2024-02234
[Federal Register Volume 89, Number 25 (Tuesday, February 6, 2024)]
[Proposed Rules]
[Pages 8111-8112]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2024-02234]
=======================================================================
-----------------------------------------------------------------------
COMMODITY FUTURES TRADING COMMISSION
17 CFR Part 39
RIN 3038-AF39
Protection of Clearing Member Funds Held by Derivatives Clearing
Organizations
AGENCY: Commodity Futures Trading Commission.
ACTION: Extension of comment period.
-----------------------------------------------------------------------
SUMMARY: On January 3, 2024, the Commodity Futures Trading Commission
(Commission) published, in the Federal Register, a notice of proposed
rulemaking (NPRM) titled Protection of Clearing Member Funds Held by
Derivatives Clearing Organizations. The comment period for the NPRM was
to close on February 16, 2024. The Commission is extending the comment
period for this NPRM by an additional 31 days.
DATES: The comment period for the NPRM titled Protection of Clearing
Member Funds Held by Derivatives Clearing Organizations, published
January 3, 2024 (89 FR 286), is
[[Page 8112]]
extended. Comments are due March 18, 2024.
ADDRESSES: You may submit comments, identified by RIN number 3038-AF39,
by any of the following methods:
CFTC Comments Portal: https://comments.cftc.gov. Select
the ``Submit Comments'' link for this rulemaking and follow the
instructions on the Public Comment Form.
Mail: Send to Christopher Kirkpatrick, Secretary of the
Commission, Commodity Futures Trading Commission, Three Lafayette
Centre, 1155 21st Street NW, Washington, DC 20581.
Hand Delivery/Courier: Follow the same instructions as for
Mail, above.
Please submit your comments using only one of these methods.
Submissions through the CFTC Comments Portal are encouraged.
All comments must be submitted in English, or if not, accompanied
by an English translation. Comments will be posted as received to
https://comments.cftc.gov. You should submit only information that you
wish to make available publicly. If you wish the Commission to consider
information that you believe is exempt from disclosure under the
Freedom of Information Act (FOIA), a petition for confidential
treatment of the exempt information may be submitted according to the
procedures established in Sec. 145.9 of the Commission's
regulations.\1\
---------------------------------------------------------------------------
\1\ 17 CFR 145.9.
---------------------------------------------------------------------------
The Commission reserves the right, but shall have no obligation, to
review, pre-screen, filter, redact, refuse, or remove any or all of
your submission from https://comments.cftc.gov that it may deem to be
inappropriate for publication, such as obscene language. All
submissions that have been redacted or removed that contain comments on
the merits of the rulemaking will be retained in the public comment
file and will be considered as required under the Administrative
Procedure Act and other applicable laws, and may be accessible under
the FOIA.
FOR FURTHER INFORMATION CONTACT: Eileen A. Donovan, Deputy Director,
(202) 418-5096, [email protected]; August A. Imholtz III, Special
Counsel, (202) 418-5140, [email protected]; or Gavin Young, Special
Counsel, (202) 418-5976, [email protected]; Division of Clearing and
Risk, Commodity Futures Trading Commission, Three Lafayette Centre,
1155 21st Street NW, Washington, DC 20581; or Theodore Z. Polley III,
Associate Director, (312) 596-0551, [email protected]; Division of
Clearing and Risk, Commodity Futures Trading Commission, 77 West
Jackson Boulevard, Suite 800, Chicago, Illinois 60604.
SUPPLEMENTARY INFORMATION: On January 3, 2024, the Commission published
in the Federal Register an NPRM proposing amendments to its regulations
that would ensure clearing member funds and assets receive the proper
treatment in the event the derivatives clearing organization (DCO)
enters bankruptcy by requiring, among other things, that clearing
member funds be segregated from the DCO's own funds and held in a
depository that acknowledges in writing that the funds belong to
clearing members, not the DCO.\2\ In addition, the Commission also
proposed to permit DCOs to hold customer and clearing member funds at
foreign central banks subject to certain requirements. Finally, the
Commission proposed to require DCOs to conduct a daily calculation and
reconciliation of the amount of funds owed to customers and clearing
members and the amount actually held for customers and clearing
members. The comment period for the NPRM was to close on February 16,
2024. In response to a request by commenters, the Commission is
extending the comment period for this NPRM by an additional 31 days.\3\
This extension of the comment period will allow interested persons
additional time to analyze the proposal and prepare their comments.
---------------------------------------------------------------------------
\2\ Protection of Clearing Member Funds Held by Derivatives
Clearing Organizations, 89 FR 286 (January 3, 2024).
\3\ Letter from Teo Floor, Chief Executive Officer, The Global
Association of Central Counterparties, dated January 11, 2024.
Available at https://comments.cftc.gov/PublicComments/ViewComment.aspx?id=73229. The requested extension was 30 days. The
Commission is extending the comment period by 31 days to avoid
having the extended closing date fall on a weekend.
Issued in Washington, DC, on January 31, 2024, by the
Commission.
Robert Sidman,
Deputy Secretary of the Commission.
Note: The following appendix will not appear in the Code of
Federal Regulations.
Appendix to Protection of Clearing Member Funds Held by Derivatives
Clearing Organizations--Commission Voting Summary
On this matter, Chairman Behnam and Commissioners Johnson,
Goldsmith Romero, Mersinger, and Pham voted in the affirmative. No
Commissioner voted in the negative.
[FR Doc. 2024-02234 Filed 2-5-24; 8:45 am]
BILLING CODE 6351-01-P