The CFTC requested public comment on a proposal to amend the swap dealer de minimis exception. Comments must be submitted by August 13, 2018.
As previously described, the proposed amendments to the definition of "swap dealer" in CFTC Rule 1.3 (f/k/a Rule 1.3(ggg)) would:
The CFTC is also requesting comment on (i) adding exclusions from registration for persons who deal in fewer than a specified number of transactions or with a specified number of counterparties, (ii) excluding exchange-traded and/or cleared swaps from the de minimis calculation and (iii) excluding non-deliverable foreign exchange forwards from the de minimis calculation.
The CFTC voted to (i) propose amendments to the swap dealer de minimis exception, (ii) propose amendments to the "Volcker Rule" regulations and (iii) adopt amendments to an indemnification provision relating to swap data repository data.
The CFTC approved proposed changes that would remove indemnification requirements for the use of swap data by other regulators. In addition, the CFTC approved a proposal that would integrate existing advisory guidance as to rules related to the registration and review of exchange disciplinary actions.
Cadwalader attorneys reviewed the recent Federal Reserve proposal to revamp regulations implementing the Volcker Rule.
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