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Federalregister081213 A

Federalregister081213 A

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16351-01-P
COMMODITY FUTURES TRADING COMMISSION17 CFR Parts 39, 140, and 190RIN Number 3038-AE06Derivatives Clearing Organizations and International StandardsAGENCY:
Commodity Futures Trading Commission.
ACTION:
 Notice of proposed rulemaking.
SUMMARY:
The Commodity Futures Trading Commission (
Commission
) is proposing amendments to its regulations to establish additional standards for compliancewith the derivatives clearing organization
(“DCO”)
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 
 
2
Securities Commissions (“CPSS
-
IOSCO”). In addition, the Commission is proposing
certain delegation provisions and certain technical clarifications.
DATES:
Submit comments on or before [INSERT DATE THAT IS 30 DAYSFOLLOWING PUBLICATION IN THE FEDERAL REGISTER].
ADDRESSES:
You may submit comments, identified by RIN number 3038-AE06, byany of the following methods:
 
Agency Web site:http://comments.cftc.gov. 
 
Mail: Secretary of the Commission, Commodity Futures TradingCommission, Three Lafayette Centre, 1155 21st Street NW, Washington, DC20581.
 
Hand Delivery/Courier: Same as Mail, above.
 
Federal eRulemaking Portal:http://www.Regulations.gov.Follow the instructions for submitting comments.All comments must be submitted in English, or if not, accompanied by an Englishtranslation. Comments will be posted as received to http://www.cftc.gov. You shouldsubmit only information that you wish to make available publicly. If you wish theCommission to consider information that may be exempt from disclosure under theFreedom of Information Act, a petition for confidential treatment of the exemptinformation may be submitted according to the procedures established in Commissionregulation 145.The Commission reserves the right but shall have no obligation, to review, pre-screen,filter, redact, refuse or remove any or all of your submission fromhttp://www.cftc.gov that it may deem to be inappropriate for publication, such as obscene
 
3language.All submissions that have been redacted or removed that contain comments on the meritsof the rulemaking will be retained in the public comment file and will be considered asrequired under the Administrative Procedure Act and other applicable laws, and may beaccessible under the Freedom of Information Act.
FOR FURTHER INFORMATION CONTACT:
Ananda Radhakrishnan, Director,
Division of Clearing and Risk (“DCR”), at
202-418-5188 or  aradhakrishnan@cftc.gov;  Robert B. Wasserman, Chief Counsel, DCR, at 202-418-5092 or rwasserman@cftc.gov;M. Laura Astrada, Associate Chief Counsel, DCR, at 202-418-7622 or lastrada@cftc.gov; Peter A. Kals, Special Counsel, DCR, at 202-418-5466 or  pkals@cftc.gov; Jocelyn Partridge, Special Counsel, DCR, at 202-418-5926 or  jpartridge@cftc.gov; Tracey Wingate, Special Counsel, DCR, at 202-418-5319 or twingate@cftc.gov; or Kathryn L. Ballintine, Attorney-Advisor, DCR, at 202-418-5575or kballintine@cftc.gov, in each case, at the Commodity Futures Trading Commission,Three Lafayette Centre, 1155 21st Street, N.W., Washington, DC 20581.
SUPPLEMENTARY INFORMATION:TABLE OF CONTENTS
I. BackgroundA.
 
Regulatory Framework for Registered DCOsB.
 
Designation of DCOs as Systemically Important under Title VIII of the Dodd-Frank ActC.
 
Existing Standards for SIDCOsD.
 
DCO Core Principles and Existing Regulations for Registered DCOsE.
 
PFMIsF.
 
The Role of the PFMIs in International Banking StandardsG.
 
Proposed Rulemaking Applicable to SIDCOs and Subpart C DCOs

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