Exemptions From Swap Trade Execution Requirement

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 Part 36 RIN 3038-AE25 AGENCY: Commodity Futures Trading Commission. ACTION: Final rule. SUMMARY: The Commodity Futures Trading Commission (“Commission” or “CFTC”) is adopting a final rule (“Final Rule”) that establishes two exemptions from the statutory requirement to execute certain types of swaps on a swap execution facility (“SEF”) or a designated contract market (“DCM”) (this requirement, the “trade execution requirement”). DATES: The Final Rule is effective on March 15, 2021. FOR FURTHER INFORMATION CONTACT: Roger Smith, Associate Chief Counsel, Division of Market Oversight, (202) 418-5344, rsmith@cftc.gov , Commodity Futures Trading Commission, 525 West Monroe Street, Suite 1100, Chicago, IL 60661; or Michael Penick, Senior Economist, (202) 418-5279, mpenick@cftc.gov , Office of the Chief Economist, Commodity Futures Trading Commission, Three Lafayette Centre, 1151 21st Street NW, Washington, DC 20581. SUPPLEMENTARY INFORMATION: Table of Contents I. Background and Introduction A. Statutory and Regulatory History B. Summary of the Final Rule II. Part 36—Trade Execution Exemptions Linked to Swap Clearing Requirement Exceptions and Exemptions A. Background and Proposed Rule B. Trade Execution Requirement Exemption for Swaps Eligible for a Clearing Requirement Exception or Exemption Under Part 50 1. Summary of Comments 2. Final Rule: CEA Section 4(c) Aut…