82 FR 56169 - Margin Requirements for Uncleared Swaps for Swap Dealers and Major Swap Participants; Correction
COMMODITY FUTURES TRADING COMMISSION Federal Register Volume 82, Issue 227 (November 28, 2017)
Federal Register Volume 82, Issue 227 (November 28, 2017)
| Page Range | 56169-56170 | |
| FR Document | 2017-25627 |
[Federal Register Volume 82, Number 227 (Tuesday, November 28, 2017)] [Rules and Regulations] [Pages 56169-56170] From the Federal Register Online [www.thefederalregister.org] [FR Doc No: 2017-25627] ======================================================================= ----------------------------------------------------------------------- COMMODITY FUTURES TRADING COMMISSION 17 CFR Part 23 RIN 3038-AC97 Margin Requirements for Uncleared Swaps for Swap Dealers and Major Swap Participants; Correction AGENCY: Commodity Futures Trading Commission. ACTION: Correcting amendments. ----------------------------------------------------------------------- SUMMARY: The Commodity Futures Trading Commission (CFTC or Commission) is correcting a final rule published in the Federal Register on January 6, 2016. The rule, concerning margin requirements for uncleared swaps for swap dealers and major swap participants, took effect on April 1, 2016. This correction rectifies errors in cross-references in a particular section of the final rule. DATES: Effective on November 28, 2017. FOR FURTHER INFORMATION CONTACT: Thomas Smith, Deputy Director, 202- 418-5495, [email protected], or Mark Bretscher, Attorney-Advisor, 312- 596-0529, [email protected], Division of Swap Dealer and Intermediary Oversight, Commodity Futures Trading Commission, Three Lafayette Centre, 1155 21st Street NW., Washington, DC 20581. SUPPLEMENTARY INFORMATION: In the Federal Register of January 6, 2016 (81 FR 636), the CFTC published final rules adopting new regulations to implement a particular provision of the Commodity Exchange Act (CEA), as added by the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act).\1\ This provision requires the Commission to adopt initial and variation margin requirements for certain swap dealers and major swap participants. In implementing the regulations, staff has discovered cross-reference errors in Sec. 23.156 of the regulations. As published, 17 CFR 23.156(a)(3) includes erroneous cross-references to 17 CFR 23.156(a)(1)(iv). Instead, the cross- references should be to 17 CFR 23.156(a)(1)(v). Accordingly, the Commission is making a correcting amendment to 17 CFR 23.156(a)(3) that removes the erroneous cross-references to 17 CFR 23.156(a)(1)(iv) and replaces them with corrected cross-references to 17 CFR 23.156(a)(1)(v). --------------------------------------------------------------------------- \1\ See Dodd-Frank Wall Street Reform and Consumer Protection Act, Public Law 111-203, 124 Stat. 1376 (2010). --------------------------------------------------------------------------- List of Subjects in 17 CFR Part 23 Swaps, Swap dealers, Major swap participants, Capital and margin requirements. Accordingly, 17 CFR part 23 is corrected by making the following correcting amendments: PART 23--SWAP DEALERS AND MAJOR SWAP PARTICIPANTS 0 1. The authority citation for part 23 continues to read as follows: Authority: 7 U.S.C. 1a, 2, 6, 6a, 6b, 6b-1, 6c, 6p, 6r, 6s, 6t, 9, 9a, 12, 12a, 13b, 13c, 16a, 18, 19, 21. 0 2. In Sec. 23.156, revise paragraph (a)(3)(i)(B) to read as follows: Sec. 23.156 Forms of margin. (a) * * * (3) * * * (i) * * * (B) The discounts set forth in the following table: Standardized Haircut Schedule ------------------------------------------------------------------------ ------------------------------------------------------------------------ Cash in same currency as swap obligation................ 0.0 Eligible government and related debt (e.g., central 0.5 bank, multilateral development bank, GSE securities identified in paragraph (a)(1)(v) of this section): Residual maturity less than one-year................... Eligible government and related debt (e.g., central 2.0 bank, multilateral development bank, GSE securities identified in paragraph (a)(1)(v) of this section): Residual maturity between one and five years........... Eligible government and related debt (e.g., central 4.0 bank, multilateral development bank, GSE securities identified in paragraph (a)(1)(v) of this section): Residual maturity greater than five years.............. Eligible corporate debt (including eligible GSE debt 1.0 securities not identified in paragraph (a)(1)(v) of this section): Residual maturity less than one-year.... Eligible corporate debt (including eligible GSE debt 4.0 securities not identified in paragraph (a)(1)(v) of this section): Residual maturity between one and five years.................................................. Eligible corporate debt (including eligible GSE debt 8.0 securities not identified in paragraph (a)(1)(v) of this section): Residual maturity greater than five years.................................................. Equities included in S&P 500 or related index........... 15.0 Equities included in S&P 1500 Composite or related index 25.0 but not S&P 500 or related index....................... Gold.................................................... 15.0 Additional (additive) haircut on asset in which the 8.0 currency of the swap obligation differs from that of the collateral asset................................... ------------------------------------------------------------------------ [[Page 56170]] * * * * * Issued in Washington, DC, on November 21, 2017, by the Commission. Christopher J. Kirkpatrick, Secretary of the Commission. Note: The following appendix will not appear in the Code of Federal Regulations. Appendix to Margin Requirements for Uncleared Swaps for Swap Dealers and Major Swap Participants; Correction--Commission Voting Summary On this matter, Chairman Giancarlo and Commissioners Quintenz and Behnam voted in the affirmative. No Commissioner voted in the negative. [FR Doc. 2017-25627 Filed 11-27-17; 8:45 am] BILLING CODE 6351-01-P
![Federal Register / Vol. 82, No. 227 / Tuesday, November 28, 2017 / Rules and Regulations 56169
§ 39.13 [Amended] COMMODITY FUTURES TRADING variation margin requirements for
■ 2. The FAA amends § 39.13 by COMMISSION certain swap dealers and major swap
removing Airworthiness Directive (AD) participants. In implementing the
2017–01–06, Amendment 39–18773 (82 17 CFR Part 23 regulations, staff has discovered cross-
FR 4773, January 17, 2017), and adding RIN 3038–AC97 reference errors in § 23.156 of the
the following new AD: regulations. As published, 17 CFR
2017–24–03 Airbus: Amendment 39–19107; Margin Requirements for Uncleared 23.156(a)(3) includes erroneous cross-
Docket No. FAA–2017–0690; Product Swaps for Swap Dealers and Major references to 17 CFR 23.156(a)(1)(iv).
Identifier 2017–NM–061–AD. Swap Participants; Correction Instead, the cross-references should be
(a) Effective Date AGENCY: Commodity Futures Trading to 17 CFR 23.156(a)(1)(v). Accordingly,
This rescission is effective January 2, 2018. Commission. the Commission is making a correcting
amendment to 17 CFR 23.156(a)(3) that
(b) Affected AD ACTION: Correcting amendments.
removes the erroneous cross-references
This action removes AD 2017–01–06, SUMMARY: The Commodity Futures to 17 CFR 23.156(a)(1)(iv) and replaces
Amendment 39–18773 (82 FR 4773, January Trading Commission (CFTC or them with corrected cross-references to
17, 2017).
Commission) is correcting a final rule 17 CFR 23.156(a)(1)(v).
(c) Applicability published in the Federal Register on
January 6, 2016. The rule, concerning List of Subjects in 17 CFR Part 23
This action applies to Airbus Model A319–
115, A319–132, A320–214, A320–232, A321– margin requirements for uncleared Swaps, Swap dealers, Major swap
211, A321–213, and A321–231 airplanes, swaps for swap dealers and major swap
certificated in any category, as identified in participants, Capital and margin
participants, took effect on April 1, requirements.
Airbus Service Bulletin A320–52–1167,
2016. This correction rectifies errors in
dated August 6, 2015.
cross-references in a particular section Accordingly, 17 CFR part 23 is
(d) Related Information of the final rule. corrected by making the following
(1) Refer to Mandatory Continuing DATES: Effective on November 28, 2017. correcting amendments:
Airworthiness Information (MCAI) AD 2015–
FOR FURTHER INFORMATION CONTACT:
0234–CN, dated April 28, 2017, for related PART 23—SWAP DEALERS AND
information. This MCAI may be found in the Thomas Smith, Deputy Director, 202–
MAJOR SWAP PARTICIPANTS
AD docket on the Internet at http:// 418–5495, tsmith@cftc.gov, or Mark
www.regulations.gov by searching for and Bretscher, Attorney-Advisor, 312–596–
locating Docket No. FAA–2017–0690. 0529, mbretscher@cftc.gov, Division of ■ 1. The authority citation for part 23
(2) For more information about this AD, Swap Dealer and Intermediary continues to read as follows:
contact Sanjay Ralhan, Aerospace Engineer, Oversight, Commodity Futures Trading Authority: 7 U.S.C. 1a, 2, 6, 6a, 6b, 6b–1,
International Section, Transport Standards
Commission, Three Lafayette Centre, 6c, 6p, 6r, 6s, 6t, 9, 9a, 12, 12a, 13b, 13c, 16a,
Branch, FAA, 1601 Lind Avenue SW.,
Renton, WA 98057–3356; telephone 425– 1155 21st Street NW., Washington, DC 18, 19, 21.
227–1405; fax 425–227–1149. 20581.
■ 2. In § 23.156, revise paragraph
SUPPLEMENTARY INFORMATION: In the
(e) Material Incorporated by Reference (a)(3)(i)(B) to read as follows:
Federal Register of January 6, 2016 (81
None. FR 636), the CFTC published final rules § 23.156 Forms of margin.
Issued in Renton, Washington, on adopting new regulations to implement
November 15, 2017. a particular provision of the Commodity (a) * * *
Jeffrey E. Duven, Exchange Act (CEA), as added by the (3) * * *
Director, System Oversight Division, Aircraft Dodd-Frank Wall Street Reform and (i) * * *
Certification Service. Consumer Protection Act (Dodd-Frank
[FR Doc. 2017–25253 Filed 11–27–17; 8:45 am] Act).1 This provision requires the (B) The discounts set forth in the
BILLING CODE 4910–13–P Commission to adopt initial and following table:
STANDARDIZED HAIRCUT SCHEDULE
Cash in same currency as swap obligation .......................................................................................................................................................................... 0.0
Eligible government and related debt (e.g., central bank, multilateral development bank, GSE securities identified in paragraph (a)(1)(v) of this sec-
tion): Residual maturity less than one-year ...................................................................................................................................................................... 0.5
Eligible government and related debt (e.g., central bank, multilateral development bank, GSE securities identified in paragraph (a)(1)(v) of this sec-
tion): Residual maturity between one and five years ........................................................................................................................................................ 2.0
Eligible government and related debt (e.g., central bank, multilateral development bank, GSE securities identified in paragraph (a)(1)(v) of this sec-
tion): Residual maturity greater than five years ................................................................................................................................................................ 4.0
Eligible corporate debt (including eligible GSE debt securities not identified in paragraph (a)(1)(v) of this section): Residual maturity less than one-
year .................................................................................................................................................................................................................................... 1.0
Eligible corporate debt (including eligible GSE debt securities not identified in paragraph (a)(1)(v) of this section): Residual maturity between one and
five years ........................................................................................................................................................................................................................... 4.0
Eligible corporate debt (including eligible GSE debt securities not identified in paragraph (a)(1)(v) of this section): Residual maturity greater than five
years .................................................................................................................................................................................................................................. 8.0
Equities included in S&P 500 or related index ..................................................................................................................................................................... 15.0
Equities included in S&P 1500 Composite or related index but not S&P 500 or related index .......................................................................................... 25.0
jstallworth on DSKBBY8HB2PROD with RULES
Gold ....................................................................................................................................................................................................................................... 15.0
Additional (additive) haircut on asset in which the currency of the swap obligation differs from that of the collateral asset ............................................. 8.0
1 See Dodd-Frank Wall Street Reform and
Consumer Protection Act, Public Law 111–203, 124
Stat. 1376 (2010).
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![56170 Federal Register / Vol. 82, No. 227 / Tuesday, November 28, 2017 / Rules and Regulations
* * * * * rulemaking, call or email Petty Officer IV. Discussion of the Rule
Issued in Washington, DC, on November Amanda Boone, Waterways This rule establishes a safety zone
21, 2017, by the Commission. Management Branch, U.S. Coast Guard from 5:00 a.m. to 7:00 p.m., Monday
Christopher J. Kirkpatrick, Sector Delaware Bay; telephone (215) through Sunday, from November 21,
Secretary of the Commission. 271–4889, email Amanda.N.Boone@ 2017 through December 8, 2017. The
uscg.mil. safety zone will cover all navigable
Note: The following appendix will not
appear in the Code of Federal Regulations. SUPPLEMENTARY INFORMATION: waters within 250 yards of vessels and
machinery being used by personnel to
Appendix to Margin Requirements for I. Table of Abbreviations conduct diving and pipe removal
Uncleared Swaps for Swap Dealers and CFR Code of Federal Regulations operations. There are three sections of
Major Swap Participants; Correction— COTP Captain of the Port pipeline that will be removed. The first
Commission Voting Summary DHS Department of Homeland Security two sections of pipeline to be removed
FR Federal Register are in Anchorage No. 7, Marcus Hook
On this matter, Chairman Giancarlo and NPRM Notice of proposed rulemaking Anchorage, in the Delaware River.
Commissioners Quintenz and Behnam voted § Section During removal of these sections of
in the affirmative. No Commissioner voted in U.S.C. United States Code pipeline, the safety zone will restrict
the negative.
vessels from anchoring in the lower
[FR Doc. 2017–25627 Filed 11–27–17; 8:45 am] II. Background Information and
portion of Anchorage No. 7. During
BILLING CODE 6351–01–P Regulatory History
removal of the third section of pipeline,
The Coast Guard is issuing this operations will be conducted within the
temporary rule without prior notice and main navigational channel and vessels
DEPARTMENT OF HOMELAND opportunity to comment pursuant to will be required to transit through the
SECURITY authority under section 4(a) of the lower portion of Anchorage No. 7.
Administrative Procedure Act (APA) (5 No vessel or person will be permitted
Coast Guard to enter the safety zone without
U.S.C. 553(b)). This provision
authorizes an agency to issue a rule obtaining permission from the COTP or
33 CFR Part 165 a designated representative. Vessels
without prior notice and opportunity to
[Docket Number USCG–2017–1053] comment when the agency for good wishing to transit the safety zone in the
RIN 1625–AA00 cause finds that those procedures are main navigational channel may do so if
‘‘impracticable, unnecessary, or contrary they can make satisfactory passing
Safety Zone; Delaware River, Pipeline to the public interest.’’ Under 5 U.S.C. arrangements with the towing vessel
Removal, Marcus Hook, PA 553(b)(B), the Coast Guard finds that JOKER in accordance with the
good cause exists for not publishing a Navigational Rules in 33 CFR
AGENCY: Coast Guard, DHS. subchapter E via VHF–FM channel 13 or
notice of proposed rulemaking (NPRM)
ACTION: Temporary final rule. with respect to this rule because 80 at least 1 hour, as well as 30 minutes,
notification of this pipeline removal prior to arrival to arrange safe passage.
SUMMARY: The Coast Guard is
project was not given to the Coast Guard If vessels are unable to make satisfactory
establishing a temporary safety zone for
until November 15, 2017. It is passing arrangements with the towing
navigable waters within a 250-yard
radius of Commerce Construction impracticable to publish an NPRM vessel JOKER, they may request
vessels and machinery conducting because we must establish this safety permission from the COTP, or his
diving and pipeline removal operations zone by November 21, 2017. designated representative, on VHF–FM
in the Delaware River, in the vicinity of channel 16. All vessels must operate at
Under 5 U.S.C. 553(d)(3), the Coast
Anchorage 7, near Marcus Hook, PA. the minimum safe speed necessary to
Guard finds that good cause exists for
The safety zone is needed to protect maintain steerage and reduce wake. The
making this rule effective less than 30
personnel, vessels, and the marine Coast Guard will issue a Broadcast
days after publication in the Federal
environment from potential hazards Notice to Mariners via VHF–FM marine
Register. Delaying the effective date of
created by diving and pipeline removal channel 16, Local Notice to Mariners,
this rule would be impracticable
operations. Entry of vessels or persons and Marine Safety Information Bulletin
because immediate action is needed to
into this zone is prohibited unless further defining specific work locations
address the potential safety hazards
specifically authorized by the Captain of and traffic patterns.
associated with diving and pipeline
the Port Delaware Bay. removal operations. V. Regulatory Analyses
DATES: This rule is effective without We developed this rule after
III. Legal Authority and Need for Rule
actual notice from November 28, 2017 considering numerous statutes and
through December 8, 2017. For the The Coast Guard is issuing this rule Executive orders related to rulemaking.
purposes of enforcement, actual notice under authority in 33 U.S.C. 1231. The Below we summarize our analyses
will be used from November 21, 2017 Captain of the Port Delaware Bay has based on a number of these statutes and
through November 28, 2017. determined that potential hazards Executive orders, and we discuss First
ADDRESSES: To view documents associated with diving and pipe removal Amendment rights of protestors.
mentioned in this preamble as being operations starting November 21, 2017,
available in the docket, go to http:// will be a safety concern for anyone A. Regulatory Planning and Review
jstallworth on DSKBBY8HB2PROD with RULES
www.regulations.gov, type USCG–2017– within a 250-yard radius of diving and Executive Orders 12866 and 13563
1053 in the ‘‘SEARCH’’ box and click pipe removal vessels and machinery. direct agencies to assess the costs and
‘‘SEARCH.’’ Click on Open Docket This rule is needed to protect personnel, benefits of available regulatory
Folder on the line associated with this vessels, and the marine environment in alternatives and, if regulation is
rule. the navigable waters within the safety necessary, to select regulatory
FOR FURTHER INFORMATION CONTACT: If zone while the operations are being approaches that maximize net benefits.
you have questions about this conducted. Executive Order 13771 directs agencies
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Document Created: 2017-11-28 01:51:02
Document Modified: 2017-11-28 01:51:02
| Category | Regulatory Information | |
| Collection | Federal Register | |
| sudoc Class | AE 2.7: GS 4.107: AE 2.106: | |
| Publisher | Office of the Federal Register, National Archives and Records Administration | |
| Section | Rules and Regulations | |
| Action | Correcting amendments. | |
| Dates | Effective on November 28, 2017. | |
| Contact | Thomas Smith, Deputy Director, 202- 418-5495, [email protected], or Mark Bretscher, Attorney-Advisor, 312- 596-0529, [email protected], Division of Swap Dealer and Intermediary Oversight, Commodity Futures Trading Commission, Three Lafayette Centre, 1155 21st Street NW., Washington, DC 20581. | |
| FR Citation | 82 FR 56169 | |
| RIN Number | 3038-AC97 | |
| CFR Associated | Swaps; Swap Dealers; Major Swap Participants and Capital and Margin Requirements |
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