December 18, 2019

CFTC Approves One Final Rule and Two Proposed Rules at December 18 Open Meeting

Washington, DC — At an open meeting today, the U.S. Commodity Futures Trading Commission approved one final rule and two proposed rules.

Final Rule: Amendments to Derivatives Clearing Organization General Provisions and Core Principles

The Commission unanimously approved a final rule to amend certain regulations applicable to registered derivatives clearing organizations (DCOs). The amendments address certain risk management and reporting obligations, clarify the meaning of certain provisions, simplify processes for registration and reporting, and codify existing staff relief and guidance, among other things. In addition, the Commission adopted technical amendments to certain provisions, including certain delegation provisions, in other parts of its regulations.

Proposed Rule: Cross-Border Application of the Registration Thresholds and Certain Requirements Applicable to Swap Dealers and Major Swap Participants

On a 3-2 vote, the Commission approved a proposal that addresses the cross-border application of the registration thresholds and certain requirements applicable to swap dealers and major swap participants, and establishes a formal process for requesting comparability determinations for such requirements.

This proposed rule has a 60-day comment period following publication in the Federal Register.

Proposed Rule: Prohibition on Post-Trade Name Give-Up on Swap Execution Facilities

The Commission unanimously approved a proposal to amend Part 37 of CFTC’s regulations to prohibit “post-trade name give-up” practices for swaps that are anonymously executed on a Swap Execution Facility (SEF) and are intended to be cleared. The proposed rule would also require SEFs to establish and enforce rules that prohibit any person from effectuating such a disclosure.

This proposed rule has a 60-day comment period following publication in the Federal Register.

Additional information on these rulemakings, including statements of the Chairman and the Commissioners, is available here.

-CFTC-