CFTC Extends Comment Periods for Swap Rules Amid COVID-19 Outbreak
CFTC announced that it is extending comment periods for certain ongoing consultations to ease the challenges being faced due to the COVID-19 pandemic. The extensions encompass certain proposed rules for which the comment periods started in January and February of 2020. After consultation with market participants, the CFTC Division of Market Oversight primarily sought to extend the comment periods for proposed rules on position limits and swap-execution facility requirements and real-time reporting requirements. Additionally, extensions were approved to allow the comment periods for all of the proposed rules involving swap reporting requirements to culminate on the same day.
CFTC is extending comment periods for the proposed rules, as listed in the table below:
|
Title of Proposed Rule |
Date of Proposal |
Original Comment Due Date |
Extended Comment Due Date |
|---|---|---|---|
Position Limits for Derivatives |
January 30, 2020 |
April 29, 2020 |
May 15, 2020 |
Swap Execution Facility Requirements and Real-Time Reporting Requirements |
January 30, 2020 |
April 20, 2020 |
May 22, 2020 |
Certain Swap Data Repository and Data Reporting Requirements |
February 20, 2020 (reopened comments on prior proposal) |
May 20, 2020 |
May 22, 2020 |
Amendments to the Real-Time Public Reporting Requirements |
February 20, 2020 |
May 20, 2020 |
May 22, 2020 |
Amendments to the Swap Data Recordkeeping and Reporting Requirements |
February 20, 2020 |
May 20, 2020 |
May 22, 2020
|
Keywords: Americas, US, Banking, Securities, COVID-19, Deadline Extension, Position Limits, Swaps, Swap Execution Facility, Reporting, Swap Data, CFTC
Featured Experts
Laurent Birade
Advises U.S. and Canadian financial institutions on risk and finance integration, CCAR/DFAST stress testing, IFRS9 and CECL credit loss reserving, and credit risk practices.
María Cañamero
Skilled market researcher; growth strategist; successful go-to-market campaign developer
Pierre-Etienne Chabanel
Brings expertise in technology and software solutions around banking regulation, whether deployed on-premises or in the cloud.
Previous Article
BNB Allows Relaxation in Loan Payments Amid COVID-19 OutbreakRelated Articles
BCBS Amends Guidelines on Sound Management of AML/CFT Risks
BCBS amended the guidelines on sound management of risks related to money laundering and financing of terrorism (ML/FT).
EBA Guidelines on Treatment of Structural Foreign Exchange Under CRR
EBA finalized the guidelines on treatment of structural foreign-exchange (FX) positions under Article 352(2) of the Capital Requirements Regulation (CRR).
FSB Issues Statement on Impact of COVID-19 Crisis on Benchmark Reform
FSB published a statement on the impact of COVID-19 pandemic on global benchmark transition.
IAIS Publishes List of Internationally Active Insurance Groups
IAIS published the list of Internationally Active Insurance Groups (IAIGs) publicly disclosed by group-wide supervisors.
FED Temporarily Revises FR Y-9C With Respect to PPPLF and CARES Act
FED has temporarily revised the reporting form on consolidated financial statements for holding companies (FR Y-9C; OMB No. 7100-0128).
EC Launches Consultation on Review of Solvency II Directive
EC launched a consultation on the review of the key elements of Solvency II Directive, with the comment period ending on October 21, 2020.
ECB Consults on Supervisory Approach to Consolidation in Banking
ECB launched a consultation on the guide that sets out supervisory approach to consolidation projects in the banking sector.
PRA Letter Sets Expectations on Approach to Managing Climate Risks
PRA published a letter that builds on the expectations set out in the supervisory statement (SS3/19) on enhancing banks' and insurers' approaches to managing the financial risks from climate change.
US Agencies Finalize Amendments to Swap Margin Rule
US Agencies (Farm Credit Administration, FDIC, FED, FHFA, and OCC) finalized changes to the swap margin rule to facilitate implementation of prudent risk management strategies at banks and other entities with significant swap activities.
IAIS on Package for 2020 Data Collection on ICS and Aggregation Method
IAIS published technical specifications, questionnaires, and templates for 2020 Insurance Capital Standard (ICS) and Aggregation Method data collections.
