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2014-06574

  • Federal Register, Volume 79 Issue 58 (Wednesday, March 26, 2014)[Federal Register Volume 79, Number 58 (Wednesday, March 26, 2014)]

    [Rules and Regulations]

    [Pages 16672-16675]

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

    [FR Doc No: 2014-06574]

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    COMMODITY FUTURES TRADING COMMISSION

    17 CFR Part 49

    RIN 3038-AE14

    Swap Data Repositories--Access to SDR Data by Market Participants

    AGENCY: Commodity Futures Trading Commission.

    ACTION: Interim final rule; request for comment.

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    SUMMARY: The Commodity Futures Trading Commission (``Commission'' or

    ``CFTC'') is adopting an interim final rule to clarify the scope of

    permissible access by market participants to swap data and information

    maintained by a registered swap data repository (``SDR'').

    Specifically, the interim final rule clarifies that, for a swap that is

    executed anonymously on a swap execution facility or designated

    contract market, and then cleared in accordance with the Commission's

    straight-through processing requirements, the data and information

    maintained by a registered SDR that may be accessed by either

    counterparty to the swap does not include the identity of the other

    counterparty to the swap, the identity of the other counterparty's

    clearing member for the swap, or such counterparty's or clearing

    member's legal entity identifier.

    DATES: Effective date: This interim final rule is effective March 26,

    2014.

    Comment date: Comments on this interim final rule must be submitted

    on or before April 25, 2014.

    ADDRESSES: You may submit comments, identified by RIN number 3038-AE14,

    by any of the following methods:

    Agency Web site--via Comments Online process: http://comments.cftc.gov. Follow the instructions for submitting comments

    through the Web site.

    Mail: Melissa D. Jurgens, Secretary of the Commission,

    Commodity Futures Trading Commission, Three Lafayette Centre, 1155 21st

    Street NW., Washington, DC 20581.

    Hand delivery/courier: Same as Mail, above.

    Federal eRulemaking Portal: http://www.regulations.gov.

    Follow the instructions for submitting comments through the portal.

    Please submit your comments using only one method.

    All comments must be submitted in English, or if not, accompanied

    by an English translation. Comments will be posted as received to

    http://www.cftc.gov. You should submit only information that you wish

    to make available publicly. If you wish the Commission to consider

    information that you believe is exempt from disclosure under the

    Freedom of Information Act, a petition for confidential treatment of

    the exempt information may be submitted according to the procedures

    established in Sec. 145.9 of the Commission's regulations.\1\

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    \1\ See 17 CFR 145.9.

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    The Commission reserves the right, but shall have no obligation, to

    review, pre-screen, filter, redact, refuse, or remove any or all of

    your submission from http://www.cftc.gov that it may deem to be

    inappropriate for publication, such as obscene language. All

    submissions that have been redacted or removed that contain comments on

    the merits of this action will be retained in the public comment file

    and will be considered as required under the Administrative Procedure

    Act and other applicable laws, and may be accessible under the Freedom

    of Information Act.

    FOR FURTHER INFORMATION CONTACT: Nora Flood, Attorney Advisor, (202)

    418-5354, nflood@cftc.gov, or Laurie Gussow, Special Counsel, (202)

    418-7623, lgussow@cftc.gov, Division of Market Oversight, Commodity

    Futures Trading Commission, Three Lafayette Centre, 1155 21st Street

    NW., Washington, DC 20581.

    SUPPLEMENTARY INFORMATION:

    Table of Contents

    I. Background

    A. Dodd-Frank Act Section 728; CEA Section 21

    B. Access to SDR Data by Market Participants

    II. Scope of Permissible Access to SDR Data and Information by

    Counterparties to Anonymously Executed, Cleared Swaps

    A. Discussion

    B. Amendment to 17 CFR 49.17(f)(2)

    III. Request for Comment on Interim Final Rule

    IV. Related Matters

    A. Administrative Procedure Act

    B. Paperwork Reduction Act

    C. Regulatory Flexibility Act

    D. Cost Benefit Considerations

    I. Background

    A. Dodd-Frank Act Section 728; CEA Section 21

    On July 21, 2010, President Obama signed into law the Dodd-Frank

    Wall Street Reform and Consumer Protection Act (``Dodd-Frank Act'').\2\

    Title VII of the Dodd-Frank Act amended the Commodity Exchange Act

    (``CEA'' or ``Act'') \3\ to establish a comprehensive new regulatory

    framework for swaps. The legislation was enacted to reduce systemic

    risk, increase transparency, and promote market integrity within the

    financial system by, among other things: (1) Providing for the

    registration and comprehensive regulation of swap dealers and major

    swap participants; (2) imposing clearing and trade execution

    requirements on standardized derivative products; (3) creating a

    rigorous recordkeeping and data reporting regime with respect to swaps,

    including real-time public reporting; and (4) enhancing the

    Commission's rulemaking and enforcement authorities over all registered

    entities, intermediaries and swap counterparties subject to the

    Commission's oversight.

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    \2\ Public Law 111-203, 124 Stat. 1376 (2010).

    \3\ 7 U.S.C. 1 et seq.

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    Section 728 of the Dodd-Frank Act added new section 21 to the CEA,

    establishing swap data repositories, or ``SDRs'', as a new category of

    Commission registered entity. The SDR

    [[Page 16673]]

    category was established to enhance transparency, promote

    standardization, and reduce systemic risk by facilitating the

    collection and maintenance of swap transaction data and information,

    and making such data and information directly and electronically

    available to regulators.\4\ New CEA section 21 addresses the

    registration and regulation of SDRs and sets forth duties and core

    principles with which an SDR must comply in order to register and

    maintain registration. One of those duties, set forth in CEA section

    21(c)(6), is that an SDR ``maintain the privacy of any and all swap

    transaction information that [it] receives from a swap dealer,

    counterparty, or any other registered entity.'' \5\

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    \4\ Section 2(a)(13)(G) of the CEA, added by section 727 of the

    Dodd-Frank Act, requires all swaps--whether cleared or uncleared--to

    be reported to a registered SDR.

    \5\ Section 21(c)(6) of the CEA.

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    Section 21 also directs the Commission to adopt rules governing

    registered SDRs.\6\ On December 23, 2010, the Commission published in

    the Federal Register a notice of proposed rulemaking (``NPRM'') to

    implement the provisions of CEA section 21.\7\ After reviewing the

    public comments received on the NPRM, the Commission adopted final SDR

    rules as 17 CFR part 49, published in the Federal Register on September

    1, 2011 (``Final SDR Rules'').\8\

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    \6\ Section 21(h) of the CEA.

    \7\ Swap Data Repositories, 75 FR 80897 (Dec. 23, 2010).

    \8\ Swap Data Repositories: Registration Standards, Duties and

    Core Principles, 76 FR 54538 (Sept. 1, 2011).

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    B. Access to SDR Data by Market Participants

    The Final SDR Rules contain certain provisions addressing access to

    the data and information reported to and maintained by a registered

    SDR. Privacy and confidentiality requirements applicable to registered

    SDRs are set forth in Sec. 49.16, and access to SDR data is addressed

    in Sec. 49.17.

    Access to SDR data by market participants is directly addressed in

    Sec. 49.17(f). In the NPRM, the Commission proposed Sec. 49.17(f) to

    generally prohibit access by a market participant to swap data

    maintained by a registered SDR unless, pursuant to an exception set

    forth in Sec. 49.17(f)(2), the specific data was originally submitted

    by such market participant.\9\ Based on comments received on the

    NPRM,\10\ the Commission adopted final Sec. 49.17(f) largely as

    proposed, but with a revision to the exception in Sec. 49.17(f)(2) to

    provide that data and information related to a particular swap may be

    accessed by either counterparty to the swap.

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    \9\ Proposed Sec. 49.17(f)(1) provided that ``[a]ccess of swap

    data maintained by the registered swap data repository to market

    participants is generally prohibited.'' The exception set forth at

    proposed Sec. 49.17(f)(2) provided that ``[d]ata and information

    maintained by the registered swap data repository may be accessed by

    market participants if the specific data was originally submitted by

    such party.'' 75 FR at 80932.

    \10\ See discussion in the preamble to the Final SDR Rules of

    comments received from the American Benefits Council and the

    Committee on the Investment of Employee Benefit Assets, and from the

    Global Foreign Exchange Division formed in cooperation with the

    Association for Financial Markets in Europe, the Securities Industry

    and Financial Markets Association and the Asia Securities Industry

    and Financial Markets Association, each indicating that proposed

    Sec. 49.17(f) should be modified to allow both counterparties to a

    swap to access data and information maintained at an SDR for that

    swap. 76 FR 54555.

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    Final Sec. 49.17(f)(1) provides that ``[a]ccess of swap data

    maintained by the registered swap data repository to market

    participants is generally prohibited.'' Final Sec. 49.17(f)(2)

    provides that ``[d]ata and information related to a particular swap

    that is maintained by the registered swap data repository may be

    accessed by either counterparty to that particular swap.'' As noted in

    the preamble to the Final SDR Rules, ``[t]he underlying basis for this

    regulation was to maintain the privacy and confidentiality of the

    reported data while also limiting potential access to reported swap

    data to the rightful parties to a swap.'' \11\

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    \11\ 76 FR 54555.

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    II. Scope of Permissible Access to SDR Data and Information by

    Counterparties to Anonymously Executed, Cleared Swaps

    A. Discussion

    Pursuant to Sec. 49.17(f)(1), access by market participants to

    swap data maintained by a registered SDR is generally prohibited. An

    exception to this general prohibition is set forth at Sec.

    49.17(f)(2), which provides that data and information related to a

    particular swap may be accessed by either counterparty to the swap.

    The exception provided in Sec. 49.17(f)(2) must be read with

    reference to the CEA; as a matter of construction, the exception must

    fall within the bounds of statutory requirements. The exception

    provided in Sec. 49.17(f)(2) thus includes an implicit condition:

    counterparty access to data and information related to a particular

    swap cannot be obtained in contravention of any CEA requirement or

    prohibition. As discussed above, CEA section 21(c)(6) requires a

    registered SDR to maintain the privacy of any and all swap transaction

    information that the SDR receives from a swap dealer, counterparty or

    any other registered entity. Accordingly, Sec. 49.17(f)(2) authorizes

    counterparty access to data and information related to a particular

    swap only to the extent that such access is consistent with an SDR's

    privacy obligations under CEA section 21(c)(6).

    When a swap is executed anonymously on a swap execution facility

    (``SEF'') or designated contract market (``DCM'') and then cleared in

    accordance with the Commission's straight-through processing

    requirements \12\--such that the counterparties to the swap would not

    otherwise be known to one another--the identity of each counterparty to

    the swap and its clearing member for the swap, as well as the legal

    entity identifier (``LEI'') \13\ of such

    [[Page 16674]]

    counterparty and its clearing member, is information that is private

    vis-[agrave]-vis the other counterparty to the swap, and this privacy

    must be maintained by a registered SDR pursuant to CEA section

    21(c)(6). This statutory privacy obligation now operates implicitly to

    limit the scope of Sec. 49.17(f)(2)--which, accordingly, does not

    permit a counterparty to a swap that is executed anonymously on a SEF

    or a DCM, and then cleared in accordance with the Commission's

    straight-through processing requirements, to access the identity of the

    other counterparty to the swap or that counterparty's clearing member

    for the swap, or the other counterparty's or its clearing member's

    LEI.\14\ The Commission is adopting this interim final rule to clarify

    the scope of Sec. 49.17(f)(2),\15\ by making explicit the limitation

    on counterparty access to data and information related to an

    anonymously executed, cleared swap that applies by virtue of the

    privacy requirements of CEA section 21(c)(6).

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    \12\ See 17 CFR 1.74, 23.610 and 39.12(b)(7), which set forth

    rules governing the timeframe for submitting a trade to, and

    subsequent acceptance of the trade by, a derivatives clearing

    organization.

    \13\ Part 45 of the Commission's regulations, 77 FR 2136

    (January 13, 2012), which establishes swap data recordkeeping and

    reporting requirements, provides in Sec. 45.6 that each

    counterparty to any swap subject to the jurisdiction of the

    Commission must be identified in all recordkeeping and swap data

    reporting required under part 45 by means of a single legal entity

    identifier, or ``LEI'', issued pursuant to Commission rules. Part 46

    of the Commission's regulations, 77 FR 35200 (June 12, 2012), which

    establishes swap data recordkeeping and reporting requirements for

    ``pre-enactment swaps'' and ``transition swaps'' (each as defined in

    part 46), provides in Sec. 46.4 that each counterparty to a pre-

    enactment swap or transition swap in existence on or after April 25,

    2011, must obtain an LEI, which must be used for purposes of swap

    data recordkeeping and reporting as prescribed in Sec. 46.4.

    The Commission is a participant in an international process, now

    led by an international Regulatory Oversight Committee (``ROC'') of

    which the Commission is a member, to establish a global LEI system.

    In response to requests from other international financial

    regulators participating in this process, the Commission is, on a

    transitional basis, referring to the identifier designated for use

    in recordkeeping and reporting pursuant to part 45 and part 46 as

    the CFTC Interim Compliant Identifier (``CICI''). See Availability

    of a Legal Entity Identifier Meeting the Requirements of the

    Regulations of the Commodity Futures Trading Commission and

    Designation of Provider of Legal Entity Identifiers to be Used in

    the Recordkeeping and Swap Data Reporting, 77 FR 53780 (September 4,

    2012), as amended by Amended Order Designating the Provider of Legal

    Entity Identifiers to Be Used in Recordkeeping and Swap Data

    Reporting Pursuant to the Commission's Regulations, 78 FR 38954

    (June 28, 2013) (the ``Amended Designation Order'').

    The global LEI system is currently in the process of becoming

    operational, with the ROC already in place, a number of pre-Local

    Operating Units (``pre-LOUs'') already endorsed by the ROC, and a

    Central Operating Unit (``COU'') in the process of being

    established. The ROC now refers to the identifiers issued by the

    various endorsed pre-LOUs, including the CICI, as ``pre-LEIs''.

    Since specified conditions set forth in the Amended Designation

    Order have now been satisfied, any ROC-endorsed pre-LEI may

    currently be used for purposes of compliance with part 45 and part

    46. Once the global LEI system is fully operational, ROC-endorsed

    pre-LEIs, including CICIs, will transition into the global LEI

    system and be referred to as LEIs.

    For purposes of this interim final rule, the term legal entity

    identifier, or ``LEI'', refers to an LEI, a pre-LEI or a CICI, as

    the context requires.

    \14\ While the name of a counterparty's clearing member for a

    swap, and such clearing member's LEI, is not information regarding

    the swap that is required to be reported to a registered SDR

    pursuant to part 45 or part 46 of the Commission's regulations, the

    Commission understands that such information may be included with

    reports of required swap data, and may therefore be ``information

    related to a particular swap that is maintained by the registered

    [SDR]''.

    \15\ The Commission notes that it has received inquiries from

    market participants regarding the scope of permissible counterparty

    access to data and information maintained by a registered SDR for

    swaps that are executed anonymously on SEFs and DCMs and cleared,

    including a request for interpretive guidance dated February 28,

    2013, from the Managed Funds Association to the Commission's

    Division of Market Oversight.

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    B. Amendment to 17 CFR 49.17(f)(2)

    To effect the clarification described above, the Commission is

    amending Sec. 49.17(f)(2) by adding language providing that the data

    and information maintained by the registered swap data repository that

    may be accessed by either counterparty to a particular swap shall not

    include the identity or the legal entity identifier (as such term is

    used in 17 CFR part 45) of the other counterparty to the swap, or the

    other counterparty's clearing member for the swap, if the swap is

    executed anonymously on a swap execution facility or designated

    contract market, and cleared in accordance with Commission regulations

    1.74, 23.610, and 37.12(b)(7).

    III. Request for Comment on Interim Final Rule

    The Commission invites comments on this interim final rule.

    Comments must be submitted to the Commission on or before the date that

    is 30 days after the date of publication of the interim final rule in

    the Federal Register. Comments on the interim final rule must be

    submitted pursuant to the instructions provided above.

    IV. Related Matters

    A. Administrative Procedure Act

    The Administrative Procedure Act (``APA'') \16\ generally requires

    a Federal agency to publish notice of a proposed rulemaking in the

    Federal Register.\17\ This requirement does not apply, however, when an

    agency ``for good cause finds . . . that notice and public procedure

    thereon are impracticable, unnecessary, or contrary to the public

    interest.'' \18\ Moreover, while the APA generally requires that an

    agency publish an adopted rule in the Federal Register 30 days before

    it becomes effective, this requirement does not apply if the agency

    finds good cause to make the rule effective sooner.\19\

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    \16\ 5 U.S.C. 553 et seq.

    \17\ See 5 U.S.C. 553(b).

    \18\ See 5 U.S.C. 553(b)(3)(B).

    \19\ See 5 U.S.C. 553(d)(3).

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    In this interim final rulemaking the Commission is, by amendment,

    clarifying the scope of Sec. 49.17(f)(2), by making explicit a

    limitation on counterparty access to SDR data and information that

    applies by virtue of CEA section 21(c)(6). In the absence of such a

    clarifying amendment that same limitation would continue to apply

    implicitly, since the scope of Sec. 49.17(f)(2) cannot exceed the

    bounds of statutory privacy requirements. Because the interim final

    rule does not alter in any way substantive rights and obligations under

    Sec. 49.17(f)(2)--the scope of this regulatory provision is limited in

    precisely the same manner by CEA section 21(c)(6), regardless of

    whether such limitation is implicit, as it is currently, or made

    explicit through the clarifying amendment effected by this interim

    final rule--the advance notice and public procedure that is generally

    required pursuant to the APA is not necessary in the present instance.

    For good cause, the Commission therefore finds that publication of a

    notice of proposed rulemaking in the Federal Register is unnecessary.

    Similarly, since the interim final rule simply makes explicit a

    limitation on the scope of counterparty access to SDR data and

    information that already applies by operation of statute, the

    Commission, for good cause, finds that no transitional period, after

    publication in the Federal Register, is necessary before the amendment

    to Sec. 49.17(f)(2) made by this interim final rule becomes effective.

    Accordingly, this interim final rule shall be effective immediately

    upon publication in the Federal Register.

    B. Paperwork Reduction Act

    The Paperwork Reduction Act (``PRA'') \20\ imposes certain

    requirements on Federal agencies in connection with their conducting or

    sponsoring any collection of information as defined by the PRA. Under

    the PRA, an agency may not conduct or sponsor, and a person is not

    required to respond to, a collection of information unless it displays

    a currently valid control number from the Office of Management and

    Budget (``OMB'').\21\ Since this interim final rule serves to clarify,

    by amendment, the scope of an already existing regulatory provision,

    the Commission has determined that the interim final rule will not

    impose any new information collection requirements that require

    approval of OMB under the PRA.

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    \20\ 44 U.S.C. 3501 et seq.

    \21\ See 44 U.S.C. 3507.

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    C. Regulatory Flexibility Act

    The Regulatory Flexibility Act (``RFA'') requires that Federal

    agencies consider whether the rules that they issue will have a

    significant economic impact on a substantial number of small entities

    and, if so, to provide a regulatory flexibility analysis respecting the

    impact.\22\ By clarifying the scope of Sec. 49.17(f)(2), this interim

    final rule serves to clarify existing obligations and responsibilities

    of registered SDRs, which the Commission has previously, in connection

    with its swap data recordkeeping and reporting rules, determined are

    not small entities.\23\ Therefore, the interim final rule will not have

    a significant economic impact on a substantial number of small

    entities.

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    \22\ See 5 U.S.C. 601 et seq.

    \23\ See 77 FR 2170-2171.

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    D. Cost Benefit Considerations

    Section 15(a) of the CEA requires the Commission to consider the

    costs and benefits of its actions before promulgating a regulation

    under the CEA or issuing certain orders. Section 15(a) further

    specifies that the costs and benefits shall be evaluated in light of

    five broad areas of market and public concern: (1) Protection of market

    participants and the public; (2) efficiency, competitiveness, and

    [[Page 16675]]

    financial integrity of futures markets; (3) price discovery; (4) sound

    risk management practices; and (5) other public interest

    considerations.\24\ The Commission considers the costs and benefits

    resulting from its discretionary determinations with respect to the

    section 15(a) factors.

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    \24\ CEA section 15(a).

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

    This interim final rule does not represent an exercise of

    Commission discretion that alters substantive rights and obligations

    imposed by statute and Commission rule currently. As discussed earlier,

    the interim final rule merely clarifies the existing scope of Sec.

    49.17(f)(2) by making explicit a statutory limitation that, absent this

    clarification, applies implicitly: The exception to the general

    prohibition against market participant access to SDR data does not

    sanction practices that contravene the statutory privacy requirements

    of CEA section 21(c)(6). As such, substantively, the interim final rule

    poses no incremental costs or benefits relative to regulatory

    requirements that are now operative.\25\

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    \25\ Complying with these existing requirements may, however,

    entail some expenditure. For example, to comply with CEA section

    21(c)(6) registered SDRs may incur certain costs associated with

    programming their systems to recognize swaps that are executed

    anonymously on a SEF or a DCM and cleared, as described herein, and

    to prevent a counterparty's access to the identity and LEI of the

    other counterparty to such a swap, and such counterparty's clearing

    member for the swap.

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

    This interim final rule is not void of any discretionary element,

    however. By issuing the interim final rule, the Commission is

    exercising its discretion to clarify, by amendment, the existing scope

    of Sec. 49.17(f)(2), rather than leaving this regulatory provision in

    its current form. By making explicit a limitation on the scope of Sec.

    49.17(f)(2) that exists by virtue of the statutory privacy requirements

    of CEA section 21(c)(6), the interim final rule addresses a potential

    source of uncertainty for market participants,\26\ and, in so doing,

    promotes the public interests in market integrity and, more generally,

    in regulatory clarity and certainty. Conversely, the Commission sees no

    costs resultant from this discretionary act of clarification.\27\

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

    \26\ See note 15, supra.

    \27\ The Commission recognizes that if, to date, any market

    participant has not read Sec. 49.17(f)(2) with reference to the

    statutory privacy limitations of CEA section 21(c)(6), the market

    participant may have developed systems and processes that require

    modification to comply with these statutory limitations. In any such

    case, the clarifying amendment effected by this interim final rule

    should alert the market participant to the need for modification.

    Such modification may entail some cost to implement. However, any

    such modification costs would not arise from the Commission's

    exercise of its discretion, in this interim final rule, to clarify

    Sec. 49.17(f)(2) by making explicit an existing statutory

    limitation on the scope of this regulatory provision. Such

    modification costs would be required to achieve statutory compliance

    regardless of whether or not the Commission provided such

    clarification through this interim final rule.

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

    List of Subjects in 17 CFR Part 49

    Swap data repositories, Registration and regulatory requirements.

    For the reasons stated in the preamble, the Commodity Futures

    Trading Commission amends 17 CFR part 49 as follows:

    PART 49--SWAP DATA REPOSITORIES

    0

    1. The authority citation for part 49 continues to read as follows:

    Authority: 7 U.S.C. 12a and 24a, as amended by Title VII of the

    Wall Street Reform and Consumer Protection Act, Pub. L. 111-203, 124

    Stat. 1376 (2010), unless otherwise noted.

    0

    2. Revise Sec. 49.17(f)(2) to read as follows:

    Sec. 49.17 Access to SDR data.

    * * * * *

    (f) * * *

    (2) Exception. Data and information related to a particular swap

    that is maintained by the registered swap data repository may be

    accessed by either counterparty to that particular swap. However, the

    data and information maintained by the registered swap data repository

    that may be accessed by either counterparty to a particular swap shall

    not include the identity or the legal entity identifier (as such term

    is used in part 45 of this chapter) of the other counterparty to the

    swap, or the other counterparty's clearing member for the swap, if the

    swap is executed anonymously on a swap execution facility or designated

    contract market, and cleared in accordance with Commission regulations

    in Sec. Sec. 1.74, 23.610, and 37.12(b)(7) of this chapter.

    * * * * *

    Issued in Washington, DC, on March 20, 2014, by the Commission.

    Christopher J. Kirkpatrick,

    Deputy Secretary of the Commission.

    Note: The following appendix will not appear in the Code of

    Federal Regulations.

    Appendix to Swap Data Repositories--Access to SDR Data by Market

    Participants--Commission Voting Summary

    On this matter, Acting Chairman Wetjen and Commissioners Chilton

    and O'Malia voted in the affirmative. No Commissioner voted in the

    negative.

    [FR Doc. 2014-06574 Filed 3-25-14; 8:45 am]

    BILLING CODE 6351-01-P

    Last Updated: March 26, 2014



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