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  • Supporting Statement Of CFTC Commissioner Brian Quintenz Regarding The Amendment To The Commission’s Order Exempting EU Swap Trading Facilities From SEF Registration

    Date 23/07/2020

    I support today’s action by the Commission to amend the order that exempts two types of trading facilities authorized within the European Union (EU) from registration with the CFTC as swap execution facilities (SEFs).  As amended, the order will authorize an additional 16 trading facilities to access US eligible contract participants (ECPs) without complying with the CFTC’s regulations or being subject to the Commission’s oversight.  These trading facilities, located in France, Germany, the Netherlands, Spain, and the UK, include the first EU-authorized trading facilities located outside of the UK to benefit from the order.

  • Statement Of Chairman Heath P. Tarbert In Support Of Amendment To CFTC’s 5h(g) Order For The European Union

    Date 23/07/2020

    I am pleased to support this amendment, which will make two important changes to our Commission’s previously issued 5h(g) Order for the European Union.  First, it will add 16 multilateral trading facilities (“MTFs”) and organized trading facilities (“OTFs”) to the list of European Union entities exempted from SEF registration under Section 5h(g) of the Commodity Exchange Act (“CEA”).  Second, it will make clear that during the remainder of the transition period relating to the withdrawal of the United Kingdom from the European Union, i.e., Brexit, the 5h(g) Order will continue to apply to UK-based MTFs and OTFs.

  • Dissenting Statement Of CFTC Commissioner Dan M. Berkovitz On The Final Rule For Cross-Border Swap Activity Of Swap Dealers And Major Swap Participants

    Date 23/07/2020

    Introduction

    I dissent from today’s final cross-border swap rulemaking (the “Final Rule”).  As described by the Chairman, this Final Rule will “pare[] back our extraterritorial application of our swap dealer regime.”[1]  Over the past seven years, the current cross-border regime has helped protect the U.S. financial system from risky overseas swap activity.  The Commission should not be paring back these protections for the American financial system, particularly now, during a global pandemic.


  • Statement Of CFTC Commissioner Dawn D. Stump Regarding Final Rule: Cross-Border Application Of The Registration Thresholds And Certain Requirements Applicable To Swap Dealers And Major Swap Participants

    Date 23/07/2020

    Overview

    When we met together in person late last year to consider proposing cross-border rules with respect to registration thresholds and regulatory requirements applicable to swap dealers and major swap participants (the “Proposal”),[1] I stressed that because we were proposing to replace the Commission’s 2013 cross-border guidance (the “Guidance”)[2] with binding and enforceable rules, those rules must be clear, sensible, and workable.[3]  In supporting the Proposal at the time, I concluded that the proposed rules met those standards.  And I have not seen anything in the many thoughtful comment letters we received that causes me to doubt that conclusion.   

  • Dissenting Statement Of Commissioner Rostin Behnam Regarding The Cross-Border Application Of The Registration Thresholds And Certain Requirements Applicable To SDs And MSPs – Final Rule

    Date 23/07/2020

    Introduction and Overview

    Today, by approving a final rule addressing the cross-border application of the registration thresholds and certain requirements applicable to swap dealers (“SDs”) and major swap participants (“MSPs”) (the “Final Rule”), the Commodity Futures Trading Commission (“CFTC” or “Commission”) overlooks Dodd-Frank Act purposes, Congressional mandates thereunder, an opinion of the D.C. District Court, and multiple comments raising significant concerns.  The Commission instead relies on broad deference that opens a gaping hole in the federal regulatory structure.  I cannot support a decision to jettison a cross-border regime that has not proven unreasonable, inflexible, or ineffective in favor of an approach that fails to address the most critical concerns that the Dodd-Frank Act directed the CFTC to address in favor of “more workable” solutions.  As the Final Rule opts to address the conflicts of economic interest between the regulated and those who are advantaged by it by usurping Congressional (and congressionally delegated) authority to rethink section 2(i) of the Commodity Exchange Act (“CEA” or “Act”) via prescriptive rules, I must respectfully dissent.

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