CFTC Adopts Amendments to Self-Certification Rules

The CFTC adopted amendments to filing requirements common to registered entities, including for designated contract markets, derivatives clearing organizations, swap execution facilities and swap data repositories.

The CFTC said the revisions improve the process for submitting self-certifications and requests for approval of new rules, rule amendments and products for trading and clearing. The agency said that the amendments also improve "the Commission's review and processing of such submissions." The changes amend Part 40 of the CFTC regulations ("Provisions Common to Registered Entities"), while also making lesser changes to Parts 37 ("Swap Execution Facilities") and 38 ("Designated Contract Markets").

The rule becomes effective 30 days after its publication in the Federal Register.

In a dissenting statement, Commissioner Summer K. Mersinger expressed concern that the new "complete" standard for information in the self-certification process could lead to unreasonable delays and requests for additional information. She also questioned the need for the amendments if they do not alter current expectations.