Final Rule: Amendments to Part 13 of the Commission’s Regulations (Public Rulemaking Procedures)
The Commission unanimously approved a final rule amending Part 13 of its regulations to eliminate the provisions that establish procedures for the formulation, amendment, or repeal of rules or regulations. Because the Administrative Procedure Act (APA) governs the CFTC’s rule-making process, the Commission believes it is unnecessary to codify the rule-making process in a CFTC regulation. Part 13, as amended, is comprised solely of the procedure for filing petitions for rule-makings, as the APA does not address this process.
Proposed Rule: Capital Requirements for Swap Dealers and Major Swap Participants – Reopening the Comment Period and Requesting Additional Comment
On a 3-2 vote, the Commission reopened the comment period for the proposed capital and financial reporting rules for swap dealers and major swap participants. The reopening provides for a 75-day comment period following publication in the Federal Register, which is intended to provide interested parties with sufficient time to provide comments, supported by empirical data and analysis.
Proposed Rule: Amendments to the Swap Clearing Requirement Exemption for Inter-Affiliate Swaps
The Commission unanimously approved a proposed rule that would reinstate the expired alternative compliance frameworks for the inter-affiliate swaps clearing exemption, with minor revisions to reflect the current variation margining practices of affiliated counter-parties electing the exemption. This proposal would codify the relief provided by DCR staff no-action letters and would make the two alternative compliance frameworks available to affiliated entities permanently. This proposed rule has a 60-day comment period following publication in the Federal Register.