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Statement Of CFTC Commissioner Dan M. Berkovitz On Proposed Amendments To Swap Clearing Requirement Exemptions

Date 14/04/2020

I support issuing the notice of proposed rulemaking (“Proposal”) to codify certain exemptions from the swap clearing requirement that currently exist through Commission guidance or staff no action relief. Each of the proposed exemptions is consistent with longstanding Commission policy and the Commission’s experience in implementing the swap clearing requirement over the past eight years. Codifying these exemptions will provide certainty and transparency for market participants.
Statement Of CFTC Commissioner Dan M. Berkovitz On Final Rule Excluding The European Stability Mechanism From The Definition Of Financial End User

Date 14/04/2020

I support today’s final rule that excludes the European Stability Mechanism (“ESM”) from the definition of financial end user in the Commission’s margin rules. The final rule codifies no-action relief that has been in effect since 2017 that exempts the ESM from initial and variation margin requirements for uncleared swaps with swap dealer or major swap participant counterparties. The final rule recognizes the ESM’s status as an intergovernmental institution that assists Euro-area members in financial distress and its similarity to multilateral development banks that are excluded from the definition of financial end user. The ESM does not engage in speculative swaps trading and its swaps activities are in furtherance of its financial assistance programs. The final rule provides certainty to both the ESM and its swap dealer counterparties in uncleared swaps, facilitates the ESM’s work in mitigating systemic risk, and poses minimal risk to the U.S. financial system.
Statement Of Support By CFTC Commissioner Brian Quintenz Regarding Amendments To The Clearing Exemption For Swaps; The Final Rule Excluding The European Stability Mechanism From CFTC Margin Requirements; And Related No-Action Relief

Date 14/04/2020

In March 2018, I articulated my approach to our current regulatory relationship with our European counterparts in light of their refusal to stand by or re-affirm their 2016 commitments in the CFTC’s and European Commission’s common approach to the regulation of cross-border central counterparties (CCPs) (CFTC-EC CCP Agreement). Specifically, I believe that the absence of the agreement’s re-affirmation in the European Market Infrastructure Regulation 2.2 (EMIR 2.2) directly implied the agreement’s abrogation. I therefore vowed that I would either object to or vote against any relief provided to, or requested by, European Union authorities until the agreement’s clarity was restored. Since that time, I have consistently voted against, or objected to, any regulation or relief that provides special accommodations to European entities, including the proposed exemption from margin requirements for the European Stability Mechanism (ESM) that the Commission seeks to finalize today.
Statement Of CFTC Chairman Heath P. Tarbert In Support Of Margin Relief For The European Stability Mechanism

Date 14/04/2020

I am pleased to support today’s final rule codifying relief from the Margin Rule for the European Stability Mechanism (“ESM”). The Margin Rule requires the posting of initial and variation margin for uncleared swaps entered into by certain swap dealers, major swap participants, and “financial end user[s].” Today’s final rule will amend the definition of “financial end user” in Regulation 23.151 to exclude the ESM from the requirements of the Margin Rule.
Statement Of CFTC Chairman Heath P. Tarbert In Support Of Proposed Amendments To The Part 50 Clearing Requirement

Date 14/04/2020

I am pleased to support today’s proposal to amend the CFTC’s Part 50 rules, which implement the swap clearing requirement of section 2(h)(1) of the Commodity Exchange Act (the “Clearing Requirement”). The proposed Part 50 amendments would create new regulations 50.75 and 50.76, which would codify existing exemptions from the Clearing Requirement for swaps entered into with certain central banks, sovereign entities, and international financial institutions.

Statement Of CFTC Commissioner Dan M. Berkovitz On Proposed Rule To Amend Form CPO-PQR Reporting Requirements For Commodity Pool Operators

Date 14/04/2020

I am voting in favor of this proposed rule to amend Regulation 4.27 and Form CPO-PQR (“Proposal”). The information in Form CPO-PQR that no longer would be required under the Proposal has not proven to be useful to the Commission in identifying or measuring systemic or idiosyncratic risk.
Concurring Statement Of CFTC Commissioner Rostin Behnam Regarding Amendments To Compliance Requirements For Commodity Pool Operators And Form

Date 14/04/2020

I respectfully concur with the Commodity Futures Trading Commission’s (the “Commission” or “CFTC”) issuance of a proposed rule (the “Proposal”) to amend Regulation 4.27 and Form CPO-PQR. In devising the Proposal, Commission staff judiciously evaluated several years of returns on the Commission’s collection of detailed data from commodity pool operators (CPOs)—data anticipated to provide valuable insights to both the Commission and the Financial Stability Oversight Counsel (FSOC) as we collectively moved into a new era of Wall Street reform on the heels of the 2008 financial crisis. In my view, the general conclusion that the Proposal elucidates: the information collected in the current Form CPO-PQR as well as its frequency of collection is simply not fit for purpose.
Statement Of Support By CFTC Commissioner Brian Quintenz Regarding Amendments To Compliance Requirements For Commodity Pool Operators On Form CPO-PQR

Date 14/04/2020

I support today’s proposal that would simplify and streamline the reporting obligations of commodity pool operators (CPOs) on Form CPO-PQR. The proposal would eliminate much of existing Schedules B and C, which together contain roughly 72 distinct questions, if one includes all the separately identifiable subparts. Many of these questions are challenging for CPOs to calculate precisely and require numerous underlying assumptions that vary from firm to firm, making it difficult, if not impossible, for the Commission to perform an apples-to-apples comparison across the commodity pool industry.
Statement Of CFTC Chairman Heath P. Tarbert In Support Of Revising Form CPO-PQR

Date 14/04/2020

The esteemed 19th century mathematician Charles Babbage asked “if you put into the machine the wrong figures, will the right answers come out?”[1] Baggage foresaw what would evolve in the 20thcentury as the “garbage-in, garbage-out” predicament—a potential pitfall now only magnified in the 21stcentury by the combination of computing technology and vast amounts of data. Since becoming Chairman, I have prioritized improving the CFTC’s approach to collecting data. As a federal agency, we must be selective about the data we collect, and then make sure we are actually making good use of the data for its intended purpose.
Deferral Of IIROC Fees Payable By Small And Medium-Sized Dealer Members

Date 14/04/2020

The Investment Industry Regulatory Organization of Canada (IIROC) recognizes the significant impact that the COVID-19 pandemic is having on Canadians, the economy and the overall investment industry. As the pan-Canadian regulator for IIROC-regulated investment firms and registrants, we have taken a number of measures to support healthy capital markets and to provide relief to Dealer Members so that they can serve Canadians during these challenging times.