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  • CFTC Unanimously Approves 3 Proposed Rules, 2 Final Rules At April 14 Open Meeting

    Date 14/04/2020

    The Commodity Futures Trading Commission at its open meeting today unanimously approved three proposed rules and two final rules. This open meeting marks the ninth since Chairman Heath P. Tarbert took office. 


  • Statement Of CFTC Chairman Heath P. Tarbert In Support Of Protecting Customer Records And Information

    Date 14/04/2020

    I support the final rule amending regulation 160.30, which requires firms registered with the CFTC to protect their customers’ records and information.  By requiring the firms we regulate to adopt policies and procedures relating to administrative, technical, and physical safeguards for customer data, the final rule targets security hazards to customer data and specifies required protections against unauthorized access.  As I mentioned when this rule was proposed, giving customers in our markets comfort that efforts are being taken to protect their sensitive information is key to ensuring that our derivatives markets promote the interests of all Americans.

  • 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.

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