83 FR 49549 - Request for Nominations for the Interest Rate Benchmark Reform Subcommittee Under the Market Risk Advisory Committee

COMMODITY FUTURES TRADING COMMISSION

Federal Register Volume 83, Issue 191 (October 2, 2018)

The Commodity Futures Trading Commission (CFTC or Commission) is requesting nominations for membership on the Interest Rate Benchmark Reform Subcommittee (Subcommittee) under the Market Risk Advisory Committee (MRAC). The MRAC is a discretionary advisory committee established by the Commission in accordance with the Federal Advisory Committee Act.

[Federal Register Volume 83, Number 191 (Tuesday, October 2, 2018)]
[Notices]
[Pages 49549-49550]
From the Federal Register Online  [www.thefederalregister.org]
[FR Doc No: 2018-21408]


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COMMODITY FUTURES TRADING COMMISSION


Request for Nominations for the Interest Rate Benchmark Reform 
Subcommittee Under the Market Risk Advisory Committee

AGENCY: Commodity Futures Trading Commission.

ACTION: Notice.

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SUMMARY: The Commodity Futures Trading Commission (CFTC or Commission) 
is requesting nominations for membership on the Interest Rate Benchmark 
Reform Subcommittee (Subcommittee) under the Market Risk Advisory 
Committee (MRAC). The MRAC is a discretionary advisory committee 
established by the Commission in accordance with the Federal Advisory 
Committee Act.

DATES: The deadline for the submission of nominations is October 16, 
2018.

ADDRESSES: Nominations should be emailed to [email protected] 
or sent by hand delivery or courier to Alicia L. Lewis, MRAC Designated 
Federal Officer and Special Counsel to Commissioner Rostin Behnam, 
Commodity Futures Trading Commission, Three Lafayette Centre, 1155 21st 
Street NW, Washington, DC 20581. Please use the title ``MRAC Interest 
Rate Benchmark Reform Subcommittee'' for any nominations you submit.

FOR FURTHER INFORMATION CONTACT: Alicia L. Lewis, MRAC Designated 
Federal Officer and Special Counsel to Commissioner Rostin Behnam at 
(202) 418-5862 or email: [email protected].

SUPPLEMENTARY INFORMATION: The Subcommittee was established to provide 
reports and recommendations to the MRAC regarding ongoing efforts to 
transition U.S. dollar derivatives and related contracts to a risk-free 
reference rate--the Secured Overnight Financing Rate (SOFR)--and the 
impact of this transition on the derivatives markets. Topics and issues 
this Subcommittee may consider include, but are not limited to, the 
following:
     The treatment, under Title VII of the Dodd-Frank Wall 
Street Reform and Consumer Protection Act, of existing derivatives 
contracts that are amended to include new fallback provisions or 
otherwise reference alternative risk-free rate benchmarks (``RFRs'') 
such as SOFR and new derivatives contracts that reference RFRs; and
     Impact on liquidity in derivatives and related markets 
during the transition.
    The Subcommittee will report directly to the MRAC and will not 
provide reports and/or recommendations directly to the Commission. The 
Subcommittee has no authority to make decisions on behalf of the MRAC, 
and no determination of fact or policy will be made by the Subcommittee 
on behalf of the Commission.
    Subcommittee members will generally serve as representatives and 
provide advice reflecting the views of organizations and entities that 
constitute the structure of the derivatives and financial markets. The 
Subcommittee may also include regular government employees when doing 
so furthers its purpose. It is anticipated that the Subcommittee will 
hold at least three meetings per year. Subcommittee members serve at 
the pleasure of the Commission. In addition, Subcommittee members do 
not receive compensation or honoraria for their services, and they are 
not reimbursed for travel and per diem expenses.
    The Subcommittee will include as members individuals who are 
members of the MRAC and other individuals. For these other individuals 
who are not serving on the MRAC currently, the Commission seeks 
nominations of individuals from a wide range of perspectives, including 
from industry, academia, the government, and public interest. To advise 
the MRAC effectively, Subcommittee members must have a high-level of 
expertise and experience with interest rate benchmarks; efforts to 
transition to an RFR; assessing the impact of such efforts on the 
derivatives and related markets; and the Commodity Exchange Act and 
Commission regulations thereunder. To the extent practicable, the 
Commission will strive to select members reflecting wide ethnic, 
racial, gender, and age representation.
    The Commission invites the submission of nominations for 
Subcommittee membership. Each nomination submission should include the 
proposed member's name, title, organization affiliation and address, 
email address and telephone number, as well as information that 
supports the individual's qualifications to serve on the Subcommittee. 
The submission should also include the name, email address and 
telephone number of the person nominating the proposed

[[Page 49550]]

Subcommittee member. Self-nominations are acceptable.
    Submission of a nomination is not a guarantee of selection as a 
member of the Subcommittee. As noted in the MRAC's Membership Balance 
Plan, the Commission seeks to ensure that the membership of a 
subcommittee is balanced relative to the particular issues addressed by 
the subcommittee in question. The Commission will identify members for 
the Subcommittee based on Commissioners' and Commission staff 
professional knowledge of ongoing efforts to transition to SOFR, 
consultation with knowledgeable persons outside the CFTC, and requests 
to be represented received from organizations. The office of the 
Commissioner primarily responsible for the MRAC and the Subcommittee 
plays a primary, but not exclusive, role in this process and makes 
recommendations regarding membership to the Commission. The Commission, 
by vote, authorizes members to serve on MRAC subcommittees.

(Authority: 5 U.S.C. App. II)

    Dated: September 27, 2018.
Robert Sidman,
Deputy Secretary of the Commission.
[FR Doc. 2018-21408 Filed 10-1-18; 8:45 am]
 BILLING CODE 6351-01-P