Federal Register / Vol. 77, No. 134 / Thursday, July 12, 2012 / Proposed Rules 41109 

1See 76 FR 23732. 

2The WGMR is comprised of representatives from 

over 25 domestic and international regulatory 

authorities, including the CFTC. 

Rulemaking Distribution System, which 

describes the application procedure. 

The Proposal 

The FAA is proposing an amendment 

to Title 14 Code of Federal Regulations 

(14 CFR) Part 71 by establishing Class E 

airspace at Trinchera Ranch Airstrip 

Airport, Fort Garland, CO to 

accommodate aircraft using the new 

RNAV (GPS) standard instrument 

approach procedures at Trinchera 

Ranch Airstrip Airport. This action 

would enhance the safety and 

management of aircraft operations at the 

airport. 

Class E airspace designations are 

published in paragraph 6005, of FAA 

Order 7400.9V, dated August 9, 2011, 

and effective September 15, 2011, which 

is incorporated by reference in 14 CFR 

71.1. The Class E airspace designation 

listed in this document will be 

published subsequently in this Order. 

The FAA has determined this 

proposed regulation only involves an 

established body of technical 

regulations for which frequent and 

routine amendments are necessary to 

keep them operationally current. 

Therefore, this proposed regulation; 

(1) Is not a ‘‘significant regulatory 

action’’ under Executive Order 12866; 

(2) is not a ‘‘significant rule’’ under DOT 

Regulatory Policies and Procedures (44 

FR 11034; February 26, 1979); and 

(3) does not warrant preparation of a 

regulatory evaluation as the anticipated 

impact is so minimal. Since this is a 

routine matter that will only affect air 

traffic procedures and air navigation, it 

is certified this proposed rule, when 

promulgated, would not have a 

significant economic impact on a 

substantial number of small entities 

under the criteria of the Regulatory 

Flexibility Act. 

The FAA’s authority to issue rules 

regarding aviation safety is found in 

Title 49 of the U.S. Code. Subtitle 1, 

Section 106, describes the authority for 

the FAA Administrator. Subtitle VII, 

Aviation Programs, describes in more 

detail the scope of the agency’s 

authority. This rulemaking is 

promulgated under the authority 

described in Subtitle VII, Part A, 

Subpart I, Section 40103. Under that 

section, the FAA is charged with 

prescribing regulations to assign the use 

of the airspace necessary to ensure the 

safety of aircraft and the efficient use of 

airspace. This regulation is within the 

scope of that authority as it would 

establish controlled airspace at Fort 

Garland, Trinchera Ranch Airstrip 

Airport, CO. 

This proposal will be subject to an 

environmental analysis in accordance 

with FAA Order 1050.1E, 

‘‘Environmental Impacts: Policies and 

Procedures’’ prior to any FAA final 

regulatory action. 

List of Subjects in 14 CFR Part 71 

Airspace, Incorporation by reference, 

Navigation (air). 

The Proposed Amendment 

Accordingly, pursuant to the 

authority delegated to me, the Federal 

Aviation Administration proposes to 

amend 14 CFR part 71 as follows: 

PART 71—DESIGNATION OF CLASS A, 

B, C, D AND E AIRSPACE AREAS; AIR 

TRAFFIC SERVICE ROUTES; AND 

REPORTING POINTS 

1. The authority citation for 14 CFR 

part 71 continues to read as follows: 

Authority: 49 U.S.C. 106(g), 40103, 40113, 

40120; E.O. 10854, 24 FR 9565, 3 CFR, 1959– 

1963 Comp., p. 389. 

§ 71.1 [Amended] 

2. The incorporation by reference in 

14 CFR 71.1 of the Federal Aviation 

Administration Order 7400.9V, Airspace 

Designations and Reporting Points, 

dated August 9, 2011, and effective 

September 15, 2011 is amended as 

follows: 

Paragraph 6005 Class E airspace areas 

extending upward from 700 feet or more 

above the surface of the earth. 

* * * * * 

ANM CO E5 Fort Garland, CO [New] 

Trinchera Ranch Airstrip Airport, CO 

(Lat. 37°27′50′′ N., long. 105°24′25′′ W.) 

That airspace extending upward from 700 

feet above the surface within a 6.9-mile 

radius of Trinchera Ranch Airstrip Airport; 

that airspace extending upward from 1,200 

feet above the surface in an area bounded by 

a line beginning at lat. 37°38′00′′ N., long. 

105°31′00′′ W.; to lat. 37°33′00′′ N., long. 

105°12′00′′ W.; to lat. 37°24′00′′ N., long. 

105°07′00′′ W.; to lat. 37°04′00′′ N., long. 

105°23′30′′ W.; to lat. 37°03′00′′ N., long. 

105°43′00′′ W.; to lat. 37°15′00′′ N., long. 

105°50′00′′ W.; to lat. 37°29′00′′ N., long. 

105°42′00′′ W., thence to the point of 

beginning. 

Issued in Seattle, Washington, on July 3, 

2012. 

John Warner, 

Manager, Operations Support Group, Western 

Service Center. 

[FR Doc. 2012–16948 Filed 7–11–12; 8:45 am] 

BILLING CODE 4910–13–P 

COMMODITY FUTURES TRADING 

COMMISSION 

17 CFR Part 23 

Margin Requirements for Uncleared 

Swaps for Swap Dealers and Major 

Swap Participants 

AGENCY: Commodity Futures Trading 

Commission. 

ACTION: Extension of comment period. 

SUMMARY: On April 28, 2011, the 

Commodity Futures Trading 

Commission (‘‘Commission’’ or 

‘‘CFTC’’) published in the Federal 

Register a notice of proposed 

rulemaking that would establish initial 

and variation margin requirements on 

uncleared swaps for swap dealers 

(‘‘SDs’’) and major swap participants 

(‘‘MSPs’’).1 In October 2011, the Basel 

Commission on Banking Supervision 

(‘‘BCBS’’) and the International 

Organization of Securities Commissions 

(‘‘IOSCO’’) established a Working Group 

on Margin Requirements (‘‘WGMR’’) to 

develop harmonized international 

standards for uncleared swaps. BCBS 

and IOSCO recently published a 

consultative paper prepared by the 

WGMR that outlines possible margin 

requirements for non-centrally cleared 

derivatives (‘‘consultative paper’’).2 The 

Commission is extending the comment 

period for its proposed margin rules for 

uncleared swaps for swap dealers and 

major swap participants in order to give 

interested parties the opportunity to 

comment on the consultative paper and 

the CFTC’s proposed rules concurrently. 

DATES: Comments must be submitted on 

or before September 14, 2012. 

ADDRESSES: You may submit comments, 

identified by RIN 3038–AC97, and 

Margin Requirements for Uncleared 

Swaps for Swap Dealers and Major 

Swap Participants by any of the 

following methods: 

• The Agency’s Web site, at http:// 

comments.cftc.gov/. Follow the 

instructions for submitting comments 

through the web site. 

• Mail: David A. Stawick, Secretary of 

the Commission, Commodity Futures 

Trading Commission, Three Lafayette 

Centre, 1155 21st Street NW., 

Washington, DC 20581. 

• Hand Delivery/Courier: Same as 

mail above. 

• Federal eRulemaking Portal: http:// 

www.regulations.gov. 

Please submit your comments using 

only one method. 


pmangrum on DSK3VPTVN1PROD with PROPOSALS-1
41110 Federal Register / Vol. 77, No. 134 / Thursday, July 12, 2012 / Proposed Rules 

3See 17 CFR 145.9. 

4See 76 FR 23732. 

5The WGMR is comprised of representatives from 

over 25 domestic and international regulatory 

authorities, including the CFTC. 

6The consultative paper is available on the Bank 

for International Settlements (‘‘BIS’’) Web site 

(www.bis.org), the IOSCO Web site (www.iosco.org) 

and the CFTC Web site (www.cftc.gov). 

7Concurrently with the comment period for the 

consultative paper, BCBS and IOSCO also will 

conduct a quantitative impact study (‘‘QIS’’) to 

assess the costs and benefits of margin 

requirements. The results of the QIS will be 

considered along with the comments submitted on 

the consultative paper in formulating a final joint 

proposal on non-centrally cleared derivatives. 

All comments must be submitted in 

English, or if not, accompanied by an 

English translation. Comments will be 

posted as received to www.cftc.gov. If 

you wish the Commission to consider 

information that you believe is exempt 

from disclosure under the Freedom of 

Information Act, a petition for 

confidential treatment of the exempt 

information may be submitted according 

to the procedures established in § 145.9 

of the Commission’s regulations.3 The 

Commission reserves the right, but shall 

have no obligation, to review, prescreen, filter, redact, refuse or remove 

any or all of your submission from 

http://www.cftc.gov that it may deem to 

be inappropriate for publication, such as 

obscene language. All submissions that 

have been redacted or removed that 

contain comments on the merits of the 

rulemaking will be retained in the 

public comment file and will be 

considered as required under the 

Administrative Procedure Act and other 

applicable laws, and may be accessible 

under the Freedom of Information Act. 

FOR FURTHER INFORMATION CONTACT: John 

C. Lawton, Deputy Director, 

jlawton@cftc.gov, Division of Clearing 

and Risk, or Jason A. Shafer, Attorney 

Advisor, Division of Swap Dealer and 

Intermediary Oversight, 

jshafer@cftc.gov, Commodity Futures 

Trading Commission, Three Lafayette 

Centre, 1155 21st Street NW., 

Washington, DC 20581. 

SUPPLEMENTARY INFORMATION: On April 

28, 2011, the Commission published in 

the Federal Register a notice of 

proposed rulemaking that would 

establish initial and variation margin 

requirements on uncleared swaps for 

SDs and MSPs.4 In October 2011, BCBS 

and IOSCO established the WGMR to 

develop harmonized international 

standards for uncleared swaps. BCBS 

and IOSCO recently published a 

consultative paper prepared by the 

WGMR that outlines possible margin 

requirements for non-centrally cleared 

derivatives.5 The consultative paper 

addresses a number of topics, including: 

(i) The instruments that would be 

subject to margin requirements; (ii) the 

market participants to be subject to 

margin requirements; (iii) initial margin 

and variation margin methodology; (iv) 

eligible collateral; (v) treatment of 

provided margin; (vi) treatment of interaffiliate transactions; and vii) treatment 

of cross-border transactions.6

BCBS and IOSCO are requesting 

comment on the initial proposals set 

forth in the consultative paper. After 

reviewing and evaluating any comments 

received, the WGMR will issue final 

policy recommendations for margin 

requirements for non-centrally cleared 

derivatives.7 As part of the international 

effort to implement consistent global 

standards for margin requirements for 

non-centrally cleared derivatives, the 

CFTC will consider the final policy 

recommendations set forth by the 

WGMR when adopting its final rules for 

margin for uncleared swaps and may 

adapt its final rules to conform with the 

final policy recommendations set forth 

by BCBS and IOSCO. Accordingly, the 

Commission believes it is appropriate to 

extend the comment period for its 

proposed margin requirements in order 

to give interested parties the 

opportunity to comment on the 

consultative paper and the CFTC’s 

proposed rule concurrently. 

Therefore, the Commission is 

extending the comment period until 

September 14, 2012, for all aspects of its 

proposed margin rules on uncleared 

swaps and specifically requests 

quantitative data and analysis on the 

comparative costs and benefits of the 

CFTC’s proposed rule and the initial 

proposals set forth in the consultative 

paper. 

Issued by the Commission, this 5th day of 

July 2012. 

David Stawick, 

Secretary of the Commission, Commodity 

Futures Trading Commission. 

Note: The following appendix will not 

appear in the Code of Federal Regulations 

Appendix 1—Statement of Chairman 

Gary Gensler 

I support the formal reopening of the 

comment period on the CFTC’s initial margin 

proposal so that we can hear further from 

market participants in light of work being 

done to internationally harmonize an 

approach to margin. 

The CFTC has been working with the 

Federal Reserve, the other U.S. banking 

regulators, the Securities and Exchange 

Commission and international regulators and 

policymakers to align margin requirements 

for uncleared swaps. I think it is essential 

that we align these requirements globally, 

particularly between the major market 

jurisdictions. The international approach to 

margin requirements in the consultative 

paper (sponsored by the Basel Committee on 

Banking Supervision and the International 

Organization of Securities Commissions) 

released today is consistent with the 

approach the CFTC laid out in its margin 

proposal last year. It would lower the risk of 

financial entities, promote clearing and help 

avoid regulatory arbitrage. 

[FR Doc. 2012–16983 Filed 7–11–12; 8:45 am] 

BILLING CODE 6351–01–P 

COMMODITY FUTURES TRADING 

COMMISSION 

17 CFR Chapter I 

RIN 3038–AD85 

Exemptive Order Regarding 

Compliance With Certain Swap 

Regulations 

AGENCY: Commodity Futures Trading 

Commission. 

ACTION: Notice of proposed exemptive 

order and request for comment. 

SUMMARY: The Commodity Futures 

Trading Commission (‘‘Commission’’) is 

proposing to grant, pursuant to section 

4(c) of the Commodity Exchange Act 

(‘‘CEA’’), temporary exemptive relief in 

order to allow non-U.S. swap dealers 

and non-U.S. major swap participants to 

delay compliance with certain entitylevel requirements of the CEA (and 

Commission regulations promulgated 

thereunder), subject to specified 

conditions. Additionally, with respect 

to transaction-level requirements of the 

CEA (and Commission regulations 

promulgated thereunder), the relief 

would allow non-U.S. swap dealers and 

non-U.S. major swap participants, as 

well as foreign branches of U.S. swap 

dealers and major swap participants, to 

comply only with those requirements as 

may be required in the home 

jurisdiction of such non-U.S. swap 

dealers and non-U.S. major swap 

participants (or in the case of foreign 

branches of a U.S. swap dealer or U.S. 

major swap participant, the foreign 

location of the branch) for swaps with 

non-U.S. counterparties. This relief 

would become effective concurrently 

with the date upon which swap dealers 

and major swap participants must first 

apply for registration and expire 12 

months following the publication of this 

proposed order in the Federal Register. 

Finally, U.S. swap dealers and U.S. 

major swap participants may delay 

compliance with certain entity-level 

requirements of the CEA (and 


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