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)

Page Range		49549-49550
FR Document		2018-21408

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 Issue 191 (Tuesday, October 2, 2018)

[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

Federal Register / Vol. 83, No. 191 / Tuesday, October 2, 2018 / Notices 49549

FOR FURTHER INFORMATION CONTACT: Dated: September 26, 2018. to include new fallback provisions or
Courtney Smith or Carrie Hubard, (301) Julia Marie Harrison, otherwise reference alternative risk-free
427–8401. Chief, Permits and Conservation Division, rate benchmarks (‘‘RFRs’’) such as SOFR
SUPPLEMENTARY INFORMATION: The Office of Protected Resources, National and new derivatives contracts that
subject permit is requested under the Marine Fisheries Service. reference RFRs; and
authority of the Marine Mammal [FR Doc. 2018–21339 Filed 10–1–18; 8:45 am] • Impact on liquidity in derivatives
Protection Act of 1972, as amended BILLING CODE 3510–22–P and related markets during the
(MMPA; 16 U.S.C. 1361 et seq.), the transition.
regulations governing the taking and The Subcommittee will report directly
importing of marine mammals (50 CFR COMMODITY FUTURES TRADING to the MRAC and will not provide
part 216), the Endangered Species Act of COMMISSION reports and/or recommendations
directly to the Commission. The
1973, as amended (ESA; 16 U.S.C. 1531
Request for Nominations for the Subcommittee has no authority to make
et seq.), the regulations governing the
Interest Rate Benchmark Reform decisions on behalf of the MRAC, and
taking, importing, and exporting of
Subcommittee Under the Market Risk no determination of fact or policy will
endangered and threatened species (50
Advisory Committee be made by the Subcommittee on behalf
CFR parts 222–226), and the Fur Seal
of the Commission.
Act of 1966, as amended (16 U.S.C. 1151 AGENCY: Commodity Futures Trading Subcommittee members will generally
et seq.). Commission. serve as representatives and provide
The applicant requests a five-year advice reflecting the views of
ACTION: Notice.
permit to conduct research that would organizations and entities that
assess the behavior, ecology, and SUMMARY: The Commodity Futures constitute the structure of the
movement patterns of cetaceans in the Trading Commission (CFTC or derivatives and financial markets. The
Gulf of Alaska with a focus on Southeast Commission) is requesting nominations Subcommittee may also include regular
Alaska, particularly waters around for membership on the Interest Rate government employees when doing so
Juneau. Fin (Balaenoptera physalus), Benchmark Reform Subcommittee furthers its purpose. It is anticipated
humpback (Megaptera novaeangliae; (Subcommittee) under the Market Risk that the Subcommittee will hold at least
range-wide including those from the Advisory Committee (MRAC). The three meetings per year. Subcommittee
endangered Mexico Distinct Population MRAC is a discretionary advisory members serve at the pleasure of the
Segment), gray (Eschrichtius robustus), committee established by the Commission. In addition, Subcommittee
killer (Orcinus orca); minke Commission in accordance with the members do not receive compensation
(Balaenoptera acutorostrata), and sperm Federal Advisory Committee Act. or honoraria for their services, and they
(Physeter macrocephalus) whales, Dall’s DATES: The deadline for the submission are not reimbursed for travel and per
(Hocoenoides dalli) and harbor of nominations is October 16, 2018. diem expenses.
porpoises (Phocoena phocoena), and The Subcommittee will include as
Pacific white-sided dolphins ADDRESSES: Nominations should be
members individuals who are members
(Lagenorhynchus obliquidens) will be emailed to MRAC_Submissions@cftc.gov
of the MRAC and other individuals. For
taken during vessel and unmanned or sent by hand delivery or courier to
these other individuals who are not
aerial surveys. Researchers will use the Alicia L. Lewis, MRAC Designated
serving on the MRAC currently, the
following methods on all or some of the Federal Officer and Special Counsel to
Commission seeks nominations of
above listed species: Observation, Commissioner Rostin Behnam,
individuals from a wide range of
photographic identification, Commodity Futures Trading
perspectives, including from industry,
photogrammetry, passive acoustic Commission, Three Lafayette Centre,
academia, the government, and public
recording, tagging (suction-cup), remote 1155 21st Street NW, Washington, DC
interest. To advise the MRAC
biopsy and other biological sampling 20581. Please use the title ‘‘MRAC effectively, Subcommittee members
(breath/exhaled air, fecal, swabbed and Interest Rate Benchmark Reform must have a high-level of expertise and
sloughed skin). Humpback and killer Subcommittee’’ for any nominations experience with interest rate
whales may be remote biopsy sampled. you submit. benchmarks; efforts to transition to an
Acoustic disturbance from sonar for FOR FURTHER INFORMATION CONTACT: RFR; assessing the impact of such efforts
prey mapping may also occur. Steller Alicia L. Lewis, MRAC Designated on the derivatives and related markets;
sea lions (Eumetopias jubatus; Eastern Federal Officer and Special Counsel to and the Commodity Exchange Act and
and Western Distinct Population Commissioner Rostin Behnam at (202) Commission regulations thereunder. To
Segments) and harbor seals may be 418–5862 or email: alewis@cftc.gov. the extent practicable, the Commission
incidentally harassed during research SUPPLEMENTARY INFORMATION: The will strive to select members reflecting
activities. Subcommittee was established to wide ethnic, racial, gender, and age
In compliance with the National provide reports and recommendations representation.
Environmental Policy Act of 1969 (42 to the MRAC regarding ongoing efforts The Commission invites the
U.S.C. 4321 et seq.), an initial to transition U.S. dollar derivatives and submission of nominations for
determination has been made that the related contracts to a risk-free reference Subcommittee membership. Each
activity proposed is categorically rate—the Secured Overnight Financing nomination submission should include
excluded from the requirement to Rate (SOFR)—and the impact of this the proposed member’s name, title,
prepare an environmental assessment or transition on the derivatives markets. organization affiliation and address,
amozie on DSK3GDR082PROD with NOTICES1

environmental impact statement. Topics and issues this Subcommittee email address and telephone number, as
Concurrent with the publication of may consider include, but are not well as information that supports the
this notice in the Federal Register, limited to, the following: individual’s qualifications to serve on
NMFS is forwarding copies of the • The treatment, under Title VII of the Subcommittee. The submission
application to the Marine Mammal the Dodd-Frank Wall Street Reform and should also include the name, email
Commission and its Committee of Consumer Protection Act, of existing address and telephone number of the
Scientific Advisors. derivatives contracts that are amended person nominating the proposed

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Document Created: 2018-10-02 01:18:46
Document Modified: 2018-10-02 01:18:46

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		Notices
Action		Notice.
Dates		The deadline for the submission of nominations is October 16, 2018.
Contact		Alicia L. Lewis, MRAC Designated Federal Officer and Special Counsel to Commissioner Rostin Behnam at (202) 418-5862 or email: [email protected]
FR Citation		83 FR 49549