Font Size: AAA // Print // Bookmark

2013-08197

  • Federal Register, Volume 78 Issue 68 (Tuesday, April 9, 2013)[Federal Register Volume 78, Number 68 (Tuesday, April 9, 2013)]

    [Rules and Regulations]

    [Pages 21045-21046]

    From the Federal Register Online via the Government Printing Office [www.gpo.gov]

    [FR Doc No: 2013-08197]

    -----------------------------------------------------------------------

    COMMODITY FUTURES TRADING COMMISSION

    17 CFR Part 23

    RIN 3038-AC96

    Confirmation, Portfolio Reconciliation, Portfolio Compression,

    and Swap Trading Relationship Documentation Requirements for Swap

    Dealers and Major Swap Participants; Correction

    AGENCY: Commodity Futures Trading Commission.

    ACTION: Correcting amendments.

    -----------------------------------------------------------------------

    SUMMARY: The Commodity Futures Trading Commission (CFTC) is correcting

    a final rule published in the Federal Register of September 11, 2012

    (77 FR 55904). That rule, 17 CFR 23.505, took effect on November 13,

    2012. Subsequently, the CFTC published final rules in the Federal

    Register of December 13, 2012 (77 FR 74284), that re-codified the

    Commission regulation at 17 CFR 39.6 as a new Commission regulation at

    17 CFR 50.50. This correction amends cross-references in 17 CFR 23.505

    to conform them with the final rules published on December 13, 2012.

    DATES: Effective on April 9, 2013.

    FOR FURTHER INFORMATION CONTACT: Frank Fisanich, Chief Counsel, 202-

    418-5949, ffisanich@cftc.gov, or Jason A. Shafer, Attorney-Advisor,

    202-418-5097, jshafer@cftc.gov, Division of Swap Dealer and

    Intermediary Oversight, Commodity Futures Trading Commission, Three

    Lafayette Centre, 1155 21st Street NW., Washington, DC 20581.

    SUPPLEMENTARY INFORMATION: In the Federal Register of September 11,

    2012 (77 FR 55904), the CFTC published final rules setting forth

    requirements for swap confirmation, portfolio reconciliation, portfolio

    compression, and swap trading relationship documentation for Swap

    Dealers and Major Swap Participants. Those rules, in 17 CFR part 23,

    include cross-references to the Commission regulation at 17 CFR 39.6.

    After the effective date of the Part 23 rules (November 13, 2012), the

    CFTC published final rules in the Federal Register of December 13, 2012

    (77 FR 74284) that re-codified the Commission regulation at 17 CFR 39.6

    as a new Commission regulation at 17 CFR 50.50. Those rules took effect

    on February 11, 2013. Thus, the Commission is making correcting

    amendments to the affected section of 17 CFR part 23 to replace the

    cross-references to 17 CFR 39.6 with cross-references to 17 CFR 50.50.

    [[Page 21046]]

    List of Subjects in 17 CFR part 23

    Antitrust, Commodity futures, Conduct standards, Conflict of

    interests, Major swap participants, Reporting and recordkeeping, Swap

    dealers, Swaps.

    Accordingly, 17 CFR part 23 is corrected by making the following

    correcting amendments:

    PART 23--SWAP DEALERS AND MAJOR SWAP PARTICIPANTS

    0

    1. The authority citation for Part 23 continues to read as follows:

    Authority: 7 U.S.C. 1a, 2, 6, 6a, 6b, 6b-1, 6c, 6p, 6r, 6s, 6t,

    9, 9a, 12, 12a, 13b, 13c, 16a, 18, 19, 21.

    0

    2. In Sec. 23.505, revise paragraphs (a) introductory text, (a)(2),

    and (a)(5) to read as follows:

    Sec. 23.505 End user exception documentation.

    (a) For swaps excepted from a mandatory clearing requirement. Each

    swap dealer and major swap participant shall obtain documentation

    sufficient to provide a reasonable basis on which to believe that its

    counterparty meets the statutory conditions required for an exception

    from a mandatory clearing requirement, as defined in section 2h(7) of

    the Act and Sec. 50.50 of this chapter. Such documentation shall

    include:

    * * * * *

    (2) That the counterparty has elected not to clear a particular

    swap under section 2h(7) of the Act and Sec. 50.50 of this chapter;

    * * * * *

    (5) That the counterparty generally meets its financial obligations

    associated with non-cleared swaps. Provided, that a swap dealer or

    major swap participant need not obtain documentation of paragraphs

    (a)(3), (4), or (5) of this section if it obtains documentation that

    its counterparty has reported the information listed in Sec.

    50.50(b)(1)(iii) in accordance with Sec. 50.50(b)(2) of this chapter.

    * * * * *

    Issued in Washington, DC, on April 4, 2013, by the Commission.

    Christopher J. Kirkpatrick,

    Deputy Secretary of the Commission.

    [FR Doc. 2013-08197 Filed 4-8-13; 8:45 am]

    BILLING CODE 6351-01-P

    Last Updated: April 9, 2013



See Also:

OpenGov Logo

CFTC's Commitment to Open Government

Gavel and Book

Follow the Status of Enforcement Actions