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CFTC | RIN: 3038-AD18 | Publication ID: Spring 2011 |
Title: Core Principles and Other Requirements for Swap Execution Facilities | |
Abstract: Title VII of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act) amended the Commodity Exchange Act (CEA) to establish a comprehensive new regulatory framework for the execution of swaps by: (i) Creating a definition for swap execution facilities (SEFs) under section 721 of the Dodd-Frank Act, which added new CEA Section 1a(50); (ii) providing, though the SEF definition, a market for the execution of swaps on trading systems or platforms that enable eligible contract participants to trade on a multilateral basis; (iii) creating an execution requirement under section 723 of the Dodd-Frank Act, which added new CEA section 2(h)(8); and (iv) creating registration and core principle requirements for SEFs under section 733 of the Dodd-Frank Act, which added new CEA Section 5h. Pursuant to title VII of the Dodd-Frank Act, the Commodity Futures Trading Commission (Commission) has proposed rules to implement sections 721, 723 and 733 of the Dodd-Frank Act. The Commission's proposal implements the registration process for each applicant seeking registration as a SEF as well as the fifteen core principles and other requirements that each applicant must comply with as a condition of obtaining and maintaining its registration. The proposal would also replace current part 37 of the Commission's regulations, at present addressing rules for Derivatives Transaction Execution Facilities, with rules to implement the amendments to the CEA relevant to SEFs. | |
Agency: Commodity Futures Trading Commission(CFTC) | Priority: Other Significant |
RIN Status: Previously published in the Unified Agenda | Agenda Stage of Rulemaking: Final Rule Stage |
Major: Undetermined | Unfunded Mandates: No |
CFR Citation: 17 CFR 37 | |
Legal Authority: 7 USC 1a and 2 7 USC 5 and 6 7 USC 6a to 6p 7 USC 7 and 7a-2 7 USC 7b-3 and 12a 7 USC 23 and 24 as amended by title VII and VIII of the Dodd-Frank Wall Street Reform and Consumer Protection Act PL 111-203, 124 Stat 1376 (2010) |
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Regulatory Flexibility Analysis Required: No | Government Levels Affected: None |
Small Entities Affected: No | Federalism: No |
Included in the Regulatory Plan: No | |
RIN Information URL: http://www.cftc.gov/LawRegulation/DoddFrankAct/Rulemakings/DF_13_SEFRules/index.htm | Public Comment URL: http://comments.cftc.gov/PublicComments/ReleasesWithComments.aspx |
RIN Data Printed in the FR: No | |
Agency Contact: Riva Spear-Adriance Senior Special Counsel, Division of Market Oversight Commodity Futures Trading Commission Three Lafayette Centre, 1155 21st Street NW, Washington, DC 20581 Phone:202 418-5494 Email: radriance@cftc.gov Mauricio Melara Special Counsel, Office of International Affairs Commodity Futures Trading Commission Three Lafayette Centre, 1155 21st Street NW., Washington, DC 20581 Phone:202 418-5719 Fax:202 418-5507 Email: mmelara@cftc.gov Amir Zaidi Special Counsel, Division of Market Oversight Commodity Futures Trading Commission Three Lafayette Centre, 1155 21st Street NW., Washington, DC 20581 Phone:202 418-6770 Fax:202 418-5507 Email: azaidi@cftc.gov |