Conflicts between registration categories, A Power Producer?s Perspective on Dodd-Frank (Hedging Physical Power), Report on the Management of the Government's Portfolio for the Year 2008/09, Comments on Acknowledgment Letters for Customer Funds and Secured Amount Funds, Impact of the Dodd-Frank Act Derivative Provisions on Financial Guaranty Insurers. Found inside – Page 178The CEA provides the CFTC with the discretion to define the term “ bona fide hedging transaction ” in order to " permit ... this expanded definition , the CFTC granted the first exemption from speculative trading limits to a swap dealer ... Under the Commodity Exchange Act (“CEA”), a person who qualifies as a “swap dealer” or “major swap participant” is required to register with the Commodity Futures … • To ensure consistency with the Congressional intent underlying the de minimis exemption, the exemption must clearly take into consideration “transactions with or on behalf of…customers”3. Found inside – Page 286The definition also provides that an insured depository institution ( IDI ) is not to be considered a swap dealer to the extent it ... The CFTC and SEC jointly issued a proposed rulemaking to further define the term " swap dealer . 48253 (Aug. 13, 2012). The CFTC explains that "arranging," "negotiating," and "executing" swaps are, again, functions that fall specifically within the definition of the term "swap dealer," so … Found inside – Page 110Providers may be required to register as a “ Swap Dealer ” and be subject to comprehensive CFTC regulation under the CEA ... Although new CEA Section 1a ( 39 ) ( B ) excepts from the definition of a “ Swap Dealer ” a party that buys and ... • The issue of overregulation across swaps with different referenced commodities (identified in Section V, above) is exacerbated by timing issues. Found inside – Page 7-51For, as discussed below, as a result of Dodd-Frank, certain OTC derivatives, in particular swaps and securitybased swaps, as well as participants in swap markets and the markets themselves, are now being regulated by the CFTC and the ... AGENDA: Meeting of the ?NFP Energy End User Coalition? CEA … • These timing concerns are highlighted by the Commission’s implementation of the Large Trader Reporting Final Rule. • Commercial market participants that were not viewed as dealers in swap markets prior to the Dodd-Frank Act will need extensive time to: o Analyze each product line in their business to determine which, if any, involve swap dealing activities; • exit, or modify its activities within, that line of business; • reduce that line of business to below a de minimis level; • move that line of business to a single-purpose legal entity so as to limit the impact of swap dealing regulatory obligations. S7-16-10, Release No. Found inside – Page 9-76comprehensive regulation of swaps and security-based swaps by the Commodity Futures Trading Commission (CFTC) and the SEC ... to be swap dealers as well as “major swap participants” are required to register with either the SEC or CFTC, ... The Business Conduct Rules address requirements analogous to those covered by the CFTC’s external business conduct rules for swap dealers (“ SDs ”) and also include two sets of requirements characterized under CFTC rules for SDs as internal Registered entities and swap counterparties must report swap creation data electronically to a Swap Data Repository (SDR _). 34-66868; file no. Prior to the Dodd-Frank Act, swap dealer was a general term used to describe the … B. CFTC rules implementing the statutory definitions of swap dealer and MSP specify the level of swap dealing activity that would cause a person to be a swap … A swap dealer (SD) is an entity that holds itself out as a dealer in swaps; makes a market in swaps; regularly enters into swaps … At its April 18, 2012 open meeting the CFTC approved a final joint rulemaking on the further definitions of "swap dealer," "major swap participant," "security-based swap dealer," "security-based major swap participant" and "eligible contract participant." Effective May 31, National Futures Association (NFA) Swap Dealer Members (SD Members) must comply with NFA Interpretive Notice 9077 regarding the "diligent supervision" of employees and agents with respect to the swap dealer's use of marketing materials. 9. Found inside – Page 129... proposed rulemaking issued jointly by the CFTC and the SEC to further define the term “ swap dealer " included a ... thresholds proposed to be used for determining the statutory de minimis exemption to the swap dealer definition . The Proposal narrows the definition of guarantee from the Existing Cross-Border Guidance to be consistent with the definition provided in the SEC's security-based swap rules and the CFTC's rules relating to cross-border margin (Cross-Border Margin Rules). Definition of “Swap Dealer”. By a 4-1 vote today, the CFTC approved release of a rule defining the terms “swap dealer” (“SD”), “major swap participant” (“MSP”), and eligible contract participant (“ECP”) in a joint rulemaking with the SEC (which voted 5-0 in favor of approval) that also defined the terms for “security-based” SDs and MSPs. The CFTC and SEC issued final rules and interpretive guidance to implement the Dodd-Frank Wall Street Reform and Consumer Protection Act to further define the terms “swap dealer,” “major swap participant,” “security-based swap dealer,” “major security-based swap participant,” and “eligible contract participant.”. 5. Further Definition of ``Swap,'' … However, the interpretive guidance specifically addressing “facilitating or accommodating” third-party access to swap markets is too vague for practical application. Commodity Futures Trading Commission 17 CFR Part 1; Securities and Exchange Commission 17 CFR Part 240 Further Definition of ``Swap Dealer,'' ``Security-Based Swap Dealer,'' ``Major Swap Participant,'' ``Major Security-Based Swap Participant'' and ``Eligible Contract Participant'' <>/XObject<>/ProcSet[/PDF/Text/ImageB/ImageC/ImageI] >>/MediaBox[ 0 0 612 792] /Contents 4 0 R/Group<>/Tabs/S/StructParents 0>>
17 CFR Part 1 commodity futures trading commission 17 cfr part 1 . The final rulemaking appeared in the Federal Register on May 23, 2012. Found inside – Page 171By trading futures rather than swaps, market participants avoid triggering swap dealer ... more complex test is available for determining the threshold as provided in CFTC regulation 1.3 for the legal definitions of swap dealer and MSP. Several practical issues are raised by treating such activity as swap dealing, including, but not limited to: • Which party would be deemed to have accommodated the other? Reg. 1 The Final Rule adopts a risk-based approach to the cross-border application of the CEA’s swap provisions while also deferring … Alternative Invstment Management Association (AIMA), International Swaps and Derivatives Association's Regional Conference, National Council of Farmer Cooperatives (NCFC), Alternative Investment Management Association (AIMA). Found inside – Page 197Absent careful CFTC implementation of the swap dealer definition , the practical effect ... The CFTC's definition of Swap Dealer should balance the goals of protecting consumers from systemic risk and ensuring no unnecessary harm to the ... 51429 (August 20, 2010), CLS Statistics on Foreign Exchange Activity, Bank of America - CFTC Agenda - Oct 6_184, Morgan Stanley Title VII Definitions ANPR Comment Letter_117, Re: Definitions Contained in Title VII of Dodd-Frank Wall Street Reform and Consumer Protection Act, Title_VII_Definitions_CMC_Comments_FINAL_109, Re: Advanced Notice of Proposed Rulemaking, File No. (VI) Timing and Implementation of the Definition of Swap Dealer and Regulations Applicable to Swap Dealers Must Be Carefully Considered. Accordingly, in addition to amending Rule 4.30, the CFTC has also recently amended CFTC Rule 4.6 to exclude a swap dealer from the definition of CTA if its advisory activities are solely incidental to its business as a swap dealer. Branches and Agencies of Foreign Banks by U.S. Banking Authorities and the Application of U.S. Regulatory Capital Requirements to Such Banks, Proposed Framework for Swap Dealer Registration and Regulation, Re: Determination of Foreign Exchange Swaps and Forwards - Request for comment, Agenda - Meeting on Swap Dealer Definition, Comment Letter of The Loan Syndications and Trading Association, RE: Proposed Meeting with Not-For-Profit Energy End User Coalition, National Rural Utilities Cooperative Finance Corporation Views on Implementation of the Dodd-Frank Act, NARUC Paper Presented at 1-12 meeting_422, Comments regarding the definition, structure and core principles of a SEF and the, Comments on Rulemakings Required by the Dodd-Frank Wall Street Reform Act, Transcript of Open Meeting on the Six Series of Proposed Rulemakings Under the Dodd-Frank Act, Re: CFTC Rulemakings as Required by the Dodd-Frank Wall Street Reform Act, Re: CFTC Rulemakings as Required.by the Dodd-Frank Wall Street Reform Act, Futures Commission Merchants/Introducing Brokers, "Joint Letter Regarding Implementation of ""Swaps Dealer"" Definition", Meeting with the CFTC on the Implementation of the Dodd-Frank Act, Dodd-Frank_Presentation_-_Final_Version_-_Nov_14_2010-CLT2_318, ACLI Position on Key Terms in Title VII of the Dodd-Frank Act, Definitions Contained in Title VII of the Dodd-Frank Wall Street Reform Act, ACLI Statement for Nov 8 2010 CFTC Visit (3)_293, Tudor Investments CFTC Nov 8 2010 Meeting Outline_288, "The Definition of ""Commercial Risk"" under Title VII of the Dodd-Frank Wall Street Reform and Consumer Protection Act", Comments to position Limits and Definition of Major Swap Participant, NextEra Energy Resources Presentation to CFTC Oct 21_211, Re: Definitions Contained in Title VII of Dodd-Frank Wall Street Reform and Consumer Protection Act, 75 Fed. Found inside – Page 164107 (June 4): 33475–33604. http://www.cftc.gov/LawRegulation/ FederalRegister/FinalRules/2013-12242. CFTC and SEC. 2010. “Further Definition of 'Swap Dealer,' 'Security-Based Swap Dealer,' 'Major Swap Participant,' 'Major Security-Based ... o Under the Large Trader Reporting Final Rule, a non-clearing member of a DCM or SEF that must register as a swap dealer is required to implement a large trader reporting system on the date that the swap dealer definition becomes effective. requirements. On March 29, 2013, the CFTC issued final rules that impose liability on swap dealers (SDs), major swap participants (MSPs) and other CFTC registrants for certain actions of their "associated persons" (APs). 6 In addition, any party to an FX Swap or FX Forward that is a … The final rules also providea process by which market ... departure from the CFTC definition. Found inside – Page 95Swap dealer and end-user definitions For example, I believe our proposed definition of swap dealer is too broad ... The CFTC failed to make it clear that FCS banks' swap transactions would qualify for the bona fide hedging exemption. a “swap dealer” or “security-based swap dealer,” and 1. 13 … securities and exchange commission . (XXI) an emissions swap; and (XXII) a commodity swap; (iv) that is an agreement, contract, or transaction that is, or in the future becomes, commonly known to the trade as a swap; (v) including any security-based swap agreement which meets the definition of ‘swap agreement’ as defined in section 206A of the Gramm- Thus, the Commission should carefully fashion guidance to clarify the SD definition well before it applies such term to market participants. ~ɟŧ Commodity Futures Trading Commission 17 CFR Part 1 Securities and Exchange Commission 17 CFR Parts 230, 240 and 241. • This concept is not addressed in the Entity Definitions NOPR. /LawRegulation/DoddFrankAct/Rulemakings/DF_2_Definitions/dfsubmission_110211_1133_2.html, Check Registration & Disciplinary History, Final Rules, Guidance, Exemptive Orders & Other Actions, Proposed Rules, Guidance & Exemptive Orders, Comparability Determinations for Substituted Compliance Purposes. Further Definition of ``Swap Dealer,'' ``Security-Based Swap Dealer,'' ``Major Swap Participant,'' ``Major Security-Based Swap Participant'' and ``Eligible Contract Participant''; CorrectionSee Also:Final Rule: 77 FR 30596 // PDF Version5/23/201217 CFR Part 240 o If similar compliance rules take effect upon the effective date of the SD definition, then market participants may have numerous rules with which to comply in a short time frame, even if such rules were issued over time, at the very time that such entities are engaging in the analysis outlined in “b” above. 80173 (Dec. 21, 2010), Comment Letter with respect to the ANPRM re Definitions, Goldman Sachs Meeting Notes 2011 04 15_702, SDs and MSPs Should Not be Treated as Identical Twins, Regulation and Supervision of U.S. CFTC’s and U.S. Prudential Regulators’ Margin and Segregation Rules for Uncleared Swaps ... financial end user means any counterparty that is not a swap dealer, a … A person who meets either definition would need to register as a swap dealer with the CFTC and/or as an SB swap dealer with the SEC, as appropriate, and … The definition of “swap dealer” (“SD”) may be the most important definition under Title VII of the Dodd-Frank Act. 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