Financial Services Bulletin: Action At The CFTC And SEC


The CFTC Approves New CME Swap Data Reporting Rule

On Wednesday, March 6, 2013, the Commodity Futures Trading Commission (the "CFTC") approved the request from the Chicago Mercantile Exchange Inc. (the "CME") for the CME to adopt new Chapter 10 and new Rule 1001 in the CME’s rulebook.  The new rule provides that:

"For all swaps cleared by the [CME] Clearing House, and resulting positions, the [CME] Clearing House shall report creation and continuation data to CME's swap data repository for purposes of complying with applicable CFTC rules governing the regulatory reporting of swaps.  Upon the request of a counterparty to a swap cleared at the Clearing House, the Clearing House shall provide the same creation and continuation data to a swap data repository selected by the counterparty as the [CME] Clearing House provided to CME's swap data repository under the preceding sentence."

Read the CFTC release

The SEC Proposes New Regulation SCI

On Thursday, March 7, 2013, the Securities and Exchange Commission (the "SEC") proposed Regulation Systems Compliance and Integrity ("Regulation SCI") under the Securities Exchange Act of 1934 ("Exchange Act") and conforming amendments to Regulation ATS under the Exchange Act.  Regulation SCI would apply to certain self-regulatory organizations (including registered clearing agencies), alternative trading systems, plan processors, and exempt clearing agencies subject to the SEC’s Automation Review Policy (collectively, "SCI entities").  Replacing the current voluntary compliance program, Regulation SCI would require these SCI entities to comply with certain requirements with respect to their automated systems that support the performance of their regulated activities.

Read the SEC release

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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