CFTC announced that it is extending, until November 18, 2019, the comment period for the proposal for an alternative compliance framework for derivatives clearing organizations (DCOs) that are organized outside of U.S. and that do not pose substantial risk to the U.S. financial system. Under the proposal, these DCOs would be able to register with CFTC, yet comply with the core principles applicable to DCOs in the Commodity Exchange Act through compliance with their home country regulatory regime, subject to certain conditions and limitations. The original comment period for the proposed rule was slated to expire on September 17, 2019.
CFTC also announced that it is extending, until November 22, 2019, the comment period for the proposed rule to permit exempt DCOs to clear swaps for U.S. customers under certain circumstances. The proposal would also allow persons located outside the United States to accept funds from U.S. persons to margin swaps cleared at an exempt DCO, without registering as futures commission merchants. The original comment period for the proposed rule was to expire on September 23, 2019.
Comment Due Date: November 18, 2019/November 22, 2019
Keywords: Americas, US, Banking, Securities, Derivatives Clearing Organizations, DCO Core Principles, Non-US Clearing Organizations, Swaps, Commodity Exchange Act, Derivatives, CFTC
Previous ArticleBNM Publishes Financial Stability Review for the First Half of 2019
FSB finalized the toolkit of effective practices to assist financial institutions in their cyber incident response and recovery activities.
HKMA urged authorized institutions to take early action to adhere to the IBOR Fallbacks Protocol, which ISDA is expected to publish soon.
FSB published a global transition roadmap for London Inter-bank Offered Rate (LIBOR).
HM Treasury published a document that summarizes the responses received from a consultation on the approach of UK to transposition of the revised Bank Resolution and Recovery Directive (BRRD2).
HM Treasury published the government response to the feedback received on the consultation for updating the prudential regime of UK before the end of the Brexit transition period.
In a recent statistical notice, BoE announced publication of the reporting schedule for statistical returns for 2021.
EC welcomed the joint declaration by 25 EU member states on building the next generation of cloud in Europe.
PRA published the final policy statement PS22/20, which contains the updated supervisory statement SS12/13 on counterparty credit risk.
FSB published an update on its work to address market fragmentation. FSB is working in this area in collaboration with the other standard-setting bodies.
EBA proposed revisions to the guidelines on major incident reporting under the second Payment Service Directive (PSD2).