RegAlert2012-10-31 | CFTC Staff Letter 12-30Added · Updated
CFTC Staff Letter 12-30: Temporary Delay of Compliance Date for Part 22 Rules Due to Hurricane Sandy
The Division of Clearing and Risk extends the compliance date for Part 22 regulations and statutory collateral segregation requirements under Section 4d(f) of the Commodity Exchange Act from November 8, 2012, to November 13, 2012. This no-action position applies to Futures Commission Merchants regarding the segregation of Cleared Swaps and Cleared Swaps Customer Collateral during the period from November 8 through November 13, 2012. Reporting requirements for Depositing and Collecting Futures Commission Merchants under regulation 22.11 are deferred to begin on November 14, 2012, utilizing data from the November 13 settlement cycle. Additionally, the definition of "Cleared Swap" in regulation 190.01(pp) remains limited to transactions held in separate accounts as required by Derivatives Clearing Organization rules or bylaws throughout this extension period.
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U.S. COMMODITY FUTURES TRADING COMMISSION
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Facsimile: (202) 418-5547 aradhakrishnan@cftc.gov a Ananda Radhakrishnan Director Division of Clearing and Risk CFTC Letter No. 12-30 No-Action October 31, 2012 Division of Clearing and Risk Staff No-Action Relief Temporary Delay of Compliance Date for Part 22 Rules Due to Effects of Hurricane Sandy On October 12, 2012, 1 the Division of Clearing and Risk (the “Division”) took a noaction position with respect to the statutory collateral segregation requirements of Section 4d(f)(2), and accordingly, 4d(f) (3), (4), and (6), of the CEA, during the period from October 11, 2012 through the compliance date for the Part 22 regulations, 2 November 8, 2012. As explained in that no-action letter, in approving the Part 22 regulations, which implement the statutory segregation requirements of Section 4d(f) of the Commodity Exchange Act (“CEA”) 3 for Cleared Swaps and Cleared Swaps Customer Collateral, the Commodity Futures Trading Commission (the “Commission”) set a compliance date of November 8, 2012. 4
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CFTC published 6 documents in the last 30 days. We email you each new one the day it's published.