CFTC Proposes Amendments to Intermediary Rule Filing Requirements
The CFTC proposed amendments to rule filing requirements for various types of registered entities, including designated contract markets ("DCMs"), derivatives clearing organizations ("DCOs"), swap execution facilities ("SEFs") and swap data repositories ("SDRs").
The amendments simplify and streamline the process by which these registered entities submit rule filings - including self-certifications and requests for approvals - as well as the manner in which the CFTC reviews and processes these filings. The proposal amends Part 40 of the CFTC regulations ("Provisions common to Registered Entities"), while also making related technical changes to Parts 37 ("Swap Execution Facilities") and 38 ("Designated Contract Markets").
Comments on the proposal will be accepted for 60 days from the date the proposal is published in the Federal Register.
Commissioner Statements
- Chair Rostin Behnam said that Part 40 has not been significantly amended since 2011 and the proposal would clarify and enhance its requirements.
- Commissioner Christy Goldsmith Romero highlighted that the CFTC needs "complete information" on new products. She said that the proposal would help the CFTC exercise its stated "heightened review standard for digital assets" as well as for climate and environmental products.
- Commissioner Kristin N. Johnson reiterated that the proposal should facilitate CFTC review of digital asset and climate-related products.
- Commissioner Caroline D. Pham cited the CFTC's experience with "binary options," saying that the "sizeable increase in listing of new binary option contracts is unsustainable."