Source: https://www.law.cornell.edu/cfr/text/17/37.5
Timestamp: 2017-03-29 11:22:15
Document Index: 315607862

Matched Legal Cases: ['art 37', '§ 37', 'art 40', 'art 40', '§ 1', '§ 2', '§ 5', '§ 6', '§ 6', '§ 7', '§ 7', '§\u202f734', '§ 7', '§ 7', '§ 12', 'art 37', 'arts 1', 'art 1', 'art 150', 'art 150', 'arts 37', 'arts 37', 'arts 37']

17 CFR 37.5 - Information relating to swap execution facility compliance. | US Law | LII / Legal Information Institute
CFR › Title 17 › Chapter I › Part 37 › Subpart A › Section 37.5 17 CFR 37.5 - Information relating to swap execution facility compliance.
§ 37.5 Information relating to swap execution facility compliance.
(a)Request for information. Upon the Commission's request, a swap execution facility shall file with the Commission information related to its business as a swap execution facility in the form and manner and within the time period as the Commission specifies in its request.
(b)Demonstration of compliance. Upon the Commission's request, a swap execution facility shall file with the Commission a written demonstration, containing supporting data, information, and documents that it is in compliance with one or more core principles or with its other obligations under the Act or the Commission's regulations as the Commission specifies in its request. The swap execution facility shall file such written demonstration in the form and manner and within the time period as the Commission specifies in its request.
(c)Equity interest transfer - (1)Equity interest transfer notification. A swap execution facility shall file with the Commission a notification of each transaction that the swap execution facility enters into involving the transfer of fifty percent or more of the equity interest in the swap execution facility. The Commission may, upon receiving such notification, request supporting documentation of the transaction.
(2)Timing of notification. The equity interest transfer notice described in paragraph (c)(1) of this section shall be filed electronically with the Secretary of the Commission at its Washington, DC headquarters at submissions@cftc.gov and the Division of Market Oversight at DMOSubmissions@cftc.gov, at the earliest possible time but in no event later than the open of business ten business days following the date upon which the swap execution facility enters into a firm obligation to transfer the equity interest.
(3)Rule filing. Notwithstanding the foregoing, if any aspect of an equity interest transfer described in paragraph (c)(1) of this section requires a swap execution facility to file a rule as defined in part 40 of this chapter, then the swap execution facility shall comply with the requirements of section 5c(c) of the Act and part 40 of this chapter, and all other applicable Commission regulations.
(4)Certification. Upon a transfer of an equity interest of fifty percent or more in a swap execution facility, the swap execution facility shall file electronically with the Secretary of the Commission at its Washington, DC headquarters at submissions@cftc.gov and the Division of Market Oversight at DMOSubmissions@cftc.gov, a certification that the swap execution facility meets all of the requirements of section 5h of the Act and the Commission regulations adopted thereunder, no later than two business days following the date on which the equity interest of fifty percent or more was acquired.
(d)Delegation of authority. The Commission hereby delegates, until it orders otherwise, the authority set forth in this section to the Director of the Division of Market Oversight or such other employee or employees as the Director may designate from time to time. The Director may submit to the Commission for its consideration any matter that has been delegated in this paragraph. Nothing in this paragraph prohibits the Commission, at its election, from exercising the authority delegated in this paragraph.
This is a list of United States Code sections, Statutes at Large, Public Laws, and Presidential Documents, which provide rulemaking authority for this CFR Part.This list is taken from the Parallel Table of Authorities and Rules provided by GPO [Government Printing Office].It is not guaranteed to be accurate or up-to-date, though we do refresh the database weekly. More limitations on accuracy are described at the GPO site.United States CodeU.S. Code: Title 7 - AGRICULTURE§ 1a - Definitions§ 2 - Jurisdiction of Commission; liability of principal for act of agent; Commodity Futures Trading Commission; transaction in interstate commerce§ 5 - Findings and purpose§ 6 - Regulation of futures trading and foreign transactions§ 6c - Prohibited transactions§ 7 - Designation of boards of trade as contract markets§ 7a - Repealed. Pub. L. 111–203, title VII, § 734(a), July 21, 2010, 124 Stat. 1718§ 7a-2§ 7b-3§ 12a - Registration of commodity dealers and associated persons; regulation of registered entities
Title 17 published on 2015-12-04The following are ALL rules, proposed rules, and notices (chronologically) published in the Federal Register relating to 17 CFR Part 37 after this date.2016-12-30; vol. 81 # 251 - Friday, December 30, 201681 FR 96704 - Position Limits for Derivatives
typeregulations.gov FR Doc.2016-29483 RIN3038-AD99 COMMODITY FUTURES TRADING COMMISSION, 37, 17 CFR Parts 1, 15, 17, 19, 38, 140, 150 and 151 Reproposal. Comments must be received on or before February 28, 2017. 17 CFR Part 1 SummaryThe Commodity Futures Trading Commission (“Commission” or “CFTC”) is reproposing rules to amend part 150 of the Commission&apos;s regulations concerning speculative position limits to conform to the Wall Street Transparency and Accountability Act of 2010 (“Dodd-Frank Act”) amendments to the Commodity Exchange Act (“CEA” or “Act”). The reproposal would establish speculative position limits for 25 exempt and agricultural commodity futures and option contracts, and physical commodity swaps that are “economically equivalent” to such contracts (as such term is used in section 4a(a)(5) of the CEA). In connection with establishing these limits, the Commission is reproposing to update some relevant definitions; revise the exemptions from speculative position limits, including for bona fide hedging; and extend and update reporting requirements for persons claiming exemption from these limits. The Commission is also reproposing appendices to part 150 that would provide guidance on risk management exemptions for commodity derivative contracts in excluded commodities permitted under the revised definition of bona fide hedging position; list core referenced futures contracts and commodities that would be substantially the same as a commodity underlying a core referenced futures contract for purposes of the definition of location basis contract; describe and analyze fourteen fact patterns that would satisfy the reproposed definition of bona fide hedging position; and present the reproposed speculative position limit levels in tabular form. In addition, the Commission proposes to update certain of its rules, guidance and acceptable practices for compliance with Designated Contract Market (“DCM”) core principle 5 and Swap Execution Facility (“SEF”) core principle 6 in respect of exchange-set speculative position limits and position accountability levels. Furthermore, the Commission is reproposing processes for DCMs and SEFs to recognize certain positions in commodity derivative contracts as non-enumerated bona fide hedges or enumerated anticipatory bona fide hedges, as well as to exempt from position limits certain spread positions, in each case subject to Commission review. Separately, the Commission is reproposing to delay for DCMs and SEFs that lack access to sufficient swap position information the requirement to establish and monitor position limits on swaps.
2016-09-19; vol. 81 # 181 - Monday, September 19, 201681 FR 64272 - System Safeguards Testing Requirements
typeregulations.gov FR Doc.2016-22174 RIN3038-AE30 COMMODITY FUTURES TRADING COMMISSION Final rule. Effective date: This rule is effective September 19, 2016. Compliance dates: (1) Designated contract markets, swap execution facilities, and swap data repositories must be in full compliance with the vulnerability testing requirements of this rule within 180 calendar days after the effective date. (2) Designated contract markets, swap execution facilities, and swap data repositories must be in full compliance with the penetration testing requirements of this rule within one year after the effective date. Such compliance must include having conducted and completed penetration testing that complies with this rule within one year after the effective date. In the case of covered designated contract markets and swap data repositories, such compliance must include penetration testing conducted and completed by an independent contractor as required by this rule. (3) Designated contract markets, swap execution facilities, and swap data repositories must be in full compliance with the controls testing requirements of this rule within one year after the effective date. Covered designated contract markets and swap data repositories must have testing of key controls by an independent contractor as required by this rule completed within three years after the effective date. (4) Designated contract markets, swap execution facilities, and swap data repositories must be in full compliance with the security incident response plan testing requirements of this rule within 180 calendar days after the effective date. Such compliance must include having created and completed testing of a security incident response plan within 180 days after the effective date. (5) Designated contract markets, swap execution facilities, and swap data repositories must be in full compliance with the enterprise technology risk assessment requirements of this rule within one year after the effective date. Such compliance must include having completed an enterprise technology risk assessment that complies with this rule within one year after the effective date. (6) Designated contract markets, swap execution facilities, and swap data repositories must be in full compliance with the requirements of this rule for updating their business continuity-disaster recovery plans and emergency procedures within one year after the effective date. Such compliance must include having completed an update of such plans and procedures within one year after the effective date. (7) Designated contract markets must be in full compliance with the requirements of this rule respecting required production of annual total trading volume within 30 calendar days of the effective date. (8) Designated contract markets, swap execution facilities, and swap data repositories must be in full compliance with the system safeguards-related books and records requirements of this rule, which are part of such entities&apos; current books and records requirements under current Commission regulations and statutory core principles, as of the effective date. (9) Designated contract markets, swap execution facilities, and swap data repositories must be in full compliance with all other provisions of these final rules within one year after the effective date. 17 CFR Parts 37, 38, and 49 SummaryThe Commodity Futures Trading Commission (“Commission” or “CFTC”) is adopting final rules amending its current system safeguards rules for designated contract markets, swap execution facilities, and swap data repositories, by enhancing and clarifying current provisions relating to system safeguards risk analysis and oversight and cybersecurity testing, and adding new provisions concerning certain aspects of cybersecurity testing. The final rules clarify the Commission&apos;s current system safeguards rules for all designated contract markets, swap execution facilities, and swap data repositories by specifying and defining the types of cybersecurity testing essential to fulfilling system safeguards testing obligations. These testing types are vulnerability testing, penetration testing, controls testing, security incident response plan testing, and enterprise technology risk assessment. The final rules also clarify current rule provisions respecting: The categories of risk analysis and oversight that statutorily-required programs of system safeguards-related risk analysis and oversight must address; system safeguards-related books and records obligations; the scope of system safeguards testing; internal reporting and review of testing results; and remediation of vulnerabilities and deficiencies. In addition, the final rules adopt new provisions set forth in the Commission&apos;s Notice of Proposed Rulemaking, applicable to covered designated contract markets (as defined) and all swap data repositories, establishing minimum frequency requirements for conducting certain types of cybersecurity testing, and requiring performance of certain tests by independent contractors.
2016-06-13; vol. 81 # 113 - Monday, June 13, 201681 FR 38458 - Position Limits for Derivatives: Certain Exemptions and Guidance
typeregulations.gov FR Doc.2016-12964 RIN3038-AD99 COMMODITY FUTURES TRADING COMMISSION Supplemental notice of proposed rulemaking. Comments must be received on or before July 13, 2016. 17 CFR Parts 37, 38, and 150 SummaryThe Commodity Futures Trading Commission (“Commission” or “CFTC”) is proposing revisions and additions to regulations and guidance proposed in 2013 concerning speculative position limits in response to comments received on that proposal. The Commission is proposing new alternative processes for designated contract markets (“DCMs”) and swap execution facilities (“SEFs”) to recognize certain positions in commodity derivative contracts as non-enumerated bona fide hedges or enumerated anticipatory bona fide hedges, as well as to exempt from federal position limits certain spread positions, in each case subject to Commission review. In this regard, the Commission proposes to amend certain of the regulations proposed in 2013 regarding exemptions from federal position limits and exchange-set position limits to take into account these new alternative processes. In connection with these changes, the Commission proposes to further amend certain relevant definitions, including to clearly define the general definition of bona fide hedging for physical commodities under the standards in CEA section 4a(c). Separately, the Commission proposes to delay for DCMs and SEFs that lack access to sufficient swap position information the requirement to establish and monitor position limits on swaps.
2015-12-23; vol. 80 # 246 - Wednesday, December 23, 201580 FR 80140 - System Safeguards Testing Requirements
typeregulations.gov FR Doc.2015-32143 RIN3038-AE30 COMMODITY FUTURES TRADING COMMISSION Proposed rulemaking; advanced notice of proposed rulemaking. Comments must be received on or before February 22, 2016. 17 CFR Parts 37, 38, and 49 SummaryThe Commodity Futures Trading Commission (“Commission” or “CFTC”) is amending its system safeguards rules for designated contract markets, swap execution facilities, and swap data repositories, by enhancing and clarifying existing provisions relating to system safeguards risk analysis and oversight and cybersecurity testing, and adding new provisions concerning certain aspects of cybersecurity testing. The Commission is clarifying the existing system safeguards rules for all designated contract markets, swap execution facilities, and swap data repositories by specifying and defining the types of cybersecurity testing essential to fulfilling system safeguards testing obligations, including vulnerability testing, penetration testing, controls testing, security incident response plan testing, and enterprise technology risk assessment. The Commission is also clarifying rule provisions respecting the categories of risk analysis and oversight that statutorily-required programs of system safeguards-related risk analysis and oversight must address; system safeguards-related books and records obligations; the scope of system safeguards testing; internal reporting and review of testing results; and remediation of vulnerabilities and deficiencies. The new provisions concerning certain aspects of cybersecurity testing, applicable to covered designated markets (as defined) and all swap data repositories, include minimum frequency requirements for conducting the essential types of cybersecurity testing, and requirements for performance of certain tests by independent contractors. In this release, the Commission is also issuing an Advance Notice of Proposed Rulemaking requesting public comment concerning whether the minimum testing frequency and independent contractor testing requirements should be applied, via a future Notice of Proposed Rulemaking, to covered swap execution facilities (to be defined).