2014-16583
Federal Register, Volume 79 Issue 135 (Tuesday, July 15, 2014)
[Federal Register Volume 79, Number 135 (Tuesday, July 15, 2014)]
[Rules and Regulations]
[Page 41126]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2014-16583]
=======================================================================
-----------------------------------------------------------------------
COMMODITY FUTURES TRADING COMMISSION
17 CFR Part 23
RIN 3038-AC96
Swap Dealer and Major Swap Participant Recordkeeping, Reporting,
and Duties Rules; Futures Commission Merchant and Introducing Broker
Conflicts of Interest Rules; and Chief Compliance Officer Rules for
Swap Dealers, Major Swap Participants, and Futures Commission
Merchants; Correction
AGENCY: Commodity Futures Trading Commission.
ACTION: Correcting amendments.
-----------------------------------------------------------------------
SUMMARY: This document contains corrections to final regulations, which
were published in the Federal Register of Tuesday, April 3, 2012. The
regulations are related to the risk management programs of swap dealers
and major swap participants.
DATES: Effective July 15, 2014.
FOR FURTHER INFORMATION CONTACT: Frank Fisanich, Chief Counsel, 202-
418-5949, [email protected], or Gregory Scopino, Special Counsel, 202-
418-5175, [email protected], Division of Swap Dealer and Intermediary
Oversight, Commodity Futures Trading Commission, Three Lafayette
Centre, 1155 21st Street NW., Washington, DC 20581.
SUPPLEMENTARY INFORMATION:
Background
The final regulations that are the subject of these corrections
imposed certain requirements on swap dealers and major swap
participants regarding risk management programs. The final regulations
were promulgated pursuant to sections 4s(h)(1)(D), 4s(h)(3)(D), 4s(j),
and 8a(5) of the Commodity Exchange Act, 7 U.S.C. 4s(h)(1)(D),
4s(h)(3)(D), 4s(j), and 8a(5).
Need for Correction
As published, the final regulations contain errors which may prove
to be misleading and need to be clarified.
List of Subjects in 17 CFR Part 23
Antitrust, Commodity futures, Conduct standards, Conflict of
interests, Major swap participants, Reporting and recordkeeping, Swap
dealers, Swaps.
Accordingly, 17 CFR part 23 is corrected by making the following
correcting amendment:
PART 23--SWAP DEALERS AND MAJOR SWAP PARTICIPANTS
0
1. The authority citation for part 23 continues to read as follows:
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.
0
2. In Sec. 23.600, revise paragraph (e)(2) to read as follows:
Sec. 23.600 Risk Management Program for swap dealers and major swap
participants.
* * * * *
(e) * * *
(2) The annual reviews of the Risk Management Program shall include
an analysis of adherence to, and the effectiveness of, the risk
management policies and procedures, and any recommendations for
modifications to the Risk Management Program. The annual testing shall
be performed by qualified internal audit staff that are independent of
the business trading unit being audited or by a qualified third party
audit service reporting to staff that are independent of the business
trading unit. The results of the annual review of the Risk Management
Program shall be promptly reported to, and reviewed by, the chief
compliance officer, senior management, and governing body of the swap
dealer or major swap participant.
* * * * *
Issued in Washington, DC, on July 10, 2014, by the Commission.
Christopher J. Kirkpatrick,
Acting Secretary of the Commission.
[FR Doc. 2014-16583 Filed 7-14-14; 8:45 am]
BILLING CODE 6351-01-P
Last Updated: July 15, 2014