CFTC Open Meeting, December 1, 2010
| Final Rule Issue | Effective Date | Compliance Date |
|---|---|---|
| June 19, 2012 | August 20, 2012 | October 17, 2012 |
| Final Rule Issue | Effective Date | Compliance Date |
|---|---|---|
| October 18, 2011 | January 9, 2012 | May 7, 2012 |
| Proposal Date | Final Rule Issue | Effective Date |
|---|---|---|
| December 13, 2010 | October 18, 2011 | January 9, 2012 |
| Final Rule Issue | Effective Date | No-action Relief, Valuation |
|---|---|---|
| April 3, 2012 | June 4, 2012 | June 30, 2014 |
| Final Rule Issue | Effective Date | Compliance Date |
|---|---|---|
| May 23, 2012 | July 23/Dec. 31, 2012 | October 12, 2012 |
The Commodity Futures Trading Commission (CFTC) public meeting focused on the issuance of proposed rules under the Dodd-Frank Wall Street Reform and Consumer Protection Act on the following topics:<ref>Open Meeting on Sixth Series of Proposed Rules under the Dodd-Frank Act. CFTC. Retrieved on February 16, 2011.</ref>
- Core principles and other requirements for designated contract markets;
- General regulations for derivatives clearing organizations;
- Information management requirements for derivatives clearing organizations;
- Reporting, recordkeeping and daily trading records requirements for swap dealers and major swap participants; and
- Further definition of “swap dealer,” “security-based swap dealer,” “major swap participant” and “eligible contract participant.
Archived webcast:
Meeting Summary[edit]
Related Documents[edit]
Core Principles and Other Requirements for Designated Contract Markets
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Derivative Clearing Organization Definitions, Procedures and Core Principles
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Reporting, Recordkeeping, Public Information and Information Sharing Requirements for DCOs
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Reporting, Recordkeeping, and Daily Trading Records Requirements for Swap Dealers and Major Swap Participants
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Further Defining “Swap Dealer,” “Major Swap Participant” and “Eligible Contract Participant”
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Speakers[edit]
Chairman Gary Gensler; whose statements include:
- Support for the proposed rule on legal and compliance matters for clearinghouses, which would revise procedures for derivatives clearing organization (DCO) applications, clarify procedures for the transfer of a DCO registration and add requirements for approval of DCO rules for portfolio margining of futures and securities in a futures account.
- Support for the proposed rulemaking concerning information management, recordkeeping and reporting requirements for derivatives clearing organizations.
- Support for the proposed rulemaking to update our rules and guidance with regard to designated contract markets (DCMs).
- Support for the proposed rule regarding reporting, recordkeeping and daily trading records for swap dealers and major swap participants.
- Support for the joint proposed rule with the Securities and Exchange Commission on entity definitions.
Commissioner Scott O’Malia; whose statements include:
- Concerns that many end users will be unintentionally swept up in the "Swap Dealers and Major Swap Participants" definition and be subject to significantly higher costs to hedge their commercial risk.
- Comments on reporting, recordkeeping and daily trading records requirements for swap dealers and major swap participants.
- Comments on core principles and other requirements for designated contract markets (DCMs).
Commissioner Bart Chilton; whose statements include:
- The need for clarity in the definition of "Swap Dealers and Major Swap Participants".
Commissioner Jill E. Sommers; whose statements include:
- Principles-based regulation has worked very well in our industry and our industry has flourished because of it; regulating it would be a mistake.
- Concern that the definition of swap dealer is too broad and will likely capture entities that do not functionally operate as dealers, and concern regarding the proposed regulations which state that a person who is swap dealer or major swap participant for any swap or activity, shall be deemed a swap dealer or major swap participant for all swaps it enters into.
References[edit]
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