Consultations: USA - Dodd-Frank Act

Notice: published in The Federal Register 26 August 2010

COMMODITY FUTURES TRADING COMMISSION

Acceptance of Public Submissions on the Wall Street Reform and

Consumer Protection Act and the Rulemakings That Will Be Proposed by

the Commission

AGENCY: Commodity Futures Trading Commission.

ACTION: Notice; Acceptance of public submissions.

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SUMMARY: The Dodd-Frank Wall Street Reform and Consumer Protection Act

(``Dodd-Frank Act'') was enacted on July 21, 2010. The Dodd-Frank Act,

among other things, will bring comprehensive regulation to the over-

the-counter (``OTC'') derivatives marketplace for the first time. The

Commodity Futures Trading Commission (``CFTC'' or ``Commission'') will

be implementing the Dodd-Frank Act by adopting rules to regulate the

OTC derivatives market. The Commission welcomes the views of interested

parties on the Dodd-Frank Act and the rulemakings that it will

implement thereunder. The views of interested parties may be considered

in the pre-proposal process but will not be treated as official

comments on specific proposed rulemakings. As discussed in this notice,

the Commission has made electronic mailboxes available for any

submissions interested parties wish to make. Interested parties are

advised that all submissions will be published on the Commission's Web

site without review and without removal of the submitter's identifying

information.

DATES: The Commission will accept submissions on each rulemaking topic

until it publishes a proposed rulemaking for that topic in the Federal

Register. Thereafter, the Commission will accept official comments on

the proposed rulemaking until the close of the rulemaking's official

comment period.

ADDRESSES: Submissions should be made to David Stawick, Secretary,

Commodity Futures Trading Commission, by electronic mail to the

electronic mailboxes specified herein. All submissions should be in

English, or if not, accompanied by an English translation. Reference

should be made in the subject line of the electronic mail to the

rulemaking category on which views are being submitted, which is

provided with their associated mailboxes.

FOR FURTHER INFORMATION CONTACT: Beverly E. Loew, Office of the General

Counsel, Commodity Futures Trading Commission, Three Lafayette Centre,

1155 21st Street, NW., Washington, DC 20581. Telephone: (202) 418-5648 begin_of_the_skype_highlighting (202) 418-5648 end_of_the_skype_highlighting.

SUPPLEMENTARY INFORMATION:

On July 21, 2010, The Dodd-Frank Wall Street Reform and Consumer

Protection Act (``Dodd-Frank Act''), Public Law 111-203, was enacted.

The Dodd-Frank Act will bring comprehensive regulation to the OTC

market. The Dodd-Frank Act authorizes the Commission to, among other

things:

Regulate OTC derivatives dealers by subjecting them to

capital and margin requirements to lower risk in the financial system,

by requiring them to meet robust business conduct standards to lower

risk and promote market integrity, and by requiring them to meet

recordkeeping and reporting requirements so that regulators can police

the markets.

Increase transparency in the derivatives marketplace by

requiring standardized derivatives to be traded on regulated exchanges

or swap execution facilities, instead of trading out of sight of the

public.

Lower risk by moving standardized derivatives into central

clearinghouses.

The Commission has identified 30 areas in the Dodd-Frank Act in

which rulemaking will be necessary and has received inquiries from

interested persons wishing to submit their views on those areas. The

Commission welcomes the views of all interested parties.

The Commission has established electronic mailboxes for 29 of the

30 rulemaking areas to facilitate the acceptance of submissions from

interested parties. In addition, the Commission has established a

mailbox for general comments on the Commission's rulemakings under the

Dodd-Frank Act that either do not fit into one of the issue areas or

that cover more than one area. The Commission is no longer accepting

public submissions in the Retail Off-Exchange Foreign Currency area

because the official public comment period for that proposed rulemaking

closed on March 22, 2010. Prior to the publication of proposed

rulemakings and commencement of official comment periods on regulations

proposed under the Dodd-Frank Act, persons interested in making their

views known on a particular rulemaking area may submit them by

electronic mail to the mailbox associated with the area. The 30

rulemaking areas identified by the Commission are available on the

Commission's Web site at http://www.cftc.gov/LawRegulation/

OTCDerivatives/otc_rules.html. The electronic mail addresses for each

rulemaking area are available by clicking on the hyperlink available

for each area and additionally are provided herein:

Comprehensive Regulation of Swap Dealers & Major Swap

Participants

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Registration................................ OTCRegistration@CFTC.gov

Definitions, such as Swap Dealer, Major Swap OTCDefinitions@CFTC.gov

Participant, Security-Based Swap Dealer,

and Major Security-Based Swap Participant,

to be Written Jointly with SEC.

Business Conduct Standards with BusConductStandardsCP@CFTC.gov

Counterparties.

Internal Business Conduct Standards......... BusConductStandardsInternal@CFTC.gov

Capital & Margin for Non-banks.............. CapMargin@CFTC.gov

Segregation & Bankruptcy for both Cleared SegBankruptcy@CFTC.gov

and Uncleared Swaps.

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Clearing

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DCO Core Principle Rulemaking, DCORules@CFTC.gov

Interpretation & Guidance.

Process for Review of Swaps for Mandatory SwapReview@CFTC.gov

Clearing.

Governance & Possible Limits on Ownership & DCOGovernance@CFTC.gov

Control.

[[Page 52513]]

Systemically Important DCO Rules Authorized SystemicDCO@CFTC.gov

Under Title VIII.

End-user Exception.......................... EndUser@CFTC.gov

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Trading

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DCM Core Principle Rulemaking, DCMRules@CFTC.gov

Interpretation & Guidance.

SEF Registration Requirements and Core SEFRules@CFTC.gov

Principle Rulemaking, Interpretation &

Guidance.

New Registration Requirements for Foreign FBOTRegistration@CFTC.gov

Boards of Trade.

Rule Certification & Approval Procedures RuleApproval@CFTC.gov

(applicable to DCMs, DCOs, SEFs).

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Data

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Swap Data Repositories Registration SwapDataRepositories@CFTC.gov

Standards and Core Principle Rulemaking,

Interpretation & Guidance.

Data Recordkeeping & Reporting Requirements. Recordkeeping@CFTC.gov

Real Time Reporting......................... RealTimeReporting@CFTC.gov

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Particular Products

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Agricultural Swaps.......................... AgSwaps@CFTC.gov

Foreign Currency (Retail Off-Exchange)...... Comment period closed on March 22, 2010.

Joint Rules with SEC, such as ``Swap'' and JointSEC@CFTC.gov

``Security-Based Swap''.

Portfolio Margining Procedures.............. PortfolioMargining@CFTC.gov

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Enforcement

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Anti-Manipulation........................... OTCManipulation@CFTC.gov

Disruptive Trading Practices................ DisruptiveTrading@CFTC.gov

Whistleblowers.............................. Whistleblowers@CFTC.gov

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Position Limits

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Position Limits, including Large Trader PosLimits@CFTC.gov

Reporting, Bona Fide Hedging Definition &

Aggregate Limits.

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Other Titles and General Comments

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Investment Adviser Reporting................ InvestAdviser@CFTC.gov

Volcker Rule................................ VolckerRule@CFTC.gov

Reliance on Credit Ratings.................. CreditRatings@CFTC.gov

Fair Credit Reporting Act and Disclosure of FCRA@CFTC.gov

Nonpublic Personal Information.

Submissions on the Dodd-Frank Act dfarulemakings@cftc.gov

Rulemakings Not Falling into.

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Interested parties are hereby advised that the views they submit in

the pre-proposal process to the Commission will not be treated as

official comments on any of the proposed rulemakings. Interested

parties who wish to submit official comments on a rulemaking should

submit them during the comment period commencing with the notice of

proposed rulemaking published by the Commission in the Federal

Register.

Interested parties also should be advised that all submissions

provided in any electronic form or on paper will be published on the

Commission's Web site. The submissions will not be subject to pre-

publication review, and personally identifying information will not be

removed. Interested parties therefore should not submit any information

to the Commission that they do not wish to be made public. All

submissions are subject to the CFTC Privacy Policy, which is available

at http://www.cftc.gov/WebPolicy/index.htm#Privacy.

Issued in Washington, DC, on August 20, 2010, by the Commission.

David Stawick,

Secretary of the Commission.