Division of Swap Dealer and Intermediary Oversight issues Residual Interest Deadline report. The CFTC’s Division of Swap Dealer and Intermediary Oversight issued a report on the “Residual Interest Deadline,” as required under CFTC regulations. In 2015, the CFTC eliminated the automatic termination of the phase-in compliance period for the Deadline, which was scheduled to occur in 2018. The Deadline remains at 6:00 p.m. ET on the date of settlement. The report found that CFTC staff has no basis to believe that changing the Deadline to the time of settlement, or to a different time of day, would be practical for futures commission merchants or their customers. Members of the public wishing to comment on the report may do so by June 13, 2016. (5/13/2016) CFTC press release.
CFTC issues proposed amendment to 2013 final order on Regional Transmission Organizations and Independent System Operators. The CFTC has issued a proposed amendment to a final order that it issued in 2013. The proposed amendment would exempt certain transactions of six Regional Transmission Organizations and Independent System Operators from certain provisions of the Commodity Exchange Act and CFTC regulations, with the exception of the CFTC’s general anti-fraud and anti-manipulation authority, and scienter-based prohibitions, under specified provisions of the CEA and implementing regulations. The comment period on the proposed amendment will be open for 30 days after publication in the Federal Register. (5/10/2016) CFTC press release. Chairman Massad statement in support of proposed amendment. Commissioner Giancarlo statement of dissent.