Federal Register: CFTC Approves System Safeguards Testing Requirements for DCOs
The CFTC approved two final rules to enhance requirements for system safeguards testing by a derivatives clearing organization ("DCO") and additional conforming amendments. The final rules were published in the Federal Register.
The final rules are immediately effective; however, the CFTC delayed the following compliance dates for DCOs:
-
vulnerability testing and security incident response plan testing is delayed to 180 days after the effective date; and
-
external penetration testing, internal penetration testing, controls testing and enterprise technology risk assessment is delayed to one year after the effective date.
Related Articles
-
The CFTC approved two final rules to enhance requirements for system safeguards testing by a derivatives clearing organization.
-
The SIFMA Asset Management Group and the Investment Adviser Association urged the SEC to adopt guidance rather than a proposed new rule on business continuity and transition plans.
-
The MFA and the Alternative Investment Management Association asserted that the SEC proposed rule on business continuity and transition plans for investment advisers is "unnecessary," since "existing SEC guidance has already caused most investment advisers to implement business continuity plans."
-
Senator Elizabeth Warren (D-MA), Senator Mark Warner (D-VA) and Representative Elijah E. Cummings (D-MD) requested that two systemically important derivative clearing organizations provide information regarding their respective recovery and resolution plans.
-
Senator Elizabeth Warren (D-MA), Senator Mark Warner (D-VA) and Representative Elijah Cummings (D-MD) introduced the Derivatives Oversight and Taxpayer Protection Act. The bill would increase federal oversight of derivatives and increase CFTC fees and penalties.
-
CFTC Commissioner Bowen reviewed regulations and rules that were put in place after the 2008 crisis and questioned whether they helped to create a safer derivatives market.
-
CFTC Chair Timothy Massad updated key issues currently before the CFTC and detailed progress on updates on various current issues being addressed by the CFTC.
-
-
The CFTC voted unanimously to approve two proposals to amend existing regulations that address cybersecurity testing and safeguards for automated systems.
-
-
CFTC Chair Massad discussed the CFTC's ongoing work in establishing a regulatory framework to reform the over-the-counter ("OTC") derivatives marketplace. He delivered his remarks at the North American OTC Derivatives Summit Conference.
-
The CFTC held a public roundtable discussion to review system safeguards-testing requirements and to consider how best to leverage enhanced system safeguards-testing requirements.
-
The CFTC published in the Federal Register its interim final rule and request for comment regarding access to swap data repository ("SDR") data by market participants.