2020-04404
Federal Register, Volume 85 Issue 75 (Friday, April 17, 2020)
[Federal Register Volume 85, Number 75 (Friday, April 17, 2020)]
[Proposed Rules]
[Pages 21339-21340]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2020-04404]
=======================================================================
-----------------------------------------------------------------------
COMMODITY FUTURES TRADING COMMISSION
17 CFR Parts 23, 43, 45, and 49
RIN 3038-AE32
Certain Swap Data Repository and Data Reporting Requirements
AGENCY: Commodity Futures Trading Commission.
ACTION: Reopening of comment period.
-----------------------------------------------------------------------
SUMMARY: On May 13, 2019, the Commodity Futures Trading Commission
(Commission) published in the Federal Register a notice of proposed
rulemaking (NPRM) titled Certain Swap Data Repository and Data
Reporting Requirements. The comment period for the NPRM was originally
scheduled to close on July 29, 2019. The Commission subsequently
extended the comment period for 90 days to October 28, 2019. On October
24, 2019, the Commission extended the comment period for another 90
days to January 27, 2020. The Commission is now reopening the comment
period for this NPRM for an additional 90 days to allow market
participants to comment on this NPRM in conjunction with the two swap
data-related NPRMs approved on February 20, 2020.
DATES: The comment period for the proposed rule titled, Certain Swap
Data Repository and Data Reporting Requirements, published on May 13,
2019 (84 FR 21044), is reopened. Comments must be received on or before
May 20, 2020.
ADDRESSES: You may submit comments, identified by ``Certain Swap Data
Repository and Data Reporting Requirements'' and RIN number 3038-AE32,
by any of the following methods:
CFTC Comments Portal: https://comments.cftc.gov. Select
the ``Submit Comments'' link for this rulemaking and follow the
instructions on the Public Comment Form.
Mail: Send to Christopher Kirkpatrick, Secretary of the
Commission, Commodity Futures Trading Commission, Three Lafayette
Centre, 1155 21st Street NW, Washington, DC 20581.
Hand Delivery/Courier: Follow the same instructions as for
mail, above.
Please submit your comments using only one of these methods. To
avoid possible delays with mail or in-person deliveries, submissions
through the CFTC Comments Portal are encouraged.
All comments must be submitted in English, or if not, accompanied
by an English translation. Comments will be posted as received to
https://comments.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 (FOIA), 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\
---------------------------------------------------------------------------
\1\ 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 https://comments.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 FOIA.
FOR FURTHER INFORMATION CONTACT: Benjamin DeMaria, Special Counsel,
202-418-5988, [email protected] or Meghan Tente, Acting Associate
Director, 202-418-5785, [email protected]; Division of Market Oversight,
Data and Reporting Branch, Commodity Futures Trading Commission, Three
Lafayette Centre, 1155 21st Street NW, Washington, DC 20581.
SUPPLEMENTARY INFORMATION: On May 13, 2019, the Commission published in
the Federal Register an NPRM proposing amendments to certain
regulations applicable to swap data repositories (SDRs), reporting
counterparties, and other market participants.\2\ The proposed
amendments would, among other things, update requirements for SDRs to
verify swap data with reporting counterparties, update requirements to
correct swap data errors and omissions, and update and clarify certain
SDR operational and governance requirements.
---------------------------------------------------------------------------
\2\ Certain Swap Data Repository and Data Reporting
Requirements, 84 FR 21044 (May 13, 2019).
---------------------------------------------------------------------------
The comment period for the NPRM was set to close on July 29, 2019.
Market participants \3\ requested the opportunity to review additional
planned rulemakings under the Commission's Roadmap to Achieve High
Quality
[[Page 21340]]
Swaps Data (``Roadmap'') \4\ that will relate to the NPRM prior to
commenting on the NPRM. The Commission subsequently extended the
comment period for the NPRM by 90 days to October 28, 2019,\5\ and
again by 90 days to January 27, 2020.\6\
---------------------------------------------------------------------------
\3\ See Letter from International Swaps and Derivatives
Association and Securities Industry and Financial Markets
Association (October 8, 2019), available at https://comments.cftc.gov/PublicComments/ViewComment.aspx?id=62212&SearchText=.
\4\ See CFTC Letter 17-33, Division of Market Oversight
Announces Review of Swap Reporting Rules in Parts 43, 45, and 49 of
Commission Regulations (July 10, 2017), available at http://www.cftc.gov/idc/groups/public/@lrlettergeneral/documents/letter/17-33.pdf; Roadmap to Achieve High Quality Swap Data, available at
http://www.cftc.gov/idc/groups/public/@newsroom/documents/file/dmo_swapdataplan071017.pdf.
\5\ Certain Swap Data Repository and Data Reporting
Requirements; Extension of Comment Period, 84 FR 35847 (July 25,
2019).
\6\ Certain Swap Data Repository and Data Reporting
Requirements; Extension of Comment Period, 84 FR 57831 (October 24,
2019).
---------------------------------------------------------------------------
The Commission stated in the October 24, 2019 extension that it
anticipated reopening the comment period for the NPRM to coincide with
the comment periods for the additional planned Roadmap rulemakings in
order to provide market participants with the opportunity to comment on
all three Roadmap rulemakings at once.\7\ This reopening of the comment
period provides the opportunity for market participants to comment on
all three Roadmap rulemakings simultaneously or individually. Parties
that previously submitted comments on the NPRM are invited to resubmit
their comments to add any additional information they may wish to
include.\8\ Parties may also submit new comments regarding any matter
related to the NPRM, including matters that relate to the NPRM and one
or more of the other Roadmap rulemakings. All comments must be received
on or before May 20, 2020.
---------------------------------------------------------------------------
\7\ See 84 FR at 57832; see also 84 FR at 21046 (``When the
Commission proposes the next two rulemakings, the Commission
anticipates reopening the comment period for this proposal to
provide market participants with an opportunity to comment
collectively on the three rulemakings together, because the
proposals address interconnected issues.'').
\8\ All responsive comments previously submitted for the NPRM
will be considered regardless of whether the submitter updates the
original comments during the reopened comment period. Parties that
do not wish to supplement their original comments do not need to
resubmit their original comments in order for those comments to be
considered.
Issued in Washington, DC, on February 27, 2020, by the
Commission.
Robert Sidman,
Deputy Secretary of the Commission.
Note: The following appendix will not appear in the Code of
Federal Regulations.
Appendix to Certain Swap Data Repository and Data Reporting
Requirements--Commission Voting Summary
On this matter, Chairman Tarbert and Commissioners Quintenz,
Behnam, Stump, and Berkovitz voted in the affirmative. No
Commissioner voted in the negative.
[FR Doc. 2020-04404 Filed 4-16-20; 8:45 am]
BILLING CODE 6351-01-P