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Monday, July 16, 2012

Federal Register Update: CTFC Requests & Final Rules

The CFTC has issued final rulemaking that will extended the temporary relief  from certain Dodd-Frank Act provisions applicable to swaps, swap dealers, major swap participants, and eligible contract participants with respect to requirements of agreements, contracts, and transactions in exempt or excluded commodities to December 31, 2012.
Read more.

The CFTC has requested comments on proposed interpretive guidance describing the general manner in which it will consider whether a person’s swap activities or positions require registration as a swap dealer or major swap participant. It also explains application of the clearing, trade execution, and certain reporting and recordkeeping provisions to cross-border swaps involving one or more counterparties that are not swap dealers or major swap participants.
Comments are due August 27, 2012.
Read more.
 
The CFTC has requested comments on a proposal to grant temporary exemptive relief in order to allow time for compliance with certain entity-level requirements imposed on non-U.S. swap dealers and non-U.S. major swap participants, as well as foreign branches of U.S. swap dealers and major swap participants.
Comments are due August 13, 2012.
Read more.

The CFTC proposed initial and variation margin requirements for certain swap dealers and major swap participants. Since the proposal the Basel Commission on Banking Supervision (BCBS) and the International Organization of Securities Commissions (IOSCO) established a Working Group on Margin Requirements (WGMR) to develop harmonized international standards for uncleared swaps. The WGMR recently published a paper that outlines possible margin requirements for non-centrally cleared derivatives. The CFTC is accepting comments on the previous proposal and the consultative paper concurrently.
Comments are due September 14, 2012.
Read the WGMR paper.
Read more. 

The SEC has issued a final rule defining i) the process for a registered clearing agency’s submission for review of any security-based swap that the clearing agency plans to accept for clearing, ii) the manner of notice the clearing agency must provide to its members of such submission, and, iii) the procedure by which the SEC may requirement that a security-based swap is subject to mandatory clearing while the clearing of the security-based swap is reviewed.
The rule will be effect August 13, 2012.
Read more.

The CFPB has issued a final rule on the confidential treatment on information. The final rule provides that the submission of information to the CFPB will not waive any Federal or State law privilege the submitter may claim with respect to such information.
The final rule will be effective August 6, 2012.
Read more.

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