Dodd-Frank Timeline, Derivative Clearing Organization Definitions, Procedures and Core Principles
| Final Rule Issue
|| Effective Date
|| Compliance Date*
|| Compliance Date, Gross Margining
| October 18, 2011
|| January 9, 2012
|| May 7, 2012
|| January 14, 2013
The CFTC proposed changes to definitions, procedures, and core principles of derivative clearing organizations (DCOs) at the December 1, 2010 Open Meeting. Specifically:
- customer initial margin
- initial margin
- spread margin
- variation margin
- margin call
- back test
- compliance policies and procedures
- key personnel
- stress test
- systemically important derivatives clearing organization (SIDCO)
- Change current DCO application process review period from 90 to 180 days.
- Clarify the procedures to be followed by a DCO when requesting a transfer of its DCO registration due to a corporate change.
- Submission of DCO rules to permit portfolio margining of futures and securities in a futures account.
Core Principles Changes
- Chief Compliance Officer (CCO) obligations under Dodd-Frank
- Rule enforcement resource requirement
- "Legal Risk" requirement mandating DCOs have sufficiently developed, transparent, and consistent legal framework.
Related Documents:Fact Sheet, Q&A, Federal Registry Entry
- ↑ Open Meeting on Sixth Series of Proposed Rules under the Dodd-Frank Act. CFTC. Retrieved on February 16, 2011.