05 Septembre 2013

CFTC: Interpretation Concerning Retail Commodity Transaction+Final Rules for Systemically Important Derivatives Clearing Organizations+ Final Regulations for Exemption from Required Clearing for Swaps + Proposed Rules to align with International Standards

LE 27 août 2013

CFTC Issues Interpretation Concerning Retail Commodity Transactions - 23/08

Washington, DC - The U.S. Commodity Futures Trading Commission (CFTC) today announced an Interpretation concerning its authority over retail commodity transactions, as provided by Section 2(c)(2)(D) of the Commodity Exchange Act (CEA). Today's Interpretation clarifies the CFTC's view of the meaning of "actual delivery" under Section 2(c)(2)(D).

 http://www.cftc.gov/PressRoom/PressReleases/pr6673-13

CFTC Issues Final Rules to implement Enhanced Risk Management Standards for Systemically Important Derivatives Clearing Organizations - 12/08

SUMMARY: The Commodity Futures Trading Commission (``Commission'') is proposing amendments to its regulations to establish additional standards for compliance with the derivatives clearing organization (``DCO'') core principles set forth in Section 5b(c)(2) of the Commodity Exchange Act (``CEA'') for systemically important DCOs (``SIDCOs'') and DCOs that elect to opt-in to the SIDCO regulatory requirements (``Subpart C DCOs''). SIDCOs and Subpart C DCOs would be required to comply with the requirements applicable to all DCOs, which are set forth in the Commission's DCO regulations on compliance with core principles, to the extent those requirements are not inconsistent with the requirements of the regulations in this proposed rule. The proposed amendments include: Procedural requirements for opting in to the regulatory regime as well as substantive requirements relating to governance, financial resources, system safeguards, special default rules and procedures for uncovered losses or shortfalls, risk management, additional disclosure requirements, efficiency, and recovery and wind-down procedures. These additional requirements would also be consistent with the Principles for Financial Market Infrastructures (``PFMIs'') published by the Committee on Payment and Settlement Systems and the Board of the International Organization of Securities Commissions (``CPSS-IOSCO''). In addition, the Commission is proposing certain delegation provisions and certain technical clarifications.

http://www.cftc.gov/LawRegulation/FederalRegister/ProposedRules/2013-19845

CFTC Approves Final Regulations for Exemption from Required Clearing for Swaps Entered into by Certain Cooperatives; Division of Clearing and Risk Issues Time-Limited No-Action Relief - 13/08

Washington, DC - The Commodity Futures Trading Commission (Commission) today issued a final rule to exempt swaps entered into by qualified cooperatives from the clearing requirement under section 2(h)(1)(A) of the Commodity Exchange Act (CEA) and part 50 of the Commission's regulations, subject to certain conditions.

The Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act) amended the CEA to require clearing of certain swaps. On December 13, 2012, the Commission issued its first clearing requirement determination, requiring that swaps meeting the specifications outlined in four classes of interest rate swaps and two classes of credit default swaps (CDS) be cleared. On March 11, 2013, swap dealers, major swap participants, and private funds active in the swaps market began clearing certain index CDS and interest rate swaps that they entered into on or after March 11, 2013. On June 10, 2013, most other financial entities, except for ERISA pension plans and accounts managed by third-party investment managers, began to clear those CDS and interest rate swaps entered into on or after June 10, 2013. Clearing is mandatory unless one of the counterparties can elect an exception, exemption, or other relief from the clearing requirement.

 http://www.cftc.gov/PressRoom/PressReleases/pr6665-13

Commentaires ABA:

CFTC Exempts FCS Banks, CUs from Swaps Clearing Rules

The CFTC has adopted a final rule that provides a swaps-clearing exemption for cooperatives -- including Farm Credit System banks and credit unions -- regardless of their asset size. The rule treats FCS institutions and credit unions differently from banks, as banks are exempt from clearing requirements only if they have total assets of $10 billion or less.        

The final rule permits a qualifying cooperative to avoid clearing swaps subject to the clearing requirements in the Dodd-Frank Act, "provided that the cooperative's members are either non-financial entities or other cooperatives whose members are non-financial entities." The swap must also be entered into in connection with originating loans to co-op members or hedging risk related to member loans or swaps.

ABA has strongly urged the CFTC to not to treat banks and cooperatives differently, and many ABA members advocated for a level playing field with CFTC officials. "Clearing requirements are both complex and costly, so the proposed exemption would give all Farm Credit banks, credit unions, and other cooperatives a competitive advantage," ABA said in a 2012 comment letter. "There is simply no policy justification for granting large cooperatives ... a broader clearing exemption than banks."

 
CFTC Issues Proposed Rules for Derivatives Clearing Organizations to align with International Standards - 13/08

Washington, DC — The Commodity Futures Trading Commission (CFTC) proposed rules to establish additional standards for systemically important derivatives clearing organizations (SIDCOs) that are consistent with the Principles for Financial Market Infrastructures (PFMIs) and address all of the remaining gaps between part 39 of the Commission's regulations and the PFMIs.

These rules, together with the existing derivatives clearing organizations rules, would establish standards that are consistent with the PFMIs and would allow SIDCOs to continue to be Qualifying Central Counterparties (QCCPs) for purposes of international bank capital standards. The proposed rules include substantive requirements relating to governance, financial resources, system safeguards, special default rules and procedures for uncovered losses or shortfalls, risk management, additional disclosure requirements, efficiency, and recovery and wind-down procedures.

In addition, because of the potential advantages afforded to QCCPs (namely, lower capital charges for banks clearing through a QCCP), the proposed rules include procedures by which derivatives clearing organizations other than SIDCOs may elect to become subject to these additional standards.

 http://www.cftc.gov/PressRoom/PressReleases/pr6664-13

À télécharger

Liens

Diaporama

Haut de page