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

    BIS Report Notes Existing Gaps in Climate Risk Data at Central Banks

    A Consultative Group on Risk Management (CGRM) at the Bank for International Settlements (BIS) published a report that examines incorporation of climate risks into the international reserve management framework.

    July 29, 2022 WebPage Regulatory News
    News

    EBA Publishes Multiple Regulatory Updates for Regulated Entities

    The European Banking Authority (EBA) published the final guidelines on liquidity requirements exemption for investment firms, updated version of its 5.2 filing rules document for supervisory reporting, and Single Rulebook Question and Answer (Q&A) updates in July 2022.

    July 29, 2022 WebPage Regulatory News
    News

    APRA Consults on Prudential Standard for Operational Risk

    The Australian Prudential Regulation Authority (APRA) is seeking comments, until October 21, 2022, on the introduction of CPS 230, which is the new cross-industry prudential standard on operational risk management.

    July 28, 2022 WebPage Regulatory News
    News

    EC Amends Rule on Securitizations; ESRB Updates Reciprocation Measures

    The European Commission published a Delegated Regulation 2022/1301 on the information to be provided in accordance with the simple, transparent, and standardized (STS) notification requirements for on-balance-sheet synthetic securitizations.

    July 27, 2022 WebPage Regulatory News
    News

    APRA Announces Revisions to Capital Framework for Banks

    The Australian Prudential Regulation Authority (APRA) is announced revisions to the capital framework for authorized deposit-taking institutions to implement the "unquestionably strong" capital ratios and the Basel III reforms.

    July 26, 2022 WebPage Regulatory News
    News

    EBA Examines Remuneration Data and Use of Large Exposure Exemptions

    The European Banking Authority (EBA) published a report that examines the use of certain exemptions included in the large exposures regime under the Capital Requirements Regulation (CRR).

    July 22, 2022 WebPage Regulatory News
    News

    UK Authorities Publish Discussion Paper on Critical Third Parties

    The Bank of England (BoE), the Prudential Regulation Authority (PRA), and the Financial Conduct Authority (FCA) published a joint discussion paper that sets out potential measures to oversee and strengthen the resilience of services provided by critical third parties to the financial sector in UK.

    July 22, 2022 WebPage Regulatory News
    News

    BoE Issues Update on Ongoing Data Transformation Program

    The Bank of England (BoE) issued a communication to firms to provide an update on the progress of the joint data transformation program—which is being led by BoE, the Financial Conduct Authority (FCA), and the industry—for the financial sector in UK.

    July 21, 2022 WebPage Regulatory News
    News

    EBA Issues Draft Methodology and Templates for 2023 Stress Tests

    The European Banking Authority (EBA) published the draft methodology, templates, and template guidance for the European Union-wide stress test in 2023.

    July 21, 2022 WebPage Regulatory News
    News

    EBA Issues SREP Guidelines and Standards for Investment Firms

    The European Banking Authority (EBA) and the European Securities and Markets Authority (ESMA) jointly published the final guidelines on common procedures and methodologies for the supervisory review and evaluation process (SREP) for investment firms.

    July 21, 2022 WebPage Regulatory News
    RESULTS 1 - 10 OF 8407