Featured Product

    CFTC Proposes Rules on Swap Clearing and Capital Requirements for SDs

    December 23, 2019

    CFTC approved two proposed rules under its swaps regime. One of the proposed rules is related to capital requirements for swap dealers, or SDs, and major swap participants while the other proposed rule concerns amendments to the swap clearing requirement exemption for inter-affiliate swaps.

    Capital Requirements for Swap Dealers and Major Swap Participants—CFTC is reopening the comment period and requesting additional comment (including potential modifications to proposed rule language) on proposed regulations and amendments to the existing regulations to implement sections 4s(e) and (f) of the Commodity Exchange Act, as added by section 731 of the Dodd-Frank Act. Section 4s(e) requires the CFTC to adopt capital requirements for swap dealers and major swap participants that are not subject to capital rules of a prudential regulator. Section 4s(f) requires CFTC to adopt financial reporting and recordkeeping requirements for swap dealers and major swap participants. CFTC is reopening the comment period and soliciting further comment on proposed capital and financial reporting rules for swap dealers and major swap participants as well as related proposed amendments to the existing capital rules for futures commission merchants providing specific market risk and credit risk capital deductions for swaps and security-based swaps entered into by the futures commission merchants. Comments on this proposal must be received on or before March 03, 2020.

    Amendments to the Swap Clearing Requirement Exemption for Inter-Affiliate Swaps—CFTC is proposing revisions to the regulation that exempts certain affiliated entities within a corporate group from the swap clearing requirement under the applicable provision of the Commodity Exchange Act. The revisions concern the anti-evasionary condition that swaps subject to the clearing requirement entered into with unaffiliated counterparties either be cleared or be eligible for an exception to or exemption from the clearing requirement. Specifically, the revisions would make permanent certain temporary alternative compliance frameworks intended to make this anti-evasionary condition workable for international corporate groups in the absence of foreign clearing regimes determined to be comparable to U.S. requirements. Comments on this proposal must be received on or before February 21, 2020.

     

    Related Links

    Comment Due Date: March 03, 2020/February 21, 2020

    Keywords: Americas, US, Banking, Securities, Capital Requirements, Swap Dealers, Dodd Frank Act, Reporting, Swap Clearing, Commodity Exchange Act, Swaps, Inter-Affiliate Swaps, CFTC

    Featured Experts
    Related Articles
    News

    IAIS and SIF Publish Paper on Implementation of TCFD Recommendations

    IAIS and Sustainable Insurance Forum (SIF) published an issues paper on implementation of the recommendations of the Task Force on Climate-related Financial Disclosures (TCFD).

    February 27, 2020 WebPage Regulatory News
    News

    BCBS Meets to Advance Supervisory Initiatives and Basel Implementation

    BCBS met in Basel on February 26-27, 2020 to review risks impacting the banking system, advance a range of supervisory initiatives, and promote the implementation of Basel III.

    February 27, 2020 WebPage Regulatory News
    News

    EBA Publishes List of Institutions for Benchmarking Exercise in 2020

    EBA updated the list of institutions that have a reporting obligation for the EU supervisory benchmarking exercise in 2020.

    February 27, 2020 WebPage Regulatory News
    News

    BoE Launches Private Finance Agenda for Transition to Net Zero Economy

    The Governor of BoE, Mark Carney, launched the "COP26 Private Finance Agenda" to help private finance support the whole economy transition to net zero.

    February 27, 2020 WebPage Regulatory News
    News

    OSFI Consults on the 2020 LICAT Guideline for Life Insurers

    OSFI is consulting on the 2020 Life Insurance Capital Adequacy Test (LICAT) guideline for federally regulated life insurance companies and fraternal benefit societies.

    February 26, 2020 WebPage Regulatory News
    News

    BoE Publishes Notice on Collateral Referencing LIBOR for Use in SMF

    BoE published a market notice that forms part of the Documentation for the operations of BoE under the Sterling Monetary Framework (SMF).

    February 26, 2020 WebPage Regulatory News
    News

    US Agencies Correct Error in Capital Simplification Rule for Banks

    US Agencies (FDIC, FED, and OCC) published a notice in the Federal Register to correct an erroneous amendatory instruction in the final regulatory capital rule that was published in November 2019.

    February 26, 2020 WebPage Regulatory News
    News

    BaFin Publishes Submission Deadlines Under Solvency II

    BaFin published quarterly and annual submission deadlines on the Solvency II reporting page on its website.

    February 25, 2020 WebPage Regulatory News
    News

    RBNZ to Address Cyber Risk Through Risk Management Guidance

    RBNZ announced that it is strengthening its efforts to enhance resilience of the financial system from cyber threats, including developing risk management guidance and promoting information-sharing in collaboration with industry and other public organizations.

    February 25, 2020 WebPage Regulatory News
    News

    ISDA Consults Again on Implementing Pre-Cessation Derivative Fallbacks

    ISDA launched a new consultation on the implementation of pre-cessation fallbacks for derivatives.

    February 25, 2020 WebPage Regulatory News
    RESULTS 1 - 10 OF 4745