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CFTC | RIN: 3038-AE44 | Publication ID: Fall 2016 |
Title: ●Indemnification Rulemaking | |
Abstract:
The FAST Act repealed CEA 21(d)(2), added to the CEA by Dodd-Frank 728, which provided that domestic and foreign regulators that are otherwise eligible to, and that do, request data from an SDR (collectively Regulators) agree to indemnify the SDR and the CFTC for expenses resulting from litigation relating to the information provided. When considered in light of the CFTC’s current regulations addressing Regulators’ access to SDR data, the removal of the indemnification requirement presents a number of issues, primarily related to the scope of Regulators’ access to SDR data, and maintaining the confidentiality of such data consistent with CEA 8. The Commission plans to address these issues in a notice of proposed rulemaking (NPRM) that revises the current approach to Regulators’ access to SDRs’ swap data and set forth more information regarding the confidentiality agreement that is required by CEA 21(d). |
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Agency: Commodity Futures Trading Commission(CFTC) | Priority: Substantive, Nonsignificant |
RIN Status: First time published in the Unified Agenda | Agenda Stage of Rulemaking: Proposed Rule Stage |
Major: No | Unfunded Mandates: No |
CFR Citation: 17 CFR 49 | |
Legal Authority: CEA 8a(5) and 21 |
Legal Deadline:
None |
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Timetable:
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Regulatory Flexibility Analysis Required: Yes | Government Levels Affected: Federal |
Small Entities Affected: Businesses, Organizations | Federalism: No |
Included in the Regulatory Plan: No | |
International Impacts: This regulatory action will be likely to have international trade and investment effects, or otherwise be of international interest. | |
RIN Data Printed in the FR: Yes | |
Agency Contact: Daniel J. Bucsa Deputy Director, Division of Market Oversight Commodity Futures Trading Commission Three Lafayette Centre, 1155 21st Street NW, Washington, DC 20581 Phone:202 418-5435 Email: dbucsa@cftc.gov David E. Aron Special Counsel, Division of Market Oversight Commodity Futures Trading Commission Three Lafayette Centre, 1155 21st Street NW, Washington, DC 20581 Phone:202 418-6621 Email: daron@cftc.gov Owen Kopon Special Counsel, Division of Market Oversight Commodity Futures Trading Commission Three Lafayette Centre, 1155 21st Street NW, Washington, DC 20581 Phone:202 418-5360 Email: okopon@cftc.gov |