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2011-10880

  • Federal Register, Volume 76 Issue 92 (Thursday, May 12, 2011)[Federal Register Volume 76, Number 92 (Thursday, May 12, 2011)]

    [Proposed Rules]

    [Pages 27621-27622]

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

    [FR Doc No: 2011-10880]

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    COMMODITY FUTURES TRADING COMMISSION

    17 CFR Part 23

    RIN 3038-AC97

    Margin Requirements for Uncleared Swaps for Swap Dealers and

    Major Swap Participants

    AGENCY: Commodity Futures Trading Commission.

    ACTION: Extension of comment period.

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    SUMMARY: On April 28, 2011, the Commodity Futures Trading Commission

    (``Commission'' or ``CFTC'') published in the Federal Register a notice

    of proposed rulemaking that would establish initial and variation

    margin requirements for swap dealers (SDs) and major swap participants

    (MSPs). Elsewhere today in the Federal Register, the Commission is

    proposing to adopt capital, financial reporting, and recordkeeping

    requirements for these same entities, as well as proposing to amend

    certain capital requirements for futures commission merchants (FCMs)

    that also register as SDs or MSPs and supplemental capital

    requirements, and supplemental financial reporting requirements for

    these FCMs. The Commission now is extending the comment period for the

    proposed margin regulations so that the comment period will run

    concurrently with the comment period for the proposed rulemaking on

    capital requirements being published today.

    DATES: Comments must be received on or before July 11, 2011.

    ADDRESSES: You may submit comments, identified by RIN 3038-AC97, and

    Margin Requirements for Uncleared Swaps for Swap Dealers and Major Swap

    Participants by any of the following methods:

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

    through the Web site.

    Mail: Send to David A. Stawick, Secretary, 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.

    Please submit your comments using only one method. Additionally, to

    ease the burden to commenters, you may submit comments that address

    both the capital and the margin rulemakings to only one of the

    respective public comment files and they will be considered by the

    Commission in both rulemakings, if appropriate to both.

    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 may be exempt from disclosure under the Freedom of

    Information Act, a petition for confidential treatment of the exempt

    information may be submitted according to the established procedures in

    Sec. 145.9 of the Commission's regulation, 17 CFR 145.9.

    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 the rulemaking 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: John C. Lawton, Deputy Director,

    Thomas Smith, Deputy Director, or Thelma Diaz, Associate Director,

    Division of Clearing and Intermediary Oversight, 1155 21st Street, NW.,

    Washington, DC 20581. Telephone number: 202-418-5480 and electronic

    mail: jlawton@cftc.gov; tsmith@cftc.gov; or tdiaz@cftc.gov.

    SUPPLEMENTARY INFORMATION: On April 28, 2011 the Commission published

    in the Federal Register a notice of proposed rulemaking that would

    establish initial and variation margin requirements for swap dealers

    (SDs) and major swap participants (MSPs). Elsewhere today in the

    Federal Register, the Commission is proposing to adopt capital,

    financial reporting, and recordkeeping requirements for SDs and MSPs,

    as well as proposing to amend certain capital requirements for futures

    commission merchants (FCMs) that also register as SDs or MSPs, as well

    as supplemental financial reporting requirements for these FCMs.

    Because the proposed capital and margin rulemakings are

    interrelated, the Commission now is extending the comment period for

    the proposed margin regulations so that the comment periods of each

    proposed rulemaking will run concurrently. The extension period will

    provide commenters with a full opportunity to review each of the

    proposed rulemakings together before commenting on either. As noted

    above, the Commission additionally has determined to give full

    consideration to all comments on each of the proposed rulemakings,

    whether comment letters that address both rulemakings are submitted to

    the comment file of the capital or the margin rulemaking.

    Issued in Washington, DC, this 27th day of April 2010, by the

    Commission.

    David A. Stawick,

    Secretary of the Commission.

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

    Federal Regulations.

    [[Page 27622]]

    Appendices to Margin Requirements for Uncleared Swaps for Swap Dealers

    and Major Swap Participants; Extension of Comment Period--Commission

    Voting Summary and Statements of Commissioners

    Appendix 1--Commission Voting Summary

    On this matter, Chairman Gensler and Commissioners Dunn, Sommers,

    Chilton and O'Malia voted in the affirmative; no Commissioner voted in

    the negative.

    [FR Doc. 2011-10880 Filed 5-11-11; 8:45 am]

    BILLING CODE 6351-01-P

    Last Updated: May 12, 2011