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  • Statement Of CFTC Commissioner Caroline D. Pham In Support Of Swap Execution Facilities (SEF) Confirmation Requirements Final Rule

    Date 23/04/2024

    I support the Final Rule on Swap Confirmation Requirements for Swap Execution Facilities (SEF Confirmation Final Rule) because it resolves the temporal impossibility of requiring SEF confirmations at the time of execution for block trades, which are in fact executed away from the SEF and then submitted to the SEF afterwards. I would like to thank Roger Smith, Nora Flood, and Vince McGonagle in the Division of Market Oversight for their work on the SEF Confirmation Final Rule.

  • Statement Of CFTC Commissioner Summer K. Mersinger In Support Of Final Rulemaking On Confirmation Requirements For Swap Execution Facilities

    Date 23/04/2024

    Workable rules are essential to maintain the confidence of the American public in the integrity of our derivatives markets.  So, when we become aware that our rules are not as workable as we thought, or impose substantial operational burdens with little corresponding regulatory benefit, we should address these shortcomings promptly.  Unfortunately, though, the Commission sometimes chooses to “kick the can down the road” by relying on staff no-action letters instead – often for many years – without tackling the root cause of the problem in the rule itself.

  • Statement Of CFTC Chairman Rostin Behnam Regarding The CFTC’s Final Rule On Swap Confirmation Requirements For SEFs

    Date 23/04/2024

    I am very pleased that the Commission voted to finalize necessary amendments to the Commission’s regulations addressing longstanding issues with the uncleared swap confirmation requirements under Rule 37.6(b).  During the initial implementation of part 37, SEFs informed the CFTC that the confirmation requirement for uncleared swaps was operationally and technologically difficult and impractical to implement.  In light of these challenges, the Division of Market Oversight provided targeted no-action positions for SEFs with respect to certain provisions of Commission regulations throughout the last decade.

  • CFTC Statement Of Commissioner Kristin N. Johnson Regarding Final Rulemaking On Swap Confirmation Requirements For Swap Execution Facilities

    Date 23/04/2024

    An essential component of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act) is its framework for the regulation of swaps, including central clearing and trade execution requirements, registration and comprehensive regulation of swap dealers, and recordkeeping and reporting requirements.

  • SIFMA Statement On The Final DOL Fiduciary Rule

    Date 23/04/2024

    SIFMA today issued the following statement from president and CEO Kenneth E. Bentsen, Jr. regarding the final Department of Labor (DOL) fiduciary rule:

    “We are closely examining the details of the final rule released today. As proposed, the rule conflicted with existing federal securities regulation – specifically Regulation Best Interest – and would likely limit investors’ access to advice and education. Stakeholders have been quite explicit on the need to address these conflicts and we will be reviewing the conflict-related text as well as other relevant text on the material flaws we raised in our comments.”

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