Federal Register, Volume 84 Issue 208 (Monday, October 28, 2019)
[Federal Register Volume 84, Number 208 (Monday, October 28, 2019)]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2019-23496]
COMMODITY FUTURES TRADING COMMISSION
Request for Nominations for the Subcommittee on Margin
Requirements for Non-Cleared Swaps Under the Global Markets Advisory
AGENCY: Commodity Futures Trading Commission.
SUMMARY: The Commodity Futures Trading Commission (CFTC or Commission)
is requesting nominations for membership on the Subcommittee on Margin
Requirements for Non-Cleared Swaps (Subcommittee) under the Global
Markets Advisory Committee (GMAC). The GMAC is a discretionary advisory
committee established by the Commission in accordance with the Federal
Advisory Committee Act.
DATES: The deadline for the submission of nominations is November 12,
ADDRESSES: Nominations should be emailed to [email protected]
or sent by hand delivery or courier to Elizabeth Mastrogiacomo, Senior
Counsel, Office of Commissioner Stump, Commodity Futures Trading
Commission, Three Lafayette Centre, 1155 21st Street NW, Washington, DC
20581. Please use the title ``GMAC Subcommittee on Margin Requirements
for Non-Cleared Swaps'' for any nominations you submit.
FOR FURTHER INFORMATION CONTACT: Elizabeth Mastrogiacomo, Senior
Counsel, Office of Commissioner Stump, at (202) 418-5935 or by email at
SUPPLEMENTARY INFORMATION: The Subcommittee was established to examine
the implementation of margin requirements for non-cleared swaps, to
identify challenges associated with forthcoming implementation phases,
and to recommend actions the Commission may take to mitigate the
challenges identified. Within this charge, the Subcommittee may
consider, but is not limited to, the following issues and topics:
Identifying challenges associated with forthcoming
implementation phases of margin requirements for non-cleared swaps
faced by market participants, including swap dealers, asset managers,
buy-side participants, and custodians;
Identifying potential mitigants to the challenges faced by
market participants regarding forthcoming implementation phases of
margin requirements for non-cleared swaps; and
Identifying regulatory initiatives that may address such
challenges faced by market participants in complying with margin
requirements for non-cleared swaps.
The Subcommittee will provide any reports and/or recommendations
directly to the GMAC and will not provide reports and/or
recommendations directly to the Commission. The Subcommittee has no
authority to make decisions on behalf of the GMAC, and no determination
of fact or policy will be made by the Subcommittee on behalf of the
Subcommittee members will generally serve as representatives and
provide advice reflecting the views of stakeholder organizations and
entities throughout the derivatives and financial markets. The
Subcommittee may also include regular government employees when doing
so furthers its purpose. It is anticipated that the Subcommittee will
hold at least three in-person or telephonic meetings per year.
Subcommittee members serve at the pleasure of the Commission.
Subcommittee members do not receive compensation or honoraria for their
services, and they are not reimbursed for travel and per diem expenses.
The Subcommittee members will include individuals who are members
of the GMAC and/or other individuals. For these other individuals who
are not serving on the GMAC currently, the Commission seeks nominations
of individuals from a wide range of perspectives, including from the
viewpoint categories of exchanges and clearing houses, brokers and
other market intermediaries, derivatives dealers, market end users--
financial, market end users--commercial, providers of other services,
non-exchange self-regulatory organizations, and public interest. To
advise the GMAC effectively, Subcommittee members must have a high
level of expertise and experience with the margin requirements for non-
cleared swaps, including challenges faced in past implementation phases
of the margin requirements for non-cleared swaps, challenges that
remain in future implementation phases, efforts by industry
participants to reduce or mitigate those challenges, and the Commodity
Exchange Act and Commission regulations thereunder. To the extent
practicable, the Commission will strive to select members reflecting
wide ethnic, racial, gender, and age representation.
The Commission invites the submission of nominations for
Subcommittee membership. Each nomination submission should include the
proposed member's name, title, organization affiliation and address,
email address and telephone number, as well as information that
supports the individual's qualifications to serve on the Subcommittee.
The submission should also include the name, email address and
telephone number of the person nominating the proposed Subcommittee
member. Self-nominations are acceptable.
Submission of a nomination is not a guarantee of selection as a
member of the Subcommittee. As noted in the GMAC's Membership Balance
Plan, the Commission seeks to ensure that the membership of a
subcommittee is balanced relative to the particular issues addressed by
the subcommittee in question. The Commission will identify members for
the Subcommittee based on Commissioners' and Commission staff
professional knowledge of margin requirements for non-cleared swaps,
consultation with knowledgeable persons outside the CFTC, and requests
to be represented received from organizations. The office of the
Commissioner primarily responsible for the GMAC and the Subcommittee
plays a primary, but not exclusive, role in this process and makes
recommendations regarding membership to the Commission. The Commission,
by vote, authorizes members to serve on GMAC subcommittees.
Authority: 5 U.S.C. App. II.
Dated: October 23, 2019.
Deputy Secretary of the Commission.
[FR Doc. 2019-23496 Filed 10-25-19; 8:45 am]
BILLING CODE 6351-01-P