Commodity Futures Trading Commission
The Commodity Futures Trading Commission ("Commission" or "CFTC") is adopting regulations to implement a particular provision of the Commodity Exchange Act ("CEA"), as added by the Dodd-Frank Wall Street Reform and Consumer Protection Act ("Dodd-Frank Act"). This provision requires the Commission to adopt initial and variation margin requirements for certain swap dealers ("SDs") and major swap participants ("MSPs"). The final rules would establish initial and variation margin requirements for SDs and MSPs but would not require SDs and MSPs to collect margin from non-financial end users. The Commission is also adopting and inviting comment on an interim final rule that will exempt certain uncleared swaps with certain counterparties from these margin requirements. This interim final rule implements Title III of the Terrorism Risk Insurance Program Reauthorization Act of 2015 ("TRIPRA"), which exempts from the margin rules for uncleared swaps certain swaps for which a counterparty qualifies for an exemption or exception from clearing under the Dodd- Frank Act.
Document Headings Document headings vary by document type but may contain the following: the agency or agencies that issued and signed a document the number of the CFR title and the number of each part the document amends, proposes to amend, or is directly related to the agency docket number / agency internal file number the RIN which identifies each regulatory action listed in the Unified Agenda of Federal Regulatory and Deregulatory Actions See the Document Drafting Handbook for more details. Commodity Futures Trading Commission 17 CFR Parts 23 and 140 RIN 3038-AC97 AGENCY: Commodity Futures Trading Commission. ACTION: Final rule and interim final rule. SUMMARY: The Commodity Futures Trading Commission (“Commission” or “CFTC”) is adopting regulations to implement a particular provision of the Commodity Exchange Act (“CEA”), as added by the Dodd-Frank Wall Street Reform and Consumer Protection Act (“Dodd-Frank Act”). This provision requires the Commission to adopt initial and variation margin requirements for certain swap dealers (“SDs”) and major swap participants (“MSPs”). The final rules would establish initial and variation margin requirements for SDs and MSPs but would not require SDs and MSPs to collect margin from non-financial end users. The Commission is also adopting and inviting comment on an interim final rule that will exempt certain uncleared swaps with certain counterparties from these margin requirements. This interim final rule implements Title III of the Terrorism Risk Insurance Program Reauthorization Act of 2015 (“TRIPRA”), which exempts from the margin rules for uncleared swaps certain swaps for which a counterparty qualifies for an exemption or exception from clearing under the Dodd-Frank Act. DATES: The rules will become effective April 1, 2016. Comments on the interim final rule (§ 23.150(b)) must be received on or before February 5, 2016. ADDRESS…
Citation: 81 FR 636
