Featured Product

    CFTC Presents Analysis on Swap Dealer De Minimis Exception

    July 08, 2019

    The Division of Swap Dealer and Intermediary Oversight (DSIO) at CFTC issued a report that presents data and analysis on the swap dealer de minimis exception, with a focus on on-venue and cleared swaps. Additionally, CFTC published a statement of the Commissioner Brian Quintenz regarding DSIO staff report on the swap dealer de minimis exception.

    At the November 05, 2018 CFTC Open Meeting, Chairman J. Christopher Giancarlo had asked the CFTC staff to continue their analysis of the range of matters raised in the June 2018 swap dealer de minimis exception notice of proposed rulemaking, which was adopted in November 2018 (collectively with proposed rule "2018 DM releases"). One of the specific requests was to conduct a study on possible alternative metrics for the calculation of the swap dealer de minimis threshold. As noted in the swap dealer definition, “a person who is deemed to be a swap dealer shall be deemed to be a swap dealer with respect to each swap it enters into, regardless of the category of the swap or the person’s activities in connection with the swap.” Therefore, the analysis compares the projected total activity (not just swaps counted in the relevant scenario) of all likely swap dealers to the 2018 DM releases baseline scenario totals. The analysis also compares the total activity remaining in each scenario (after exclusions) of all likely swap dealers to 2018 DM releases baseline scenario totals.

    In May 2012, CFTC and SEC had jointly issued an adopting release further defining, among other things, the term “swap dealer” in CFTC regulation 1.3 and providing for a de minimis exception to the swap dealer registration requirements. The de minimis exception states that a person shall not be deemed to be a swap dealer unless its swap dealing activities exceed an USD 8 billion aggregate gross notional amount threshold.

     

    Keywords: Americas, US, Banking, Securities, De Minimis Exception, Swap Dealers, CFTC

    Related Articles
    News

    EBA Publishes Final Regulatory Standards on STS Securitizations

    The European Banking Authority (EBA) published the final draft regulatory technical standards specifying and, where relevant, calibrating the minimum performance-related triggers for simple.

    September 20, 2022 WebPage Regulatory News
    News

    ECB Further Reviews Costs and Benefits Associated with IReF

    The European Central Bank (ECB) is undertaking the integrated reporting framework (IReF) project to integrate statistical requirements for banks into a standardized reporting framework that would be applicable across the euro area and adopted by authorities in other EU member states.

    September 15, 2022 WebPage Regulatory News
    News

    EBA Publishes Funding Plans Report, Receives EMAS Certification

    The European Banking Authority (EBA) has been awarded the top European Standard for its environmental performance under the European Eco-Management and Audit Scheme (EMAS).

    September 15, 2022 WebPage Regulatory News
    News

    MAS Launches SaaS Solution to Simplify Listed Entity ESG Disclosures

    The Monetary Authority of Singapore (MAS) set out the Financial Services Industry Transformation Map 2025 and, in collaboration with the SGX Group, launched ESGenome.

    September 15, 2022 WebPage Regulatory News
    News

    BCBS to Finalize Crypto Rules by End-2022; US to Propose Basel 3 Rules

    The Basel Committee on Banking Supervision met, shortly after a gathering of the Group of Central Bank Governors and Heads of Supervision (GHOS), the oversight body of BCBS.

    September 15, 2022 WebPage Regulatory News
    News

    IOSCO Welcomes Work on Sustainability-Related Corporate Reporting

    The International Organization of Securities Commissions (IOSCO) welcomed the work of the international audit and assurance standard setters—the International Auditing and Assurance Standards Board (IAASB)

    September 15, 2022 WebPage Regulatory News
    News

    BoE Allows One-Day Delay in Statistical Data Submissions by Banks

    The Bank of England (BoE) published a Statistical Notice (2022/18), which informs that due to the Bank Holiday granted for Her Majesty Queen Elizabeth II’s State Funeral on Monday September 19, 2022.

    September 14, 2022 WebPage Regulatory News
    News

    ACPR Amends Reporting Module Timelines Under EBA Framework 3.2

    The French Prudential Control and Resolution Authority (ACPR) announced that the European Banking Authority (EBA) has updated its filing rules and the implementation dates for certain modules of the EBA reporting framework 3.2.

    September 14, 2022 WebPage Regulatory News
    News

    ECB Paper Discusses Disclosure of Climate Risks by Credit Agencies

    The European Central Bank (ECB) published a paper that examines how credit rating agencies accepted by the Eurosystem, as part of the Eurosystem Credit Assessment Framework (ECAF)

    September 13, 2022 WebPage Regulatory News
    News

    APRA to Modernize Prudential Architecture, Reduces Liquidity Facility

    The Australian Prudential Regulation Authority (APRA) announced reduction in the aggregate Committed Liquidity Facility (CLF) for authorized deposit-taking entities to ~USD 33 billion on September 01, 2022.

    September 12, 2022 WebPage Regulatory News
    RESULTS 1 - 10 OF 8514