Capital Requirements of Swap Dealers and Major Swap Participants

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 1, 23, and 140 RIN 3038-AD54 AGENCY: Commodity Futures Trading Commission. ACTION: Final rule. SUMMARY: The Commodity Futures Trading Commission (“Commission” or “CFTC”) is adopting new regulations imposing minimum capital requirements and financial reporting requirements on swap dealers (“SDs”) and major swap participants (“MSPs”) that are not subject to a prudential regulator. The Commission is also amending existing capital requirements for futures commission merchants (“FCMs”) to provide specific capital deductions for market risk and credit risk for swaps and security-based swaps entered into by an FCM. The Commission is further adopting amendments to its regulations to permit certain entities dually-registered with the Securities and Exchange Commission (“SEC”) to file an SEC Financial and Operational Combined Uniform Single Report in lieu of CFTC financial reports, to require certain Commission registrants to file notices of certain defined events, and to require notices of bulk transfers to be filed with the Commission electronically and within a defined period of time. DATES: Effective date: November 16, 2020. Compliance date: October 6, 2021 FOR FURTHER INFORMATION CONTACT: Joshua Sterling, Director, 202-418-6056, jsterling@cftc.gov ; Thomas Smith, Deputy Director, 202-418-5495, tsmith@cftc.gov ; Joshua Beale, Associate Director, 202-418-5446, jb…