Federal Register, Volume 78 Issue 73 (Tuesday, April 16, 2013)[Federal Register Volume 78, Number 73 (Tuesday, April 16, 2013)]
[Rules and Regulations]
[Pages 22418-22421]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2013-08353]
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COMMODITY FUTURES TRADING COMMISSION
17 CFR Parts 1, 3, 5, 9, 11, 31, 40, 41, 140, 145, 170, 171 and 190
RIN 3038-AE03
Reassignment of Commission Staff Responsibilities and Delegations
of Authority
AGENCY: Commodity Futures Trading Commission.
ACTION: Final rule.
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SUMMARY: The Commission is amending its regulations to reflect the
reassignment of responsibilities, including delegations of authority,
resulting from its recent reorganization of Commission staff. Effective
October 9, 2011, the Commission abolished the Division of Clearing and
Intermediary Oversight and reassigned its staff and responsibilities to
the newly established Division of Swap Dealer and Intermediary
Oversight and Division of Clearing and Risk.
DATES: These amendments shall become effective on April 16, 2013.
FOR FURTHER INFORMATION CONTACT: Frank Fisanich, Chief Counsel,
Telephone: (202) 418-5949, Email: [email protected], Amanda Lesher
Olear, Special Counsel, Telephone: (202) 418-5283, Email:
[email protected], Division of Swap Dealer and Intermediary Oversight; or
Robert Wasserman, Chief Counsel, Telephone: (202) 418-5092, Email:
[email protected], Jocelyn Partridge, Special Counsel, Telephone:
(202) 418-5926, Email: [email protected], Division of Clearing and
Risk, Commodity Futures Trading Commission, Three Lafayette Centre,
1155 21st Street NW., Washington, DC 20581.
SUPPLEMENTARY INFORMATION:
I. Background
On July 21, 2010, President Obama signed the Dodd-Frank Wall Street
Reform and Consumer Protection Act (``Dodd-Frank Act''),\1\ which
extensively revises the Commodity Exchange Act.\2\ In order to more
effectively implement its provisions, the Commission has reorganized
its operating divisions. Under the reorganized structure, the Division
of Clearing and Intermediary Oversight has been reconfigured into two
new divisions: the Division of Swap Dealer and Intermediary Oversight
and the Division of Clearing and Risk.
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\1\ See Dodd-Frank Wall Street Reform and Consumer Protection
Act, Public Law 111-203, 124 Stat. 1376 (2010). The text of the
Dodd-Frank Act may be accessed at http://www.cftc.gov./
LawRegulation/OTCDERIVATIVES/index.htm.
\2\ The Commodity Exchange Act may be found at 7 U.S.C. 1 et
seq.
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The Commission is amending its regulations to reflect this
reorganized structure. Accordingly, as indicated in the chart below,
the Commission is deleting references to the former division and
replacing them with references to the new divisions in the Commission's
regulations. As amended, the regulations will reflect new assignments
of responsibilities, including delegated authorities, to the new
divisions.
II. Related Matters
A. Administrative Procedure Act
The amendments to the Commission's regulations in this rulemaking
do not establish any new substantive or legislative rules, but rather
relate solely to the restructuring of responsibilities within the
Commission, including amendments re-delegating authority to newly
formed divisions, and therefore relate solely to agency organization,
procedure, and practice. Therefore, this rulemaking is excepted from
the public rulemaking provisions of the Administrative Procedure
Act.\3\ Additionally, as the revisions to the Commission's regulations
in this rulemaking will not cause any party to undertake efforts to
comply with the regulations as revised, the Commission has determined
to make this rulemaking effective upon publication in the Federal
Register.\4\
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\3\ 5 U.S.C. 553(b).
\4\ See 5 U.S.C. 553(d).
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B. Regulatory Flexibility Act
The Regulatory Flexibility Act requires the Commission to consider
whether the regulations it adopts will have a significant economic
impact on a substantial number of small entities.\5\ The Commission is
obligated to conduct a regulatory flexibility analysis for any rule for
which the agency publishes a general notice of proposed rulemaking
pursuant to section 553(b) of the Administrative Procedure Act.\6\ This
rulemaking is excepted from the public rulemaking provisions of the
Administrative Procedure Act. Accordingly, the Commission is not
obligated to conduct a regulatory flexibility analysis for this
rulemaking.
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\5\ See 5 U.S.C. 601 et seq.
\6\ 5 U.S.C. 601(2).
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C. Paperwork Reduction Act
The Commission may not conduct or sponsor, and a respondent is not
required to respond to, a collection of information contained in a
rulemaking unless the information collection displays a currently valid
control number issued by the Office of Management and Budget (``OMB'')
pursuant to the Paperwork Reduction Act.\7\ This rulemaking contains no
collection of information for which the Commission is obligated to
obtain a control number from OMB.
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\7\ See 44 U.S.C. 3501 et seq.
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[[Page 22419]]
List of Subjects in 17 CFR Part 140
Authority delegations (Government agencies), Organization and
functions (Government agencies).
For the reasons stated in the preamble, the Commission hereby
amends chapter I of title 17 of the Code of Federal Regulations as
follows:
PARTS 1, 3, 5, 9, 11, 31, 40, 41, 140, 145, 170, 171, and 190--
[AMENDED]
0
1. For each section and paragraph indicated in the left column of the
following table, remove the division name or title indicated in the
middle column from wherever it appears in the section or paragraph, and
add in its place the division name or title indicated in the right
column:
------------------------------------------------------------------------
Section Remove Add
------------------------------------------------------------------------
1.12(g)(3).................. Division of Clearing Division of Swap
and Intermediary Dealer and
Oversight. Intermediary
Oversight.
1.12(h)..................... Division of Clearing Division of Swap
and Intermediary Dealer and
Oversight. Intermediary
Oversight.
1.17(c)(6)(ii)(A)........... Division of Clearing Division of Swap
and Intermediary Dealer and
Oversight. Intermediary
Oversight.
1.17(c)(6)(ii)(D)........... Division of Clearing Division of Swap
and Intermediary Dealer and
Oversight. Intermediary
Oversight.
1.17(c)(6)(iii)(B).......... Division of Clearing Division of Swap
and Intermediary Dealer and
Oversight. Intermediary
Oversight.
1.65(d)..................... Division of Clearing Division of Swap
and Intermediary Dealer and
Oversight. Intermediary
Oversight.
1.66(b)(5)(ii).............. Division of Clearing Division of Swap
and Intermediary Dealer and
Oversight. Intermediary
Oversight.
3.22 introductory text...... Division of Clearing Division of Swap
and Intermediary Dealer and
Oversight. Intermediary
Oversight.
3.50(c)..................... Division of Clearing Division of Swap
and Intermediary Dealer and
Oversight. Intermediary
Oversight.
3.50(d)..................... Division of Clearing Division of Swap
and Intermediary Dealer and
Oversight. Intermediary
Oversight.
3.55(e)(2).................. Division of Clearing Division of Swap
and Intermediary Dealer and
Oversight. Intermediary
Oversight.
3.56(e)(2).................. Division of Clearing Division of Swap
and Intermediary Dealer and
Oversight. Intermediary
Oversight.
3.63........................ Division of Clearing Division of Swap
and Intermediary Dealer and
Oversight. Intermediary
Oversight.
3.70(a)..................... Division of Clearing Division of Swap
and Intermediary Dealer and
Oversight. Intermediary
Oversight.
3.70(a)..................... Attn: Deputy Attn: Deputy
Director, Director,
Compliance and Registration and
Registration Compliance Branch,
Section, Division Division of Swap
of Clearing and Dealer and
Intermediary Intermediary
Oversight. Oversight.
Pt. 3 app. A, note 2........ Division of Clearing Division of Swap
and Intermediary Dealer and
Oversight. Intermediary
Oversight.
5.6(f)(3)................... Division of Clearing Division of Swap
and Intermediary Dealer and
Oversight. Intermediary
Oversight.
5.6(h)...................... Division of Clearing Division of Swap
and Intermediary Dealer and
Oversight. Intermediary
Oversight.
5.20(d) (2 references)...... Division of Clearing Division of Swap
and Intermediary Dealer and
Oversight. Intermediary
Oversight.
5.23(f)..................... Division of Clearing Division of Swap
and Intermediary Dealer and
Oversight. Intermediary
Oversight.
9.2(h)...................... Division of Clearing Division of Swap
and Intermediary Dealer and
Oversight. Intermediary
Oversight and
Division of
Clearing and Risk.
9.26........................ Division of Clearing Division of Swap
and Intermediary Dealer and
Oversight. Intermediary
Oversight and
Division of
Clearing and Risk.
9.31(a)..................... Division Clearing Division of Swap
and Intermediary Dealer and
Oversight. Intermediary
Oversight and
Division of
Clearing and Risk.
11.2(a)..................... the Director of the the Director of the
Division of Division of Swap
Clearing and Dealer and
Intermediary Intermediary
Oversight. Oversight and the
Director of the
Division of
Clearing and Risk.
31.13(n)(1) (2 references).. Division of Clearing Division of Swap
and Intermediary Dealer and
Oversight. Intermediary
Oversight.
31.14(a).................... Division of Clearing Division of Swap
and Intermediary Dealer and
Oversight. Intermediary
Oversight.
40.7(a)(1).................. Division of Clearing Division of Clearing
and Intermediary and Risk.
Oversight.
40.7(a)(2).................. Division of Clearing Division of Clearing
and Intermediary and Risk.
Oversight.
40.7(a)(3).................. Division of Clearing Division of Clearing
and Intermediary and Risk.
Oversight.
40.7(a)(4).................. Division of Clearing Division of Clearing
and Intermediary and Risk.
Oversight.
40.7(b)..................... Division of Clearing Division of Clearing
and Intermediary and Risk.
Oversight.
40.7(c)..................... Division of Clearing Division of Clearing
and Intermediary and Risk.
Oversight.
41.3(d)..................... Division of Clearing Division of Swap
and Intermediary Dealer and
Oversight. Intermediary
Oversight.
Pt. 140 Table of Contents Division of Clearing Division of Clearing
(140.75). and Intermediary and Risk and
Oversight. Division of Swap
Dealer and
Intermediary
Oversight.
Pt. 140 Table of Contents Division of Trading Division of Swap
(140.91). and Markets. Dealer and
Intermediary
Oversight.
Pt. 140 Table of Contents Division of Clearing Division of Swap
(140.93). and Intermediary Dealer and
Oversight. Intermediary
Oversight.
Pt. 140 Table of Contents Director of the Directors of the
(140.94). Division of Division of
Clearing and Risk. Clearing and Risk
and the Division of
Swap Dealer and
Intermediary
Oversight.
140.72(a)................... Director of the Director of the
Division of Division of Swap
Clearing and Dealer and
Intermediary Intermediary
Oversight, each Oversight, the
Deputy Director of Chief Counsel of
the Division of the Division of
Clearing and Swap Dealer and
Intermediary Intermediary
Oversight. Oversight, each
Deputy Director of
the Division of
Swap Dealer and
Intermediary
Oversight, the
Director of the
Division of
Clearing and Risk,
the Chief Counsel
of the Division of
Clearing and Risk,
each Deputy
Director of the
Division of
Clearing and Risk.
140.73(a)................... Director of the Director of the
Division of Division of Swap
Clearing and Dealer and
Intermediary Intermediary
Oversight or, in Oversight or, in
his or her absence, his or her absence,
each Deputy the Chief Counsel
Director of the of the Division of
Division of Swap Dealer and
Clearing and Intermediary
Intermediary Oversight, each
Oversight. Deputy Director of
the Division of
Swap Dealer and
Intermediary
Oversight, the
Director of the
Division of
Clearing and Risk
or, in his or her
absence, the Chief
Counsel of the
Division of
Clearing and Risk,
each Deputy
Director of the
Division of
Clearing and Risk.
[[Page 22420]]
140.75 (section heading and Division of Clearing Division of Clearing
2 references). and Intermediary and Risk and
Oversight. Division of Swap
Dealer and
Intermediary
Oversight.
140.76(a)................... Director of the Director of the
Division of Division of Swap
Clearing and Dealer and
Intermediary Intermediary
Oversight. Oversight, the
Director of the
Division of
Clearing and Risk.
140.76(b)................... Director of the Director of the
Division of Division of Swap
Clearing and Dealer and
Intermediary Intermediary
Oversight. Oversight, the
Director of the
Division of
Clearing and Risk.
140.91 (section heading).... Division of Trading Division of Swap
and Markets. Dealer and
Intermediary
Oversight.
140.91(a)................... Division of Clearing Division of Swap
and Intermediary Dealer and
Oversight. Intermediary
Oversight.
140.91(b)................... Division of Clearing Division of Swap
and Intermediary Dealer and
Oversight. Intermediary
Oversight.
140.92(a)................... Division of Clearing Division of Clearing
and Intermediary and Risk and
Oversight. Division of Swap
Dealer and
Intermediary
Oversight.
140.92(b)................... Division of Clearing Division of Clearing
and Intermediary and Risk and
Oversight. Division of Swap
Dealer and
Intermediary
Oversight.
140.92(c)................... Division of Clearing Division of Clearing
and Intermediary and Risk and
Oversight. Division of Swap
Dealer and
Intermediary
Oversight.
140.93 (section heading).... Division of Clearing Division of Swap
and Intermediary Dealer and
Oversight. Intermediary
Oversight.
140.93(a)................... Division of Clearing Division of Swap
and Intermediary Dealer and
Oversight. Intermediary
Oversight.
140.93(b)................... Division of Clearing Division of Swap
and Intermediary Dealer and
Oversight. Intermediary
Oversight.
140.93(c)................... Division of Clearing Division of Swap
Intermediary Dealer and
Oversight. Intermediary
Oversight.
140.95(a)................... Division of Clearing Division of Clearing
and Intermediary and Risk and
Oversight. Division of Swap
Dealer and
Intermediary
Oversight.
140.95(b)................... Division of Clearing Division of Clearing
and Intermediary and Risk and
Oversight. Division of Swap
Dealer and
Intermediary
Oversight.
140.95(c)................... Division of Clearing Division of Clearing
and Intermediary and Risk and
Oversight. Division of Swap
Dealer and
Intermediary
Oversight.
140.96(b)................... the Director of the the Director of Swap
Division of Dealer and
Clearing and Intermediary
Intermediary Oversight or the
Oversight or the Director's
Director's designee. designee, and to
the Director of the
Division of
Clearing and Risk
or the Director's
designee.
140.96(c)................... Director of the Director of the
Division of Division of Swap
Clearing and Dealer and
Intermediary Intermediary
Oversight. Oversight or the
Director of the
Division of
Clearing and Risk.
140.96(d)................... Director of the Director of the
Division of Division of Swap
Clearing and Dealer and
Intermediary Intermediary
Oversight. Oversight or the
Director of the
Division of
Clearing and Risk.
140.99(a)(5)................ Division of Clearing Division of Swap
and Intermediary Dealer and
Oversight. Intermediary
Oversight, the
Division of
Clearing and Risk.
Part 145, App. A, (g)....... Division of Clearing Division of Swap
and Intermediary Dealer and
Oversight. Intermediary
Oversight.
Pt. 170 (Table of Contents). 170.12 Delegation of 170.12 Delegation of
Authority to Authority to
Director of the Director of the
Division of Division of Swap
Clearing and Dealer and
Intermediary Intermediary
Oversight. Oversight.
170.12 (section heading and Division of Clearing Division of Swap
1 reference). and Intermediary Dealer and
Oversight. Intermediary
Oversight.
171.28...................... Division of Clearing Division of Swap
and Intermediary Dealer and
Oversight. Intermediary
Oversight and the
Division of
Clearing and Risk.
171.31(a)................... Division of Clearing Division of Swap
and Intermediary Dealer and
Oversight. Intermediary
Oversight and the
Division of
Clearing and Risk.
190.10(b)(4)................ Director of the Director of the
Division of Division of
Clearing and Clearing and Risk,
Intermediary or such members of
Oversight, or such the Commission's
members of the staff acting under
Commission's staff his direction as he
acting under his may designate, on
direction as he may the basis of the
designate, on the information
basis of the provided in any
information such request, shall
provided in any determine, after
such request, shall consultation with
determine, in his the Director of the
sole discretion. Division of Swap
Dealer and
Intermediary
Oversight, or such
member of the
Commission's staff
under his direction
as he may
designate, unless
exigent
circumstances
require immediate
action precluding
such prior
consultation.
190.10(d) heading........... Division of Clearing Division of Clearing
and Intermediary and Risk.
Oversight.
190.10(d)(1)................ Director of the Director of the
Division of Division of
Clearing and Clearing and Risk,
Intermediary and to such members
Oversight, and to of the Commission's
such members of the staff acting under
Commission's staff his direction as he
acting under his may designate,
direction as he may after consultation
designate. with the Director
of the Division of
Swap Dealer and
Intermediary
Oversight, or such
member of the
Commission's staff
under his direction
as he may
designate, unless
exigent
circumstances
require immediate
action.
190.10(d)(2)................ Division of Clearing Division of Clearing
and Intermediary and Risk.
Oversight.
190.10(d)(3)................ Division of Clearing Division of Clearing
and Intermediary and Risk.
Oversight.
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[[Page 22421]]
PART 140--ORGANIZATION, FUNCTIONS, AND PROCEDURES OF THE COMMISSION
0
2. The authority citation for Part 140 is revised to read as follows:
Authority: 7 U.S.C. 2(a)(12), 13(c), 13(d), 13(e), and 16(b).
0
3. Section 140.94 is revised to read as follows:
Sec. 140.94 Delegation of authority to the Director of the Division
of Swap Dealer and Intermediary Oversight and the Director of the
Division of Clearing and Risk.
(a) The Commission hereby delegates, until such time as the
Commission orders otherwise, the following functions to the Director of
the Division of Swap Dealer and Intermediary Oversight and to such
members of the Commission's staff acting under his or her direction as
he or she may designate from time to time:
(1) All functions reserved to the Commission in Sec. 5.7 of this
chapter;
(2) All function reserved to the Commission in Sec. 5.10 of this
chapter;
(3) All functions reserved to the Commission in Sec. 5.11 of this
chapter;
(4) All functions reserved to the Commission in Sec. 5.12 of this
chapter, except for those relating to nonpublic treatment of reports
set forth in Sec. 5.12(i) of this chapter; and
(5) All functions reserved to the Commission in Sec. 5.14 of this
chapter.
(b) The Director of the Division of Swap Dealer and Intermediary
Oversight may submit any matter which has been delegated to him or her
under paragraph (a) of this section to the Commission for its
consideration.
(c) The Commission hereby delegates, until such time as the
Commission orders otherwise, the following function to the Director of
the Division of Clearing and Risk and to such members of the
Commission's staff acting under his or her direction as he or she may
designate from time to time:
(1) All functions reserved to the Commission in Sec. Sec.
39.3(a)(1), (a)(2), (a)(3), 39.3(b)(1), and 39.3(f)(4) of this chapter;
(2) All functions reserved to the Commission in Sec. 39.4(a) of
this chapter;
(3) All functions reserved to the Commission in Sec. 39.5(b)(2),
(b)(3)(ix), (c)(1), and (d)(3) of this chapter;
(4) All functions reserved to the Commission in Sec.
39.10(c)(4)(iv) of this chapter;
(5) All functions reserved to the Commission in Sec.
39.11(b)(1)(vi), (b)(2)(ii), (c)(1), (c)(2), (f)(1), and (f)(4) of this
chapter;
(6) All functions reserved to the Commission in Sec.
39.12(a)(5)(i)(B) of this chapter;
(7) All functions reserved to the Commission in Sec.
39.13(g)(8)(ii), (h)(1)(i)(C), (h)(1)(ii), (h)(3)(i), (h)(3)(ii), and
(h)(5)(i)(A) of this chapter;
(8) The authority to request additional information in support of a
rule submission under Sec. 39.15(b)(2)(iii)(A) of this chapter and in
support of a petition pursuant to section 4d of the Act under Sec.
39.15(b)(2)(iii)(B) of this chapter;
(9) All functions reserved to the Commission in Sec.
39.19(c)(3)(iv), (c)(5)(i), (c)(5)(ii), and (c)(5)(iii) of this
chapter;
(10) All functions reserved to the Commission in Sec. 39.20(a)(5);
and
(11) All functions reserved to the Commission in Sec. 39.21(d) of
this chapter.
(d) The Director of Clearing and Risk may submit any matter which
has been delegated to him or her under paragraph (c) of this section to
the Commission for its consideration.
(e) Nothing in this section may prohibit the Commission, at its
election, from exercising the authority delegated to the Director of
the Division of Swap Dealers and Intermediary Oversight under paragraph
(a) or to the Director of the Division of Clearing and Risk under
paragraph (c) of this section.
0
4. Amend Sec. 140.99 to revise paragraph (d)(2) to read as follows:
Sec. 140.99 Requests for exemptive, no-action and interpretative
letters.
* * * * *
(d) * * *
(2)(i) A request for a Letter relating to the provisions of the Act
or the Commission's rules, regulations or orders governing designated
contract markets, registered swap execution facilities, registered swap
data repositories, registered foreign boards of trade, exempt
commercial markets, exempt boards of trade, the nature of particular
transactions and whether they are exempt or excluded from being
required to be traded on one of the foregoing entities, made available
for trading determinations, position limits, hedging exemptions,
position aggregation treatment or the reporting of market positions
shall be filed with the Director, Division of Market Oversight,
Commodity Futures Trading Commission, Three Lafayette Centre, 1155 21st
Street NW., Washington, DC 20581.
(ii) A request for a Letter relating to the provisions of the Act
or the Commission's rules, regulations or orders governing or related
to derivatives clearing organizations and other central counterparties,
the clearing process, the clearing requirement determination,
Commission regulation 1.25 jointly with the Director of the Division of
Swap Dealer and Intermediary Oversight, risk assessment, financial
surveillance, the end user exemption, and bankruptcy shall be filed
with the Director, Division of Clearing and Risk, Commodity Futures
Trading Commission, Three Lafayette Centre, 1155 21st Street NW.,
Washington, DC 20581.
(iii) A request for a Letter relating to all other provisions of
the Act or Commission rules, including Commission regulation 1.25
jointly with the Director of the Division of Clearing and Risk, shall
be filed with the Director, Division of Swap Dealer and Intermediary
Oversight, Commodity Futures Trading Commission, Three Lafayette
Centre, 1155 21st Street NW., Washington, DC 20581.
(iv) The requests described in paragraphs (d)(2)(i) through (iii)
of this section must be submitted electronically using the email
address [email protected] (for a request filed with the Division of
Market Oversight), [email protected] (for a request filed with the
Division of Clearing and Risk), or [email protected] (for a request
filed with the Division of Swap Dealer and Intermediary Oversight), as
appropriate, and a properly signed paper copy of the request must be
provided to the Division of Market Oversight, the Division of Clearing
and Risk, or the Division of Swap Dealer and Intermediary Oversight, as
appropriate, within ten days for purposes of verification of the
electronic submission.
* * * * *
Issued in Washington, DC, on April 5, 2013, by the Commission.
Christopher J. Kirkpatrick,
Deputy Secretary of the Commission.
[FR Doc. 2013-08353 Filed 4-15-13; 8:45 am]
BILLING CODE 6351-01-P
Last Updated: April 16, 2013