Requests for Comment
Position limits. The CFTC has reopened the comment period for two proposed rulemakings. The first would establish speculative position limits for 28 exempt and agricultural commodity futures and options contracts and the physical commodity swaps that are their economic equivalent. The second proposed rulemaking would amend the CFTC’s policy for aggregation under its position limits regulations. Comments on either proposal should be submitted by August 4, 2014. (6/27/2014) CFTC press release. See also original position limit proposal; original aggregation proposal.
Valuation data reporting. The Division of Market Oversight extended to June 30, 2015, the time-limited relief provided to Swap Dealers and Major Swap Participants from the obligation to report valuation data for cleared swaps as required by Section 45.4(b)(2)(ii) of the Commission’s regulations. (7/1/2014) CFTC press release.
Identification information. The Division of Market Oversight extended to January 16, 2015, the time-limited relief that permits Part 45 and Part 46 reporting counterparties to mask legal entity identifiers, other enumerated identifiers and other identifying terms, and permits Part 20 reporting entities to mask identifying information in certain enumerated jurisdictions. (6/27/2014) CFTC press release.
Customer fund requirements. The Division of Swap Dealer and Intermediary Oversight extended to October 31, 2014, previously issued time-limited, no-action relief from certain conditions associated with the receipt of customer funds by a futures commission merchant. (6/26/2014) CFTC press release.
DCO registration relief. The Division of Clearing and Risk issued a time-limited no-action letter providing that it will not recommend enforcement action against Korea Exchange, Inc. for failing to register as a derivatives clearing organization (DCO) for the clearing of the proprietary Korean Won-denominated interest rate swaps trades of US clearing members. The relief will expire no later than December 31, 2014. (6/26/2014) CFTC press release.
DCO and DCM registration relief. The Divisions of Clearing and Risk and Market Oversight extended the time-limited no-action relief to LCH.Clearnet Limited, a registered derivatives clearing organization (DCO), and Nodal Exchange LLC, a designated contract market (DCM). Enforcement action will not be recommended against LCH and its clearing members regarding contracts and options listed for trading on Nodal before LCH is authorized to provide such clearing services under an amended DCO registration order. Nor will enforcement action be recommended against Nodal if Nodal contracts are cleared by LCH before it is authorized to clear such transactions. The extension of no-action relief will expire no later than December 31, 2014. (6/25/2014) CFTC LCH and Nodal press release. Separately, the Division of Clearing and Risk extended to December 31, 2014, the time-limited no-action relief granted to LCH for clearing certain swaps executed on, or subject to the rules of, DCMs or swap execution facilities. (6/25/2014) CFTC LCH press release.