Featured Product

    CFTC Proposes to Amend Derivatives Clearing Organization Regulations

    May 16, 2019

    CFTC proposed amendments to certain regulations applicable to registered derivatives clearing organizations (DCOs) under Part 30 of the CFTC regulations. The proposed amendments would address certain risk management and reporting obligations, clarify the meaning of certain provisions, simplify processes for registration and reporting, and codify existing staff relief and guidance. In addition, CFTC is proposing technical amendments to certain provisions, including certain delegation provisions, in other parts of its regulations. The comment period on the consultation ends on July 15, 2019.

    Part 39 of the CFTC regulations implements the statutory core principles for DCOs. Since the Part 39 regulations were adopted, CFTC has worked with DCOs to address questions on interpretation and implementation of the requirements established in regulations. Therefore, CFTC believes it would be helpful to revise or clarify certain provisions of Part 39 and to codify staff relief or guidance granted in the interim. Additionally, in response to certain recent events, CFTC is proposing new requirements with respect to default procedures and event-specific reporting. CFTC believes these changes will provide greater clarity and transparency for DCOs and DCO applicants and lead to more effective DCO compliance and risk management. In addition to the amendments proposed herein, CFTC requests comment for any other aspects of Part 39 that respondents believe CFTC should clarify or otherwise amend. CFTC has also published statements from the CFTC Chairman J. Christopher Giancarlo and Commissioner Dan M. Berkovitz on the proposed amendments. 

    This proposal is in keeping with the CFTC’s Project KISS, an agency-wide initiative to adopt appropriate changes and simplify agency rules, regulations, and practices to make them less burdensome, less costly, and more transparent to all market participants. In 2011, CFTC had adopted regulations in Subparts A and B of Part 39 to implement the DCO Core Principles. In 2013, CFTC had adopted regulations in Subpart C of Part 395 to establish additional standards for compliance with the DCO Core Principles for the DCOs that have been designated as systemically important by FSOC in accordance with the Dodd-Frank Act.

     

    Related Link: Federal Register Notice

    Comment Due Date: July 15, 2019

    Keywords: Americas, US, Banking, Securities, PMI, Derivatives Clearing Organizations, Reporting, Technical Amendments, Project KISS, OTC Derivatives, CFTC

    Featured Experts
    Related Articles
    News

    SEC Finalizes Capital and Margin Requirements for Security-Based Swaps

    SEC adopted a package of rules and rule amendments to establish capital, margin, and segregation requirements for security-based swaps, under Title VII of the Dodd-Frank Act.

    August 22, 2019 WebPage Regulatory News
    News

    ECB Revises Prudential Provisioning Expectations for New NPEs

    ECB is revising its supervisory expectations for prudential provisioning of new non-performing exposures (NPEs) specified in the “Addendum to the ECB Guidance to banks on non-performing loans” (Addendum)

    August 22, 2019 WebPage Regulatory News
    News

    CFTC Proposes to Revise Information Collection on Margin Requirements

    CFTC is requesting comments on the burdens associated with certain aspects of the Margin Requirements for Uncleared Swaps for Swap Dealers and Major Swap Participants (final rule).

    August 21, 2019 WebPage Regulatory News
    News

    FASB to Delay Effective Date for Insurance Contracts Standard

    FASB issued a proposed Accounting Standards Update that would grant all insurance companies that issue long-duration contracts, such as life insurance and annuities, additional time to apply the standard that addresses this area of financial reporting.

    August 21, 2019 WebPage Regulatory News
    News

    EBA Publishes Phase 2 of Technical Package on Reporting Framework 2.9

    EBA published phase 2 of its technical package on the reporting framework 2.9, which includes validation rules, Data Point Model (DPM) data dictionary, and XBRL taxonomies.

    August 21, 2019 WebPage Regulatory News
    News

    FSB Publishes Responses to Its Consultation Related to SME Financing

    FSB published responses received to the consultation on a report on the evaluation of the effects of financial regulatory reforms on small and medium-sized enterprise (SME) financing.

    August 21, 2019 WebPage Regulatory News
    News

    APRA Revises Related Entities Standard for Banks

    APRA published a strengthened prudential standard APS 222 on associations with related entities, with the aim to mitigate contagion risk within banking groups.

    August 20, 2019 WebPage Regulatory News
    News

    EBA and ESMA Issue Joint Response to EC Letter on Crypto-Assets

    EBA and ESMA issued a joint response to the EC letter, from July 19, 2019, on crypto-assets.

    August 20, 2019 WebPage Regulatory News
    News

    FSB on Responses to Consultation on Wind-Down of Trading Portfolios

    FSB published responses received to the consultation on the solvent wind-down of the derivatives and trading book portfolio of a global systemically important bank (G-SIB).

    August 19, 2019 WebPage Regulatory News
    News

    FSB Publishes Responses to Consultation on Resolvability Disclosures

    FSB published responses received to the consultation on disclosures for resolution planning and resolvability of banks.

    August 19, 2019 WebPage Regulatory News
    RESULTS 1 - 10 OF 3681