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CFTC APPROVES PROPOSED AND FINAL RULES ON CLEARING, MARGIN AND CUSTOMER PRIVACY

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CFTC APPROVES PROPOSED AND FINAL RULES ON CLEARING, MARGIN AND CUSTOMER PRIVACY

Introduction

The CFTC has posted the next final and proposed rules codifying formerly given no action relief and restoring consumer information privacy policies and procedures:

  • Amendments towards the role 23 Margin Requirements for Uncleared Swaps codifying no action page relief which included the European security system (ESM) to your set of entities excluded through the concept of economic person, and as a consequence CFTC margin demands; 1
  • Amendments to your component 160 customer Financial Suggestions Privacy Regulation, correcting a Commission legislation by restoring text that has been accidentally eliminated in a 2011 amendment to add SDs and MSPs to your set of entities susceptible to component 160.30 needing entities to installment loans for bad credit consider procedures to shield consumer documents and information; 2 and
  • Proposed amendments to role 50 Clearing demands to codify current exemptions through the clearing requirement in section h that is 2(1) regarding the Commodity Exchange Act (CEA) for swaps joined into by specific main banking institutions, sovereign entities and international banking institutions (IFIs). 3

Last Rule: Amendments to role 23 Margin demands for the Stability that is european procedure

Background

In January 2016, the CFTC adopted the “CFTC Margin Rule” 4 to implement area 4s(e) for the CEA, which calls for swap dealers (SDs) and swap that is major (MSPs) which do not have prudential regulator to satisfy minimal initial and variation margin demands. In July 2017, the DSIO issued CFTC Letter No. 17-34 5 excluding the ESM through the concept of “financial person, ” and therefore exempting its swaps through the CFTC Margin Rule, according to its similarity to multilateral development banking institutions that are provided such relief under Commission legislation 23.151. This rule that is final the amendments proposed in October 2019 to codify the relief awarded pursuant to CFTC Letter No. 17-34. 6

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