View Rule

View EO 12866 Meetings Printer-Friendly Version     Download RIN Data in XML

CFTC RIN: 3038-AE85 Publication ID: Fall 2019 
Title: ●Margin Requirements for Uncleared Swaps for Swap Dealers and Major Swap Participants 
Abstract:

The United Kingdom ("UK") has provided formal notice of its intention to withdraw from the European Union ("EU"). The withdrawal may happen as soon as April 12, 2019, and may transpire without a negotiated agreement between the UK and EU ("No-deal Brexit"). To the extent there is a No-deal Brexit, affected swap dealers ("SDs") and major swap participants ("MSPs") may need to effect legal transfers of uncleared swaps that were entered into before the relevant compliance dates under the CFTC Margin Rule or Prudential Margin Rule and that are not now subject to such rules, in whole or in part. The Commodity Futures Trading Commission is adopting, and invites comments on, an interim final rule amending its margin requirements for uncleared swaps for SDs and MSPs for which there is no prudential regulator ("CFTC Margin Rule") such that the date used for purposes of determining whether an uncleared swap was entered into prior to an applicable compliance date will not change under the CFTC Margin Rule if the swap is transferred, and thereby amended, in accordance with the terms of the interim final rule in respect of any such transfer, including that the transfer be made solely in connection with a party to the swap’s planning for or response to a No-deal Brexit. The interim final rule is designed to allow an uncleared swap to retain its legacy status under the CFTC Margin Rule or Prudential Margin Rule when so transferred.

 
Agency: Commodity Futures Trading Commission(CFTC)  Priority: Other Significant 
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 23.161   
Legal Authority: 7 U.S.C. 1a    7 U.S.C. 2    7 U.S.C. 6 to 6b-1    7 U.S.C. 6c    7 U.S.C. 6p    7 U.S.C. 6r to 6t    7 U.S.C. 9 to 9a    7 U.S.C. 12 to 12a    7 U.S.C. 13b and 13c    7 U.S.C. 16a    7 U.S.C. 18 and 19    7 U.S.C.21   
Legal Deadline:  None
Timetable:
Action Date FR Cite
Interim Final Rule  04/01/2019  84 FR 12065   
Interim Final Rule Comment Period End  05/31/2019 
Agency Review of Comments  11/00/2019 
Regulatory Flexibility Analysis Required: Undetermined  Government Levels Affected: Undetermined 
Federalism: Undetermined 
Included in the Regulatory Plan: No 
RIN Data Printed in the FR: No 
Agency Contact:
Frank Fisanich
Deputy Director, Division of Swap Dealer and Intermediary Oversight
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, Division of Swap Dealer and Intermediary Oversight
Commodity Futures Trading Commission
Three Lafayette Centre, 1155 21st Street NW,
Washington, DC 20581
Phone:202 418-5496
Email: jchachkin@cftc.gov