Proposed Rules and Requests for Comments

Comment period for proposed position limits is reopened. The comment period for the CFTC’s proposal establishing speculative position limits for 28 exempt and agricultural commodity futures and options contracts has been reopened from December 9, 2014, to January 22, 2014. The reopening is being made in anticipation of questions and comments that may arise from the Commission’s Agricultural Advisory Committee meeting held on December 9, 2014. (12/1/2014)CFTC press release. The Agricultural Advisory Committee met to discuss issues related to deliverable supplies of agricultural commodities, as they pertain to position limits, and the agricultural economy. (12/4/2014) Meeting agenda. 

Guidance

Volcker rule. The Division of Swap Dealer and Intermediary Oversight issued guidance addressing metrics reporting during the Volcker rule conformance period and the treatment of mortgage-backed securities of government-sponsored enterprises. (11/13/2014) Guidance. 

Regulatory Relief

Clearing Relief for certain treasury affiliates. The Division of Clearing and Risk provided further relief for eligible treasury affiliates that enter into swaps that are subject to the clearing requirement in Section 2(h)(1) of the Commodity Exchange Act and Part 50 of the CFTC’s regulations. (11/26/2014) CFTC press release. 

Registration relief for family offices. The Division of Swap Dealer and Intermediary Oversight provided family offices with relief from certain commodity trading advisor registration requirements. (11/25/2014) CFTC press release. 

Swap data reporting relief extended. The Division of Market Oversight extended previously issued relief provided to certain swap dealers (SDs) and major swap participants (MSPs). The Division will not recommend enforcement action against certain non-US SDs or non-US MSPs established in Australia, Canada, the European Union, Japan and Switzerland for failure to comply with the reporting requirements of Part 45 and Part 46 of CFTC regulations. (11/24/2014) CFTC press release. 

Cross-border reporting relief extended. The Divisions of Swap Dealer and Intermediary Oversight, Clearing and Risk, and Market Oversight extended the relief from the transaction-level reporting requirements provided to swap dealers registered with the CFTC that are established under the laws of jurisdictions other than the United States. (11/14/2014) CFTC press release. 

Australian firm’s SEF registration relief is extended. Australian-based trading platform Yieldbroker Pty Limited’s conditional time-limited relief from the requirement to register as a swap execution facility was extended by the CFTC’s Division of Market Oversight. (11/13/2014) CFTC press release. 

Customer funds. The Division of Swap Dealer and Intermediary Oversight provided no-action relief to futures commission merchants concerning the holding of customer funds deposited to margin foreign futures and foreign options transactions under Regulation 30.7.(11/13/2014) CFTC press release. 

Other Developments

DCM rule enforcement review. The Division of Market Oversight issued separate rule enforcement reviews of certain Designated Contract Markets. (11/24/2014)CFTC press release. 

NASDAQ Futures. The application of NASDAQ Futures, Inc. for reinstatement as a designated contract market has been granted. (11/21/2014) CFTC press release. 

SmartCheck. The CFTC has launched SmartCheck to help investors identify and protect themselves against financial fraud. The SmartCheck website provides access to databases from different government and self-regulatory organizations to assist investors in conducting a background check of financial professionals. (11/19/2014) CFTC press release. 

Commissioner Giancarlo to publish white paper. Commissioner Christopher Giancarlo will issue a white paper requesting comment on the apparent differences between how the CFTC regulates the swaps industry and the market structure of the swaps markets. (11/12/2014) Giancarlo announcement.