Featured Product

    CFTC Publishes Amendments to Comparability Determination for Japan

    April 01, 2019

    CFTC published, in the Federal Register, amendment to the comparability determination for Japan on margin requirements for uncleared swaps for swap dealers and major swap participants of CFTC. The amendment to the Japan Determination is effective April 01, 2019.

    CFTC unanimously approved an amended the comparability determination that would extend the substituted compliance permitted for Japan’s margin requirements for uncleared swaps when compared to the uncleared swap margin provisions of Title VII of the Dodd-Frank Act and CFTC regulations. This amends the determination for Japan by making a positive determination of comparability with respect to the scope of entities subject to margin requirements and making a positive determination of comparability with respect to the treatment of inter-affiliate transactions. All other findings and determinations contained in the Japan Determination remain unchanged and in full force and effect. Additionally, CFTC published statements of CFTC Chairman J. Christopher Giancarlo, Commissioner Brian Quintenz, and Commissioner Dan M. Berkovitz on the comparability determination for Japan.

    Substituted compliance describes the circumstances where CFTC would permit swap dealers or major swap participants subject to the rules of a foreign jurisdiction, but whose swap activities bring them within the scope of certain CFTC regulations, to use compliance with regulations in the foreign jurisdiction as a substitute for compliance with the relevant CFTC regulations. This approach builds on the CFTC’s long-standing policy of recognizing comparable regulatory regimes based on international coordination and comity principles with respect to cross-border activities involving futures and options. In accordance with the CFTC policy framework described in its "Margin Requirements for Uncleared Swaps for Swap Dealers and Major Swap Participants – Cross-Border Application," which was announced on May 24, 2016, the comparability determination is part of substituted compliance with respect to CFTC regulations applicable to swaps activities outside the U.S. The approval of CFTC also reflects a collaborative effort with authorities and market participants from Japan. Working with authorities in Japan, CFTC has extended the 2016 determination to two additional requirements.

     

    Related Link: Federal Register Notice

     

    Keywords: Americas, Asia Pacific, US, Japan, Banking, Securities, Comparability Determination, Margin Requirements, Uncleared Swaps, Equivalence Regime, CFTC

    Related Articles
    News

    US Agencies Requests Comments on Use and Impact of CAMELS Ratings

    US Agencies (FDIC and FED) are seeking information and comments from interested parties regarding the consistency of ratings assigned by the agencies under the Uniform Financial Institutions Rating System (UFIRS).

    October 18, 2019 WebPage Regulatory News
    News

    BoE Announces Date for Publication of Stress Test Results for Banks

    BoE announced its plans to publish results of the full UK annual stress tests on December 10, 2019.

    October 18, 2019 WebPage Regulatory News
    News

    CPMI Report Examines Impact of Global Stablecoins

    This report by the G7 Working Group on Stablecoins finds that stablecoins, regardless of size, have implications ranging from anti-money laundering efforts across jurisdictions to operational resilience (including for cyber security), consumer or investor and data protection, and tax compliance.

    October 18, 2019 WebPage Regulatory News
    News

    PRA Consults on Approach to Supervising Liquidity and Funding Risks

    In consultation paper (CP27/19), PRA published a proposal (CP27/19) to update the supervisory statement SS24/15 on the PRA approach to supervising liquidity and funding risk.

    October 17, 2019 WebPage Regulatory News
    News

    US Agencies Consult on Policy Statement on Allowance for Credit Losses

    US Agencies (FDIC, FED, NCUA, and OCC) are consulting on the policy statement on allowances for credit losses and on the guidance on credit risk review systems.

    October 17, 2019 WebPage Regulatory News
    News

    FSI Paper Examines Use of Suptech Initiatives by Financial Authorities

    The Financial Stability Institute (FSI) of BIS published a paper that examines the suptech developments by analyzing suptech initiatives of 39 financial authorities globally.

    October 17, 2019 WebPage Regulatory News
    News

    US Agencies Publish Notice to Extend Form FFIEC 102 for Three Years

    US Agencies (FDIC, FED, and OCC) published a joint notice regarding extension of the market risk regulatory report for institutions subject to the market risk capital rule (FFIEC 102).

    October 17, 2019 WebPage Regulatory News
    News

    ECB Publishes Recommendations on Euro Risk-Free Rates Transition

    ECB published a report, by private sector working group on euro risk-free rates, which contains recommendations, from a risk management perspective, on the transition to new risk-free rates.

    October 17, 2019 WebPage Regulatory News
    News

    FSB Report Examines Implementation and Impact of G20 Financial Reforms

    FSB published fifth annual report on the implementation and effects of the G20 financial regulatory reforms.

    October 16, 2019 WebPage Regulatory News
    News

    EBA Launches Consultation on Comprehensive Pillar 3 Disclosures

    EBA proposed the new comprehensive implementing technical standard (ITS) for public disclosures by financial institutions.

    October 16, 2019 WebPage Regulatory News
    RESULTS 1 - 10 OF 4002