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  • Statement Of Support By CFTC Commissioner Brian Quintenz Regarding Amendments To Regulation 23.161 - Extending The Compliance Schedule For Initial Margin Requirements For Uncleared Swaps In Response To The COVID-19 Pandemic

    Date 28/05/2020

    I am pleased to support the interim final rule to defer the phase 5 compliance date of September 1, 2020 to September 1, 2021 in light of the unprecedented economic and social impacts of COVID-19.  Under these difficult circumstances, I think it is appropriate to provide phase 5 firms with additional time to comply, ensuring that their already strained resources are not diverted from ongoing business continuity efforts.  I would also support a one year deferral for the phase 6 compliance date, in line with the BCBS-IOSCO recent amendments to the recommended margin framework to push out, respectively, the phase 5 and phase 6 compliance dates by one year.[1]  As I have noted previously, given the large number of firms brought into scope during phases 5 and 6, the estimated 7,000 initial margin relationships that need to be negotiated, and the small overall percentage of swap activity these firms represent, a one year deferral for these final phases is appropriate in order to facilitate an efficient, orderly transition for the market into the uncleared margin regime. 

  • Statement Of CFTC Chairman Heath P. Tarbert In Support Of Extending The Phase 5 Initial Margin Compliance Deadline

    Date 28/05/2020

    If there were no uncertainty, there would be no derivatives markets. Indeed, the CFTC is in the business of regulating markets that enable market participants to hedge their risks. But there are some exogenous events that come but once a century—a so-called Black Swan—which even prudent risk management can neither foresee nor adequately prepare for. The United States and much of the world is now facing such an event in the form of the COVID-19 (coronavirus) pandemic.

  • Statement Of CFTC Commissioner Dan M. Berkovitz On Proposed Amendments To Registration Requirements For Certain Foreign Persons Acting As Commodity Pool Operators Of Offshore Commodity Pools

    Date 28/05/2020

    Introduction

    I support the proposal to amend regulation 3.10(c)(3) addressing the exemption from registration for foreign persons who operate commodity pools for customers located outside of the United States (“Proposal”).  The Commission should focus its limited resources on commodity pools in which U.S. persons participate, rather than commodity pools located outside the U.S. in which only non-U.S. persons participate.  The Proposal addresses several specific scenarios in which the registration exemption would apply, and which previously created potential uncertainty for market participants.

  • Statement Of CFTC Commissioner Dawn D. Stump Regarding Amending Rule 3.10(C)(3) –Exemption From Registration For Foreign Persons Acting As Commodity Pool Operators On Behalf Of Offshore Commodity Pools

    Date 28/05/2020

    Overview

    I am pleased to support the proposal before us today to amend Rule 3.10(c)(3) in order to clarify that a non-US person does not have to register as a commodity pool operator (“CPO”) with respect to its operation of offshore commodity pools for non-US participants that trade in US derivatives markets, even if that CPO also operates other commodity pools with US participants for which it is registered (or claims another exclusion or exemption from registration).  The proposal addresses an important issue, and arises from comments on a different proposed rulemaking that we issued back in October 2018.

  • Statement Of CFTC Commissioner Rostin Behnam Regarding Notice Of Proposed Rulemaking Regarding An Exemption From Registration For Certain Foreign Persons Acting As Commodity Pool Operators Of Offshore Commodity Pools And Reopening Of Comment Period

    Date 28/05/2020

    I will support today’s notice of proposed rulemaking and reopening of a comment period primarily aimed at amending the conditions of the current exemption under Commission regulation 3.10(c)(3) (referred to as the “3.10 Exemption”) available to certain non-U.S. commodity pool operators (CPOs) to further reflect the increasingly global nature of the CPO space and clarify the Commission’s approach with respect to its oversight of foreign intermediaries that are not engaged in commodity interest activities on behalf of U.S. customers.  I greatly appreciate the time and consideration that the staff of the Division of Swap Dealer and Intermediary Oversight (DSIO) gave to my comments and concerns.  I also wish to thank the Office of General Counsel (OGC) staff for ensuring that we consistently adhere to the letter and spirit of the Commodity Exchange Act (CEA or the “Act”) and regulations.  I am pleased that the ongoing dialog that has become a hallmark of many working relationships within the Commission is enduring better than ever through the pandemic, and that we can advance important policy and regulatory initiatives without sacrificing constructive debate and deliberation.

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