COMMODITY FUTURES TRADING COMMISSION17 CFR Parts 39, 140, and 190RIN Number 3038-AE06Derivatives Clearing Organizations and International StandardsAGENCY:
Commodity Futures Trading Commission.
Notice of proposed rulemaking.
The Commodity Futures Trading Commission (
) is proposing amendments to its regulations to establish additional standards for compliancewith the derivatives clearing organization
core principles set forth in Section
5b(c)(2) of the Commodity Exchange Act (“CEA”) for
systemically important DCOs
(“SIDCOs”) and DCOs that elect to o
pt-in to the SIDCO regulatory requirements
(“Subpart C DCOs”)
. SIDCOs and Subpart C DCOs would be required to comply withthe requirements applicable to all DCOs, which are set forth in
the Commission’s DCO
regulations on compliance with core principles, to the extent those requirements are notinconsistent with the requirements of the regulations in this proposed rule. The proposedamendments include: procedural requirements for opting in to the regulatory regime aswell as substantive requirements relating to governance, financial resources, systemsafeguards, special default rules and procedures for uncovered losses or shortfalls, risk management, additional disclosure requirements, efficiency, and recovery and wind-down procedures. These additional requirements would also be consistent with thePrinciples for Financial Market Infrast
ructures (“PFMIs”) published by the Committee on
Payment and Settlement Systems and the Board of the International Organization of