2015-32320: Margin Requirements for Uncleared Swaps for Swap Dealers and Major Swap Participants

Summary

The Commodity Futures Trading Commission ("Commission" or "CFTC") is adopting 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"). This provision requires the Commission to adopt initial and variation margin requirements for certain swap dealers ("SDs") and major swap participants ("MSPs"). The final rules would establish initial and variation margin requirements for SDs and MSPs but would not require SDs and MSPs to collect margin from non-financial end users. The Commission is also adopting and inviting comment on an interim final rule that will exempt certain uncleared swaps with certain counterparties from these margin requirements. This interim final rule implements Title III of the Terrorism Risk Insurance Program Reauthorization Act of 2015 ("TRIPRA"), which exempts from the margin rules for uncleared swaps certain swaps for which a counterparty qualifies for an exemption or exception from clearing under the Dodd- Frank Act.

The agency’s own summary, as published.

What this changes

Amends 2 parts of the Code of Federal Regulations — the standing rules this notice rewrites.

• 17 CFR 23 Swap Dealers and Major Swap Participants
• 17 CFR 140 Organization, Functions, and Procedures of the Commission