CFTC Federal Register Notice

Transcription

1 Request for Public Comment on Areas of Rulemaking Under Title VII of the Dodd-Frank Act SUMMARY On August 26, 2010, the Commodity Futures Trading Commission (CFTC) issued the attached Federal Register notice requesting public comment on the 30 rulemakings identified by the CFTC to implement Title VII of the Wall Street Reform and Consumer Protection Act (Dodd-Frank Act). The CFTC has established electronic mailboxes for the various rulemaking areas (other than Foreign Currency (Retail Off Exchange)) to facilitate the acceptance of submissions from the public, as well as a mailbox for general comments on the CFTC s rulemakings under the Dodd-Frank Act that either do not fit into one of the issue areas or that cover more than one area. All comments submitted by the public on these 30 areas of rulemaking will be considered prior to the publication of proposed or final rules by the CFTC, but will not be treated as official comments on specific proposed rulemakings. Therefore, market participants will have further opportunity to comment on the proposed rules, once they are published by the CFTC. The comment period will last 30 days from the publication of the notice. The information regarding the rulemaking areas and access to the electronic mailboxes is also available on the CFTC website. This unusual CFTC release reflects the complexity and quantity of rulemaking the agency faces. Comments pursuant to this release are discretionary and should focus on topics that may be novel or not obviously on the list of topics the CFTC would be considering as it drafts its proposed rules. The areas of rulemaking identified by the CFTC are: Registration Definitions, such as Swap Dealer, Major Swap Participant, Security-Based Swap Dealer, and Major Security-Based Swap Participant, to be Written Jointly with SEC 1 Business Conduct Standards with Counterparties Internal Business Conduct Standards New York Washington, D.C. Los Angeles Palo Alto London Paris Frankfurt Tokyo Hong Kong Beijing Melbourne Sydney

2 Capital & Margin for Non-banks Segregation & Bankruptcy for both Cleared and Uncleared Swaps DCO Core Principle Rulemaking, Interpretation & Guidance Process for Review of Swaps for Mandatory Clearing Governance & Possible Limits on Ownership & Control Systemically Important DCO Rules Authorized Under Title VIII End-user Exception DCM Core Principle Rulemaking, Interpretation & Guidance SEF Registration Requirements and Core Principle Rulemaking, Interpretation & Guidance New Registration Requirements for Foreign Boards of Trade Rule Certification & Approval Procedures (applicable to DCMs, DCOs, SEFs) Swap Data Repositories Registration Standards and Core Principle Rulemaking, Interpretation & Guidance Data Recordkeeping & Reporting Requirements Real Time Reporting Agricultural Swaps Foreign Currency (Retail Off Exchange) Joint Rules with SEC, such as Swap and Security-Based Swap Portfolio Margining Procedures Anti-Manipulation Disruptive Trading Practices Whistleblowers Position Limits, including Large Trader Reporting, Bona Fide Hedging Definition & Aggregate Limits Investment Adviser Reporting Volcker Rule Reliance on Credit Ratings Fair Credit Reporting Act and Disclosure of Nonpublic Personal Information * * * ENDNOTE 1 For additional information on this area of rulemaking, see our Memo to Clients, Request for Public Comment on Principal Definitions Under Title VII of the Dodd-Frank Act, dated August 16, Copyright Sullivan & Cromwell LLP

3 ABOUT SULLIVAN & CROMWELL LLP Sullivan & Cromwell LLP is a global law firm that advises on major domestic and cross-border M&A, finance, corporate and real estate transactions, significant litigation and corporate investigations, and complex restructuring, regulatory, tax and estate planning matters. Founded in 1879, Sullivan & Cromwell LLP has more than 700 lawyers on four continents, with four offices in the United States, including its headquarters in New York, three offices in Europe, two in Australia and three in Asia. CONTACTING SULLIVAN & CROMWELL LLP This publication is provided by Sullivan & Cromwell LLP as a service to clients and colleagues. The information contained in this publication should not be construed as legal advice. Questions regarding the matters discussed in this publication may be directed to any of our lawyers listed below, or to any other Sullivan & Cromwell LLP lawyer with whom you have consulted in the past on similar matters. If you have not received this publication directly from us, you may obtain a copy of any past or future related publications from Jennifer Rish ( ; rishj@sullcrom.com) or Alison Alifano ( ; alifanoa@sullcrom.com) in our New York office. CONTACTS New York David J. Gilberg gilbergd@sullcrom.com Kenneth M. Raisler raislerk@sullcrom.com NY12525:

4 52512 Federal Register / Vol. 75, No. 165 / Thursday, August 26, 2010 / Notices for magnet sites that would terminate authority for Sites 3, 4 and 6 through 12 if not activated by August 31, Signed at Washington, DC, this 19th day of August Ronald K. Lorentzen, Deputy Assistant Secretary for Import Administration, Alternate Chairman, Foreign- Trade Zones Board. [FR Doc Filed ; 8:45 am] BILLING CODE P COMMODITY FUTURES TRADING COMMISSION Acceptance of Public Submissions on the Wall Street Reform and Consumer Protection Act and the Rulemakings That Will Be Proposed by the Commission AGENCY: Commodity Futures Trading Commission. ACTION: Notice; Acceptance of public submissions. SUMMARY: The Dodd-Frank Wall Street Reform and Consumer Protection Act ( Dodd-Frank Act ) was enacted on July 21, The Dodd-Frank Act, among other things, will bring comprehensive regulation to the over-the-counter ( OTC ) derivatives marketplace for the first time. The Commodity Futures Trading Commission ( CFTC or Commission ) will be implementing the Dodd-Frank Act by adopting rules to regulate the OTC derivatives market. The Commission welcomes the views of interested parties on the Dodd-Frank Act and the rulemakings that it will implement thereunder. The views of interested parties may be considered in the pre-proposal process but will not be treated as official comments on specific proposed rulemakings. As discussed in this notice, the Commission has made electronic mailboxes available for any submissions interested parties wish to make. Interested parties are advised that all submissions will be published on the Commission s Web site without review and without removal of the submitter s identifying information. DATES: The Commission will accept submissions on each rulemaking topic until it publishes a proposed rulemaking for that topic in the Federal Register. Thereafter, the Commission will accept official comments on the proposed rulemaking until the close of the rulemaking s official comment period. ADDRESSES: Submissions should be made to David Stawick, Secretary, Commodity Futures Trading Commission, by electronic mail to the electronic mailboxes specified herein. All submissions should be in English, or if not, accompanied by an English translation. Reference should be made in the subject line of the electronic mail to the rulemaking category on which views are being submitted, which is provided with their associated mailboxes. FOR FURTHER INFORMATION CONTACT: Beverly E. Loew, Office of the General Counsel, Commodity Futures Trading Commission, Three Lafayette Centre, st Street, NW., Washington, DC Telephone: (202) SUPPLEMENTARY INFORMATION: On July 21, 2010, The Dodd-Frank Wall Street Reform and Consumer Protection Act ( Dodd-Frank Act ), Public Law , was enacted. The Dodd-Frank Act will bring comprehensive regulation to the OTC market. The Dodd-Frank Act authorizes the Commission to, among other things: Regulate OTC derivatives dealers by subjecting them to capital and margin requirements to lower risk in the financial system, by requiring them to meet robust business conduct standards to lower risk and promote market integrity, and by requiring them to meet recordkeeping and reporting requirements so that regulators can police the markets. Increase transparency in the derivatives marketplace by requiring standardized derivatives to be traded on regulated exchanges or swap execution facilities, instead of trading out of sight of the public. Lower risk by moving standardized derivatives into central clearinghouses. The Commission has identified 30 areas in the Dodd-Frank Act in which rulemaking will be necessary and has received inquiries from interested persons wishing to submit their views on those areas. The Commission welcomes the views of all interested parties. The Commission has established electronic mailboxes for 29 of the 30 rulemaking areas to facilitate the acceptance of submissions from interested parties. In addition, the Commission has established a mailbox for general comments on the Commission s rulemakings under the Dodd-Frank Act that either do not fit into one of the issue areas or that cover more than one area. The Commission is no longer accepting public submissions in the Retail Off-Exchange Foreign Currency area because the official public comment period for that proposed rulemaking closed on March 22, Prior to the publication of proposed rulemakings and commencement of official comment periods on regulations proposed under the Dodd-Frank Act, persons interested in making their views known on a particular rulemaking area may submit them by electronic mail to the mailbox associated with the area. The 30 rulemaking areas identified by the Commission are available on the Commission s Web site at OTCDerivatives/otc_rules.html. The electronic mail addresses for each rulemaking area are available by clicking on the hyperlink available for each area and additionally are provided herein: Comprehensive Regulation of Swap Dealers & Major Swap Participants mstockstill on DSKH9S0YB1PROD with NOTICES Registration... OTCRegistration@CFTC.gov Definitions, such as Swap Dealer, Major Swap Participant, Security-Based Swap Dealer, and Major OTCDefinitions@CFTC.gov Security-Based Swap Participant, to be Written Jointly with SEC. Business Conduct Standards with Counterparties... BusConductStandardsCP@CFTC.gov Internal Business Conduct Standards... BusConductStandardsInternal@CFTC.gov Capital & Margin for Non-banks... CapMargin@CFTC.gov Segregation & Bankruptcy for both Cleared and Uncleared Swaps... SegBankruptcy@CFTC.gov Clearing DCO Core Principle Rulemaking, Interpretation & Guidance... DCORules@CFTC.gov Process for Review of Swaps for Mandatory Clearing... SwapReview@CFTC.gov Governance & Possible Limits on Ownership & Control... DCOGovernance@CFTC.gov VerDate Mar<15> :12 Aug 25, 2010 Jkt PO Frm Fmt 4703 Sfmt 4703 E:\FR\FM\26AUN1.SGM 26AUN1

5 Federal Register / Vol. 75, No. 165 / Thursday, August 26, 2010 / Notices Systemically Important DCO Rules Authorized Under Title VIII... End-user Exception... SystemicDCO@CFTC.gov EndUser@CFTC.gov Trading DCM Core Principle Rulemaking, Interpretation & Guidance... SEF Registration Requirements and Core Principle Rulemaking, Interpretation & Guidance... New Registration Requirements for Foreign Boards of Trade... Rule Certification & Approval Procedures (applicable to DCMs, DCOs, SEFs)... DCMRules@CFTC.gov SEFRules@CFTC.gov FBOTRegistration@CFTC.gov RuleApproval@CFTC.gov Data Swap Data Repositories Registration Standards and Core Principle Rulemaking, Interpretation & Guidance. Data Recordkeeping & Reporting Requirements... Real Time Reporting... SwapDataRepositories@CFTC.gov Recordkeeping@CFTC.gov RealTimeReporting@CFTC.gov Particular Products Agricultural Swaps... AgSwaps@CFTC.gov Foreign Currency (Retail Off-Exchange)... Comment period closed on March 22, Joint Rules with SEC, such as Swap and Security-Based Swap... JointSEC@CFTC.gov Portfolio Margining Procedures... PortfolioMargining@CFTC.gov Enforcement Anti-Manipulation... Disruptive Trading Practices... Whistleblowers... OTCManipulation@CFTC.gov DisruptiveTrading@CFTC.gov Whistleblowers@CFTC.gov Position Limits Position Limits, including Large Trader Reporting, Bona Fide Hedging Definition & Aggregate Limits PosLimits@CFTC.gov Other Titles and General Comments Investment Adviser Reporting... Volcker Rule... Reliance on Credit Ratings... Fair Credit Reporting Act and Disclosure of Nonpublic Personal Information... Submissions on the Dodd-Frank Act Rulemakings Not Falling into... InvestAdviser@CFTC.gov VolckerRule@CFTC.gov CreditRatings@CFTC.gov FCRA@CFTC.gov dfarulemakings@cftc.gov mstockstill on DSKH9S0YB1PROD with NOTICES Interested parties are hereby advised that the views they submit in the preproposal process to the Commission will not be treated as official comments on any of the proposed rulemakings. Interested parties who wish to submit official comments on a rulemaking should submit them during the comment period commencing with the notice of proposed rulemaking published by the Commission in the Federal Register. Interested parties also should be advised that all submissions provided in any electronic form or on paper will be published on the Commission s Web site. The submissions will not be subject to pre-publication review, and personally identifying information will not be removed. Interested parties therefore should not submit any information to the Commission that they do not wish to be made public. All submissions are subject to the CFTC Privacy Policy, which is available at index.htm#privacy. Issued in Washington, DC, on August 20, 2010, by the Commission. David Stawick, Secretary of the Commission. [FR Doc Filed ; 8:45 am] BILLING CODE P DEPARTMENT OF DEFENSE Office of the Secretary VerDate Mar<15> :12 Aug 25, 2010 Jkt PO Frm Fmt 4703 Sfmt 4703 E:\FR\FM\26AUN1.SGM 26AUN1 [Docket ID DOD 2010 OS 0116] Privacy Act of 1974; System of Records AGENCY: Department of Defense (DoD). ACTION: Notice to add a system of records. SUMMARY: The Office of the Secretary of Defense proposes to add a system of records to its inventory of record systems subject to the Privacy Act of 1974 (5 U.S.C. 552a), as amended.