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CFTC | RIN: 3038-AE71 | Publication ID: Fall 2018 |
Title: ●Margin Requirements for Uncleared Swaps for Swap Dealers and Major Swap Participants | |
Abstract:
The Commodity Futures Trading Commission ("Commission") is seeking comment on proposed amendments to the margin requirements for uncleared swaps for swap dealers (SD) and major swap participants (MSP) for which there is no prudential regulator (CFTC Margin Rule). The Commission is proposing these amendments in light of the rules recently adopted by the Board of Governors of the Federal Reserve System (Board), the Federal Deposit Insurance Corporation (FDIC), and the Office of the Comptroller of the Currency (OCC) (collectively, the QFC Rules) that impose restrictions on certain uncleared swaps and uncleared security-based swaps and other financial contracts. Specifically, the Commission proposes to amend the definition of eligible master netting agreement in the CFTC Margin Rule to ensure that master netting agreements of firms subject to the CFTC Margin Rule are not excluded from the definition of eligible master netting agreement based solely on such agreements’ compliance with the QFC Rules. The Commission also proposes that any legacy uncleared swap (i.e., an uncleared swap entered into before the applicable compliance date of the CFTC Margin Rule) that is not now subject to the margin requirements of the CFTC Margin Rule would not become so subject if it is amended solely to comply with the QFC Rules. These proposed amendments are consistent with proposed amendments that the Board, FDIC, OCC, the Farm Credit Administration (FCA), and the Federal Housing Finance Agency (FHFA and, together with the Board, FDIC, OCC, and FCA, the Prudential Regulators), jointly published in the Federal Register on February 21, 2018. |
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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: Final Rule Stage |
Major: Undetermined | Unfunded Mandates: Undetermined |
EO 13771 Designation: Independent agency | |
CFR Citation: 17 CFR 23 | |
Legal Authority: 7 U.S.C. 1a, 2, 6, 6a, 6b, 6b-1, 6c, 6p, 6r, 6s, 6t, 9, 9a, 12, 12a, 13b, 13c, 16a, 18, 19, 21 |
Legal Deadline:
None |
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Timetable:
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Regulatory Flexibility Analysis Required: No | Government Levels Affected: None |
Federalism: No | |
Included in the Regulatory Plan: No | |
RIN Data Printed in the FR: No | |
Agency Contact: Frank Fisanich Chief Counsel, Market Participants Division Commodity Futures Trading Commission Three Lafayette Centre, 1155 21st Street NW, Washington, DC 20581 Phone:202 418-5949 Email: ffisanich@cftc.gov Jacob Chachkin Special Counsel, Market Participants Division Commodity Futures Trading Commission Three Lafayette Centre, 1155 21st Street NW, Washington, DC 20581 Phone:202 418-5496 Email: jchachkin@cftc.gov |