 days of enactment of the Dodd-Frank Act, an interim final rule for the reporting of swap transactions entered into before July 21, 2010 whose terms had not expired as of that date (``pre-enactment unexpired swaps''). Pursuant to this mandate, the CFTC is today adopting an interim final rule requiring specified counterparties to pre-enactment unexpired swap transactions to report certain information related to such transactions to a registered swap data repository (``SDR'') \1\ or to the Commission by the compliance date to be established in reporting rules required under Section2(h)(5) of the CEA, or within 60 days after an SDR becomes registered under Section 21 of the CEA, whichever occurs first. An interpretive note to the rule advises that counterparties that may be required to report to an SDR or the CFTC will need to preserve information pertaining to the terms of such swaps.
Financial Resources Requirements for Derivatives Clearing Organizations
The Commodity Futures Trading Commission (Commission or CFTC) is proposing rules to implement new statutory provisions enacted by Title VII and Title VIII of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act). The proposed regulations establish financial resources requirements for derivatives clearing organizations (DCOs) for the purpose of ensuring that they maintain sufficient financial resources to enable them to perform their functions in compliance with the Commodity Exchange Act and the Dodd- Frank Act.
Agency Information Collection Activities: Proposed Collection; Comment Request: Proposed Collection; Comment Request: Rules Pertaining to Contract Markets and Their Members
In compliance with the Paperwork Reduction Act (44 U.S.C. 3501 et seq.), this notice announces that the CFTC is planning to submit the following proposed Information Collection Request (ICR) to the Office of Management and Budget (OMB): Rules Pertaining to Contract Markets and Their Members; [OMB Control Number 3038-0022]. Before submitting the ICR to OMB for review and approval, the CFTC is soliciting comments on specific aspects of the proposed information collection as described below.
Request for Comment on Options for a Proposed Exemptive Order Relating to the Trading and Clearing of Precious Metal Commodity-Based ETFs; Concept Release
Recently, the Commodity Futures Trading Commission (``Commission,'' or ``CFTC'') has been confronted with the question of how to treat certain transactions on fractional undivided interests, or shares, in single commodity investment products referred to as exchange traded funds (``ETF'' or ``ETFs''),\1\ primarily in the metals complex. The ETFs have in all relevant instances been structured as trusts (singularly, ``ETF Trust'' or ``Trust''),\2\ the assets of which consist of holdings of one specific physical commodity.\3\ The explicit and sole investment objective of each of these ETF Trusts is to track as nearly as possible the spot price of the underlying physical commodity less the expenses of trust operations. The listing of these ETF shares provides shareholders with efficient exposure to commodity market price movements.\4\ These Precious Metal Commodity-Based ETFs have primarily focused on holding either gold or silver, with a recent expansion into palladium and platinum. The Commission has issued Orders pursuant to Section 4(c) of the Commodity Exchange Act (the ``Act'') permitting the trading and clearing of certain transactions on these Trusts as, respectively, options on securities and security futures.\5\ The Previous Orders have provided exemptions from certain provisions of the Act, or the Commission's regulations thereunder, which might have been transgressed by trading or clearing, among other things, options and futures on Commodity-Based ETFs. The exemption mechanism has enabled the Commission to reserve judgment as to the jurisdictional classification (i.e. commodity or security) of Commodity-Based ETFs and options and futures on Commodity-Based ETFs while at the same time providing a mechanism to ensure both that the Commission's regulatory oversight needs are satisfied (whether through regulation by the Securities and Exchange Commission (``SEC'') or by attaching conditions to the exemption orders) and that novel products may be introduced without undue delay for market participant and investor use.
Agency Information Collection Activities: Notice of Intent To Renew Collection 3038-0025, Practice by Former Members and Employees of the Commission
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.
Agency Information Collection Activities: Notice of Intent To Renew Collection 3038-0049, Procedural Requirements for Requests for Interpretative, No-Action, and Exemptive Letters
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 procedures for submitting requests for exemptive, no- action, and interpretative letters.
Agricultural Swaps
The Commodity Futures Trading Commission (``Commission'' or ``CFTC'') is charged with proposing rules to implement new statutory provisions enacted by Title VII of the Dodd-Frank Wall Street Reform and Consumer Protection Act (``Dodd-Frank Act''). Section 723(c)(3) of the Dodd-Frank Act provides that swaps in an ``agricultural commodity'' (as defined by the Commission) are prohibited unless entered into pursuant to a rule, regulation or order of the Commission adopted pursuant to section 4(c) of the Commodity Exchange Act (``CEA'' or ``Act''). This advance notice of proposed rulemaking (``ANPRM'') requests comment on the appropriate conditions, restrictions or protections to be included in any such rule, regulation or order governing the trading of agricultural swaps.
Technology Advisory Committee Meeting
The Technology Advisory Committee will hold a public meeting on October 12, 2010, from 1 p.m. to 5 p.m., at the CFTC's Washington, DC headquarters.
Petition of the National Futures Association, Pursuant to Rule 13.2, to the U.S. Commodity Futures Trading Commission To Amend of the Rule 4.5
The National Futures Association (``NFA'') has petitioned the Commodity Futures Trading Commission (``Commission'' or ``CFTC'') to amend a rule that excludes certain otherwise regulated persons from the definition of the term ``commodity pool operator'' (``CPO'') with respect to certain qualifying entities. The rule presently requires any person desiring to claim the exclusion to file a notice of eligibility with NFA, which must identify the qualifying entity to be operated pursuant to the exclusion. NFA requests the Commission amend its rule to limit the scope of the exclusion for registered investment companies (``RICs''). Specifically, NFA has requested that any RIC include in its notice of eligibility a representation that the RIC's qualifying entity (1) Will use commodity futures or commodity options contracts solely for bona fide hedging purposes, (2) will not have the initial margin and premiums required to establish any commodity futures or commodity options not used for bona fide hedging purposes exceeding five percent (5%) of the liquidation value of the qualifying entity's portfolio, and (3) will not be marketed to the public as a commodity pool or as a vehicle for investment in commodity futures or commodity options. The Commission seeks comment on NFA's petition and any related questions. Copies of the petition are available for inspection at the Office of the Secretariat, by mail at the address listed below, by telephoning (202) 418-5100, or on the Commission's Web site (https:// www.cftc.gov).
Global Markets Advisory Committee
The Global Markets Advisory Committee will hold a public meeting on October 5, 2010, from 1 p.m. to 5 p.m., at the CFTC's Washington, DC headquarters.
Orders Regarding the Treatment of Petitions Seeking Grandfather Relief for Exempt Commercial Markets and Exempt Boards of Trade
The Commission is issuing orders whereby entities currently operating as exempt commercial markets, pursuant to Section 2(h)(3)-(7) of the Commodity Exchange Act, or exempt boards of trade, pursuant to Section 5d of the Commodity Exchange Act, may receive grandfather relief to continue to operate in accordance with those provisions notwithstanding their deletion from the Commodity Exchange Act, effective July 15, 2011, by the Dodd-Frank Wall Street Reform and Consumer Protection Act. The Commission's orders set forth various conditions for such grandfather relief, including the filing of a relief petition and a swap execution facility or designated contract market application with the Commission.
Notice Regarding the Treatment of Petitions Seeking Grandfather Relief for Trading Activity Done in Reliance Upon Section 2(h)(1)-(2) of the Commodity Exchange Act
Section 723 of the Dodd-Frank Wall Street Reform and Consumer Protection Act permits persons transacting business in exempt commodities in reliance upon Section 2(h) of the Commodity Exchange Act to petition the Commission for grandfather relief enabling them to continue to rely on Section 2(h) after the effective date of the Dodd- Frank Wall Street Reform and Consumer Protection Act. While persons may submit such grandfather relief petitions in accordance with the procedures provided herein, at this time the Commission has determined that it will not be issuing such relief to persons seeking to continue to rely on Section 2(h)(1)-(2). The Commission is prepared to revisit its decision in the future should it be necessary in order to ensure a smooth transition to the new regulatory regime mandated by the Dodd- Frank Wall Street Reform and Consumer Protection Act. Any relief that the Commission determines to grant in the future will not be limited to persons that may file a petition.
Agency Information Collection Activities: Proposed Collection; Comment Request: Part 41, Relating to Security Futures Products
In compliance with the Paperwork Reduction Act (44 U.S.C. 3501 et seq.), this notice announces that the CFTC is planning to submit the following proposed Information Collection Request (ICR) to the Office of Management and Budget (OMB): Part 41, Relating to Security Futures Products; OMB Control Number 3038-0059. Before submitting the ICR to OMB for review and approval, the CFTC is soliciting comments on specific aspects of the proposed information collection as described below.
Commodity Pool Operations: Relief From Compliance With Certain Disclosure, Reporting and Recordkeeping Requirements for Registered CPOs of Commodity Pools Listed for Trading on a National Securities Exchange; CPO Registration Exemption for Certain Independent Directors or Trustees of These Commodity Pools; Correction
This document corrects a missing e-mail address in a proposed rule published in the Federal Register of September 9, 2010, regarding relief from certain disclosure, reporting and recordkeeping requirements that Commission staff previously has issued on a case-by- case basis to commodity pool operators (CPOs).
Joint Public Roundtable To Discuss Data for Swaps and Security-Based Swaps, Swap Data Repositories, Security-Based Swap Data Repositories, and Real-Time Public Reporting
On September 14, 2010, commencing at 8:45 a.m. and ending at 5:30 p.m., staff of the Agencies will hold a public roundtable discussion at which invited participants will discuss data for swaps and security-based swaps, swap data repositories, security-based swap data repositories, and real-time public reporting in the context of certain authority that Sections 727, 728, and 763 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (the ``Act'') granted to the Agencies respectively. The discussion will be open to the public with seating on a first-come, first-served basis. Members of the public may also listen by telephone. Call-in participants should be prepared to provide their first name, last name, and affiliation. The information for the conference call is set forth below. US/Canada Toll-Free: (866) 312-4390. International Toll: (404) 537-3379. Conference ID: 98801653. A transcript of the public roundtable discussion will be published on the following CFTC pages: Swap Data Repositories Registration Standards and Core Principle Rulemaking, Interpretation & Guidance; Data Recordkeeping & Reporting Requirements; and Real Time Reporting, available at https://www.cftc.gov/LawRegulation/ OTCderivatives/otc_rules.html. The roundtable discussion will take place in Lobby Level Hearing Room (Room 1000) at the CFTC's headquarters at Three Lafayette Centre, 1155 21st Street, NW., Washington, DC 20581.
Joint Public Roundtable on Swap Execution Facilities and Security-Based Swap Execution Facilities
On September 15, 2010, commencing at 9 a.m. and ending at 12:30 p.m., staff of the Agencies will hold a public roundtable discussion at which invited participants will discuss swap execution facilities and security-based swap execution facilities in the context of certain authority that Sections 733 and 763 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (the ``Act'') granted to the Agencies respectively. The discussion will be open to the public with seating on a first-come, first-served basis. Members of the public may also listen by telephone. Call-in participants should be prepared to provide their first name, last name, and affiliation. The information for the conference call is set forth below. US/Canada Toll-Free: 877-732-6422 Conference ID: 7772 A transcript of the public roundtable discussion will be published on the SEC's mandatory exchange trading and swap execution facilities rulemaking page at https://www.sec.gov/spotlight/ regreformcomments.shtml. The transcript also will be available by a link on the CFTC's SEF Registration Requirements and Core Principle Rulemaking, Interpretation & Guidance Web page at https://www.cftc.gov/ LawRegulation/OTCDerivatives/otc_rules.html. The roundtable discussion will take place in the Auditorium (Room L-002) at the SEC Headquarters located at 100 F Street, NE., Washington, DC.
Regulation of Off-Exchange Retail Foreign Exchange Transactions and Intermediaries
The Commodity Futures Trading Commission (``Commission'' or ``CFTC'') is adopting a comprehensive regulatory scheme to implement the provisions of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (``Wall Street Reform Act'') \1\ and the CFTC Reauthorization Act of 2008 (``CRA'') \2\ with respect to off-exchange transactions in foreign currency with members of the retail public (i.e., ``retail forex transactions''). The new regulations and amendments to existing regulations published today establish requirements for, among other things, registration, disclosure, recordkeeping, financial reporting, minimum capital, and other operational standards.
Performance of Registration Functions by National Futures Association With Respect to Retail Foreign Exchange Dealers and Associated Persons
The Commodity Futures Trading Commission (``Commission'' or ``CFTC'') is authorizing the National Futures Association (``NFA''), effective September 10, 2010, to process and grant applications for initial registration, renewed registration and withdrawals of retail foreign exchange dealers (``RFEDs'') and their associated persons (``APs'') and to issue temporary licenses to eligible APs; to conduct proceedings to deny, condition, suspend, restrict or revoke the registration of any RFED or AP of an RFED, or an applicant for registration in either category; and to maintain records regarding RFEDs and their APs, and to serve as the official custodian of those Commission records.
Account Ownership and Control Report
The Commission is extending the comment period for the Notice of Proposed Rulemaking (``NPRM'') that calls for the collection of ownership, control and related information.\1\ The new deadline for submitting public comments is October 7, 2010.
Commodity Pool Operators: Relief From Compliance With Certain Disclosure, Reporting and Recordkeeping Requirements for Registered CPOs of Commodity Pools Listed for Trading on a National Securities Exchange; CPO Registration Exemption for Certain Independent Directors or Trustees of These Commodity Pools
The Commodity Futures Trading Commission (Commission or CFTC) is proposing changes to its regulations as they affect certain commodity pool operators (CPOs) of commodity pools whose units of participation are listed and traded on a national securities exchange (Proposal). Specifically, the Proposal would codify the relief from certain disclosure, reporting and recordkeeping requirements that Commission staff previously has issued on a case-by-case basis to these CPOs. In addition, the Proposal would provide relief from the CPO registration requirement for certain independent directors or trustees of actively-managed commodity pools.
Agency Information Collection Activities Under OMB Review: Notice of Intent To Renew Collection 3038-0054, Establishing Procedures To Implement the Notification Requirements for Entities Operating as Exempt Markets
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, and to allow 60 days for comment in response to the notice. This notice solicits comments on requirements relating to information collected to assist the Commission in the prevention of market manipulation.
Acceptance of Public Submissions on the Wall Street Reform and Consumer Protection Act and the Rulemakings That Will Be Proposed by the Commission
The Dodd-Frank Wall Street Reform and Consumer Protection Act (``Dodd-Frank Act'') was enacted on July 21, 2010. The Dodd-Frank Act, among other things, will bring comprehensive regulation to the over- the-counter (``OTC'') derivatives marketplace for the first time. The Commodity Futures Trading Commission (``CFTC'' or ``Commission'') will be implementing the Dodd-Frank Act by adopting rules to regulate the OTC derivatives market. The Commission welcomes the views of interested parties on the Dodd-Frank Act and the rulemakings that it will implement thereunder. The views of interested parties may be considered in the pre-proposal process but will not be treated as official comments on specific proposed rulemakings. As discussed in this notice, the Commission has made electronic mailboxes available for any submissions interested parties wish to make. Interested parties are advised that all submissions will be published on the Commission's Web site without review and without removal of the submitter's identifying information.
Definitions Contained in Title VII of Dodd-Frank Wall Street Reform and Consumer Protection Act
The Dodd-Frank Wall Street Reform and Consumer Protection Act (the ``Dodd-Frank Act''), provides for the comprehensive regulation of swaps and security-based swaps. Title VII of the Dodd-Frank Act (``Title VII''), provides that the Securities and Exchange Commission (``SEC'') and the Commodity Futures Trading Commission (``CFTC'') (collectively, ``the Commissions''), in consultation with the Board of Governors of the Federal Reserve System, shall jointly further define certain key terms (specifically, ``swap'', ``security-based swap'', ``swap dealer'', ``security-based swap dealer'', ``major swap participant'', ``major security-based swap participant'', ``eligible contract participant'', and ``security-based swap agreement''), and shall jointly prescribe regulations regarding ``mixed swaps,'' as that term is used in Title VII of the Dodd-Frank Act. To assist the SEC and CFTC in further defining such terms, the Commissions are issuing this Notice and request for public comment.
Joint Public Roundtable on Governance and Conflicts of Interest in the Clearing and Listing of Swaps and Security-Based Swaps
On August 20, 2010, commencing at 9 a.m. and ending at 12 p.m., staff of the Agencies will hold a public roundtable discussion at which invited participants will discuss governance and conflicts of interest in the context of certain authority that Sections 726 and 765 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (the ``Act'') granted to the Agencies respectively. The discussion will be open to the public with seating on a first-come, first-served basis. Members of the public may also listen by telephone. Call-in participants should be prepared to provide their first name, last name, and affiliation. The information for the conference call is set forth below.
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