/Vol. 77, No. 146/Monday, July 30, 2012/Rules and Regulations
Section 2(h)(7) of the CEA provides anexception to the Clearing Requirement when one of the counterparties to a swap (i) is not a financialentity, (ii) is using the swap to hedge or mitigatecommercial risk, and (iii) notifies the Commissionhow it generally meets its financial obligationsassociated with entering into a non-cleared swap.
Under section 2(h)(2)(B)(ii), the Commissionmust consider swaps listed for clearing by a DCOas of the date of enactment of the Dodd-Frank Act.
Commission regulations referred to herein arefound at 17 CFR Ch. 1.
76 FR 58186 (Sept. 20, 2011).
following ways: By mail address to theOffice of Inspector General (OIG),National Aeronautics and SpaceAdministration, 300 E Street SW.,Washington, DC 20546–0001 via theNASA OIG Hotline at 1–800–424–9183,or cyber hotline at
3. Section 1275.101 is amended byrevising paragraphs (a) and (m) to readas follows:
(a) Research misconduct meansfabrication, falsification, or plagiarismin proposing, performing, or reviewingresearch, or in reporting researchresults. Research misconduct does notinclude honest error or differences of opinion. Research as used in this partincludes all basic and applied researchas defined in OMB Circular A–11 in allfields of science, engineering, andmathematics, including, but not limitedto, research in space and Earth sciences,economics, education, linguistics,medicine, psychology, social sciences,statistics, and biological and physicalresearch (ground based andmicrogravity), including researchinvolving human subjects or animals.* * * * *(m) NASA Adjudication Official is theNASA Associate Administrator of aMission Directorate, Chief Technologist,or Chief Engineer, depending on theresearch area involved in themisconduct allegation (as described inthe list of NASA research disciplinesand their associated directoratescontained in the Appendix to this part).* * * * *
4. The Appendix to Part 1275 isrevised to read as follows:
Appendix to Part 1275—ResearchMisconduct
NASA Research Disciplines and RespectiveAssociated Directorates
1. Aeronautics Research—AeronauticsResearch Mission Directorate2. Space Science Research—ScienceMission Directorate3. Earth Science Research andApplications—Science Mission Directorate4. Biomedical Research—HumanExploration and Operations MissionDirectorate5. Fundamental Biology—HumanExploration and Operations MissionDirectorate6. Fundamental Physics—HumanExploration and Operations MissionDirectorate7. Research for Exploration Systems notcovered by the disciplines above—HumanExploration and Operations MissionDirectorate8. Research for the International SpaceStation not covered by the disciplinesabove—Human Exploration and OperationsMission Directorate9. Other engineering research not covered by disciplines above—NASA Chief Engineer10. Other technology research not covered by disciplines above—NASA Chief Technologist
Charles F. Bolden, Jr.,
[FR Doc. 2012–18435 Filed 7–27–12; 8:45 am]
BILLING CODE P
COMMODITY FUTURES TRADINGCOMMISSION17 CFR Part 50
Swap Transaction Compliance andImplementation Schedule: ClearingRequirement Under Section 2(h) of theCEA
Commodity Futures TradingCommission.
The Commodity FuturesTrading Commission (Commission orCFTC) is adopting regulations toestablish a schedule to phase incompliance with the clearingrequirement under new section2(h)(1)(A) of the Commodity ExchangeAct (CEA or Act), enacted under TitleVII of the Dodd-Frank Wall StreetReform and Consumer Protection Act(Dodd-Frank Act). The schedule willprovide additional time for compliancewith this requirement. This additionaltime is intended to facilitate thetransition to the new regulatory regimeestablished by the Dodd-Frank Act in anorderly manner that does not undulydisrupt markets and transactions.
The rules will become effectiveSeptember 28, 2012.
FOR FURTHER INFORMATION CONTACT
Sarah E. Josephson, Deputy Director,202–418–5684,
Brian O’Keefe, Associate Director, 202–418–5658.
or PeterKals, Attorney-Advisor, 202–418–5466,
,Division of Clearing andRisk, Commodity Futures TradingCommission, Three Lafayette Centre,1155 21st Street NW., Washington, DC20581.
Table of Contents
I. BackgroundII. Comments on the Notices of ProposedRulemakingA. Comment PeriodB. HarmonizationC. Cross-Border and Affiliate TransactionsD. Comprehensive ImplementationScheduleE. Prerequisite RulesF. Definitions1. Active Fund2. Third-Party Subaccount3. Category 1 and Category 2 EntitiesG. Compliance Schedule for the ClearingRequirement4. Application to All Swap Types5. Timing of Implementation SchedulesIII. Cost-Benefit ConsiderationsIV. Related MattersA. Regulatory Flexibility ActB. Paperwork Reduction Act
Section 723(a)(3) of the Dodd-FrankAct amended the CEA to provide, undernew section 2(h)(1)(A) of the CEA, thatit shall be unlawful for any person toengage in a swap unless that personsubmits such swap for clearing to aderivatives clearing organization (DCO)that is registered under the CEA or aDCO that is exempt from registrationunder the CEA if the swap is requiredto be cleared (the ClearingRequirement).
Section 2(h)(2) chargesthe Commission with the responsibilityfor determining whether a swap isrequired to be cleared (a ClearingRequirement determination), throughone of two avenues: (1) Pursuant to aCommission-initiated review; or (2)pursuant to a submission from a DCO of each swap, or any group, category, type,or class of swaps that the DCO ‘‘plansto accept for clearing.’’
TheCommission is proposing its firstClearing Requirement determinationconcurrently with its adoption of thiscompliance schedule rule. Thefinalization of that proposal will triggerthe compliance schedule provided forunder this adopting release.On September 20, 2011, theCommission published proposed§39.5(e)
to phase in compliance of theClearing Requirement upon theCommission’s issuance of a ClearingRequirement determination pursuant to§39.5(b) or (c).
That notice of proposedrulemaking (NPRM) also included animplementation schedule for therequirement pursuant to amendedsection 2(h)(8)(A), which requires aswap subject to the Clearing
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