CFTC Approves Technical Amendments Related to Agency Reorganization
The CFTC unanimously approved technical amendments aimed at aligning its regulations with recent organizational changes.
As previously covered, the CFTC reorganized its operations by creating four new divisions: the Division of Data, the Market Participants Division, the Legal Division and the Division of Administration. The amendments, among other things, remove unnecessary language and make corrections to inaccurate text within CFTC regulations.
The amendments go into effect on the date of their publication in the Federal Register, with the exception of certain Part 45 ("Swap Data Recordkeeping and Reporting Requirements") and Part 49 ("Swap Data Repositories") amendments, which will go into effect on January 25, 2021.
Commissioner Dan Berkovitz stated that the amendments were necessary to reflect newly delegated authorities under their respective officials and offices. He noted that approval of the final rule "should not be viewed as approval of the reorganization itself."
Primary Sources
- CFTC Voting Draft: Revision of Certain Provisions to Incorporate Changes in the Commission's Administrative Structure
- CFTC Press Release: CFTC Unanimously Approves Technical Amendments to Reflect Organizational Changes
- CFTC Statement, Dan Berkovitz: Concurring Statement regarding Rule Amending CFTC Division and Office References in Connection with Staff Realignment
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The CFTC reorganized its operations by creating four new divisions: the Division of Data, the Market Participants Division, the Legal Division, and the Division of Administration.
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- CFTC Rule 1.12: Maintenance of minimum financial requirements by futures commission merchants and introducing brokers.
- CFTC Rule 1.17: Minimum financial requirements for futures commission merchants and introducing brokers.
- CFTC Rule 1.20: Futures customer funds to be segregated and separately accounted for.
- CFTC Rule 1.35: Records of commodity interest and related cash or forward transactions.
- CFTC Rule 1.52: Self-regulatory organization adoption and surveillance of minimum financial requirements.
- CFTC Rule 1.60: Pending legal proceedings.
- CFTC Rule 1.65: Notice of bulk transfers and disclosure obligations to customers.
- CFTC Rule 1.66: No-action positions with respect to floor traders.
- CFTC Rule 3.3: Chief compliance officer.
- CFTC Rule 3.22: Supplemental filings.
- CFTC Rule 3.33: Withdrawal from registration.
- CFTC Rule 3.50: Service.
- CFTC Rule 3.55: Suspension and revocation of registration pursuant to section 8a(2) of the Act.
- CFTC Rule 3.63: Service of order issued by an Administrative Law Judge or the Commission.
- CFTC Rule 3.70: Notification of certain information regarding associated persons.
- CFTC Rule 3.75: Delegation and reservation of authority.
- CFTC Rule 5.6: Maintenance of minimum financial requirements by retail foreign exchange dealers and futures commission merchants offering or engaging in retail forex transactions.
- CFTC Rule 5.20: Special calls for account and transaction information.
- CFTC Rule 5.23: Notice of bulk transfers and bulk liquidations.
- CFTC Rule 9.2: Definitions.
- CFTC Rule 9.4: Filing and service; official docket.
- CFTC Rule 9.26: Participation of Commission staff.
- CFTC Rule 9.31: Commission review of disciplinary or access denial action on its own motion.
- CFTC Rule 10.2: Definitions.
- CFTC Rule 10.4: Business address; hours.
- CFTC Rule 10.10: Ex parte communications.
- CFTC Rule 10.12: Service and filing of documents; form and execution.
- CFTC Rule 10.106: Reconsideration; stay pending judicial review.
- CFTC Rule 11.2: Authority to conduct investigations.
- CFTC Rule 11.7: Rights of witnesses.
- CFTC Rules--Appendix A to Part 11: Informal Procedure Relating to the Recommendation of Enforcement Proceedings
- CFTC Rule 12.11: Formalities of filing of documents with the Proceedings Clerk.
- CFTC Rule 12.13: Complaint; election of procedure.
- CFTC Rule 12.18: Answer; election of procedure.
- CFTC Rule 12.407: Satisfaction of reparation award; enforcement; sanctions.
- CFTC Rule 13.2: [Reserved]
- CFTC Rule 14.9: Duty to file information concerning adverse judicial or administrative action.
- CFTC Rule 15.05: Designation of agent for foreign persons.
- CFTC Rule 15.06: Delegations.
- CFTC Rule 16.07: Delegation of authority to the Director of the Division of Data and to the Director of the Division of Market Oversight.
- CFTC Rule 17.03: Delegation of authority to the Director of the Division of Data or the Director of the Division of Market Oversight.
- CFTC Rule 18.03: Delegation of authority.
- CFTC Rule 19.01: [Reserved]
- CFTC Rule 19.02: Reports pertaining to cotton on call purchases and sales.
- CFTC Rule 20.8: Delegation of authority.
- CFTC Rule 23.160: Cross-border application.
- CFTC Rule 23.206: Delegation of authority to the Director of the Market Participants Division to establish an alternative compliance schedule to comply with daily trading records.
- CFTC Rule 30.7: Treatment of foreign futures or foreign options secured amount.
- CFTC Rule 30.13: Commission certification.
- CFTC Rule 31.13: Financial reports of leverage transaction merchants.
- CFTC Rule 31.14: Recordkeeping.
- CFTC Rule 31.28: Self-regulatory organization adoption and surveillance of minimum financial, cover, segregation and sales practice requirements.
- CFTC Rules--Appendix A to Part 31: Schedule of Fees for Registration of Leverage Commodities
- CFTC Rule 37.3: Requirements and procedures for registration.
- CFTC Rule 40.7: Delegations.
- CFTC Rule 40.8: Availability of public information.
- CFTC Rules--Appendix A to Part 40: Schedule of Fees
- CFTC Rule 41.3: Application for an exemptive order pursuant to section 4f(a)(4)(B) of the Act.
- CFTC Rule 43.7: Delegation of authority.
- CFTC Rule 45.11: Data reporting for swaps in a swap asset class not accepted by any swap data repository.
- CFTC Rule 45.13: Required data standards.
- CFTC Rule 45.14: Correcting errors in swap data and verification of swap data accuracy.
- CFTC Rule 45.15: Delegation of authority.
- CFTC Rule 46.8: Data reporting for swaps in a swap asset class not accepted by any swap data repository.
- CFTC Rule 49.3: Procedures for registration.
- CFTC Rule 49.17: Access to SDR data.
- CFTC Rule 49.31: Delegation of authority to the Directors of the Division of Market Oversight and Division of Data relating to certain part 49 matters.
- CFTC Rule 140.2: Regional office-Regional Administrators.
- CFTC Rule 140.11: Emergency action by the senior Commissioner available.
- CFTC Rule 140.24: Control and accountability procedures.
- CFTC Rules Part 140-Organization, Functions, and Procedures of the Commission
- CFTC Rule 140.72: Delegation of authority to disclose confidential information to a registered entity, swap execution facility, swap data repository, registered futures association or self-regulatory organization.
- CFTC Rule 140.73: Delegation of authority to disclose information to United States, States, and foreign government agencies and foreign futures authorities.
- CFTC Rule 140.75: Delegation of authority to the Director of the Division of Clearing and Risk and to the Director of the Market Participants Division.
- CFTC Rule 140.76: Delegation of authority to disclose information in a receivership or bankruptcy proceeding.
- CFTC Rule 140.77: Delegation of authority to determine that applications for contract market designation, swap execution facility registration, or swap data repository registration are materially incomplete.
- CFTC Rule 140.91: Delegation of authority to the Director of the Division of Clearing and Risk and to the Director of the Market Participants Division.
- CFTC Rule 140.92: Delegation of authority to grant registrations and renewals thereof.
- CFTC Rule 140.93: Delegation of authority to the Director of the Market Participants Division.
- CFTC Rule 140.94: Delegation of authority to the Director of the Market Participants Division and to the Director of the Division of Clearing and Risk.
- CFTC Rule 140.95: Delegation of authority with respect to withdrawals from registration.
- CFTC Rule 140.96: Delegation of authority to publish in the Federal Register.
- CFTC Rule 140.99: Requests for exemptive, no-action and interpretative letters.
- CFTC Rule 142.2: Policy.
- CFTC Rule 144.1: Service upon the Commission.
- CFTC Rule 144.5: Procedures when production or disclosure of Commission records or information relating to Commission business is sought.
- CFTC Rule 145.0: Definitions.
- CFTC Rule 145.2: Records available for public inspection and copying; documents published and indexed.
- CFTC Rule 145.6: Commission offices to contact for assistance; registration records available.
- CFTC Rule 145.7: Requests for Commission records and copies thereof.
- CFTC Rule 145.9: Petition for confidential treatment of information submitted to the Commission.
- CFTC Rules--Appendix A to Part 145: Compilation of Commission Records Available to the Public
- CFTC Rule 146.2: Definitions.
- CFTC Rule 146.3: Requests by an individual for information or access.
- CFTC Rule 146.4: Procedures for identifying the individual making the request.
- CFTC Rule 146.5: Disclosure of requested information to individuals; fee for copies of records.
- CFTC Rule 146.6: Disclosure to third parties.
- CFTC Rule 146.8: Amendment of a record.
- CFTC Rule 146.9: Appeals to the Commission.
- CFTC Rule 146.11: Public notice of records systems.
- CFTC Rules--Appendix A to Part 146: Fees for Copies of Records Requested Under the Privacy Act of 1974
- CFTC Rule 147.2: Definitions.
- CFTC Rule 147.4: Procedure for announcing meetings.
- CFTC Rule 147.5: General procedure for closing meetings.
- CFTC Rule 147.6: Special procedure for closing certain meetings.
- CFTC Rule 147.8: Public availability of transcripts, recordings and minutes of closed meetings.
- CFTC Rule 147.9: Requests for copies of transcripts, recordings or minutes of closed meetings.
- CFTC Rule 148.30: Payment of award.
- CFTC Rule 149.170: Compliance procedures.
- CFTC Rule 150.4: Aggregation of positions.
- CFTC Rule 155.3: Trading standards for futures commission merchants.
- CFTC Rule 155.4: Trading standards for introducing brokers.
- CFTC Rule 160.30: Procedures to safeguard customer records and information.
- CFTC Rule 162.21: Proper disposal of consumer information.
- CFTC Rule 165.3: Procedures for submitting original information.
- CFTC Rule 165.7: Procedures for award applications in Commission actions and related actions, and Commission award determinations.
- CFTC Rule 165.12: Payment of awards from the Fund, financing of customer education initiatives, and deposits and credits to the Fund.
- CFTC Rule 165.15: Administering the whistleblower program.
- CFTC Rule 170.12: Delegation of Authority to Director of the Market Participants Division.
- CFTC Rule 171.2: Definitions.
- CFTC Rule 171.8: Filing with the Proceedings Clerk.
- CFTC Rule 171.28: Participation by Commission staff.
- CFTC Rule 171.31: Commission review in the absence of an appeal.
- CFTC Rule 190.10: Current records during business as usual.
- CFTC Rules Part 45-Swap Data Recordkeeping and Reporting Requirements
- CFTC Rules Part 49-Swap Data Repositories
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Daniel J. Davis , Joshua B. Sterling , Tamara Roust
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