{"description":"Documents matching 'security based swap transactions reported'","count":2892,"total_pages":50,"next_page_url":"https://www.federalregister.gov/api/v1/documents?conditions%5Bterm%5D=security+based+swap+transactions+reported&format=json&page=2","results":[{"title":"Staff Report on the Definitions of “Security-Based Swap Dealer” and “Major Security-Based Swap Participant”","type":"Notice","abstract":"The Securities and Exchange Commission directed staff to prepare and is now publishing a report examining the effect and application of the definitions of \"security-based swap dealer\" and \"major security-based swap participant.\" Those definitions include an exception from designation as a security-based swap dealer for an entity that engages in a de minimis quantity of security-based swap dealing, as well as separate thresholds below which an entity would not become a major security-based swap participant. As provided in the Commission's rules, nine months after publication of this report and after considering any public comments received, the Commission may by order either terminate the phase-in period for the de minimis thresholds, thereby allowing thresholds of $3 billion for credit default swaps that constitute security-based swaps and $150 million for non-credit default swaps that constitute security-based swaps to take effect and replace the current phase-in thresholds of $8 billion and $400 million, respectively, or propose different thresholds through rulemaking; however, the Commission has issued an order providing a temporary exemption that has the effect of continuing to apply the phase-in thresholds of $8 billion and $400 million until May 8, 2028. The public is invited to comment on all aspects of this report, which may inform the Commission's consideration of potential changes to the de minimis exception and the rules further defining the terms \"security-based swap dealer\" and \"major security-based swap participant.\"","document_number":"2026-08558","html_url":"https://www.federalregister.gov/documents/2026/05/04/2026-08558/staff-report-on-the-definitions-of-security-based-swap-dealer-and-major-security-based-swap","pdf_url":"https://www.govinfo.gov/content/pkg/FR-2026-05-04/pdf/2026-08558.pdf","public_inspection_pdf_url":"https://public-inspection.federalregister.gov/2026-08558.pdf?1777639507","publication_date":"2026-05-04","agencies":[{"raw_name":"SECURITIES AND EXCHANGE COMMISSION","name":"Securities and Exchange Commission","id":466,"url":"https://www.federalregister.gov/agencies/securities-and-exchange-commission","json_url":"https://www.federalregister.gov/api/v1/agencies/466","parent_id":null,"slug":"securities-and-exchange-commission"}],"excerpts":"Secretary. \n \n Appendix A \n Definitions of “Security-Based Swap Dealer” and “Major Security-Based Swap Participant”: A Report by Staff of the Securities and Exchange Commission \n \n Table of Contents \n I. Table of Citations \n II. Introduction \n III. SBS Transaction Reports \n IV. Staff Findings and Requests for Comment \n A. Security-Based Swap Dealers \n 1. Definition of “Security-Based Swap Dealer” \n 2. Methodology for Identifying New Trade Activity \n 3. Analysis of the Definition of “Security-Based Swap Dealer” \n a. Overall SBS Market Activity \n i"},{"title":"Joint Request for Comment on Swap and Security-Based Swap Data Reporting","type":"Proposed Rule","abstract":"The Commodity Futures Trading Commission (\"CFTC\") and the Securities and Exchange Commission (\"SEC\") (together, the \"Commissions\") request public comment on potential changes to the design, scope, and structure of swap and security-based swap data reporting requirements.","document_number":"2026-12742","html_url":"https://www.federalregister.gov/documents/2026/06/24/2026-12742/joint-request-for-comment-on-swap-and-security-based-swap-data-reporting","pdf_url":"https://www.govinfo.gov/content/pkg/FR-2026-06-24/pdf/2026-12742.pdf","public_inspection_pdf_url":"https://public-inspection.federalregister.gov/2026-12742.pdf?1782218724","publication_date":"2026-06-24","agencies":[{"raw_name":"COMMODITY FUTURES TRADING COMMISSION","name":"Commodity Futures Trading Commission","id":77,"url":"https://www.federalregister.gov/agencies/commodity-futures-trading-commission","json_url":"https://www.federalregister.gov/api/v1/agencies/77","parent_id":null,"slug":"commodity-futures-trading-commission"},{"raw_name":"SECURITIES AND EXCHANGE COMMISSION","name":"Securities and Exchange Commission","id":466,"url":"https://www.federalregister.gov/agencies/securities-and-exchange-commission","json_url":"https://www.federalregister.gov/api/v1/agencies/466","parent_id":null,"slug":"securities-and-exchange-commission"}],"excerpts":"Trading and Markets, at (202) 551-5870, U.S. Securities and Exchange Commission, 100 F Street NE, Washington, DC 20549.\n \n \n \n \n SUPPLEMENTARY INFORMATION: \n \n The Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (the “Dodd-Frank Act”) \n 1 \n \n amended the Commodity Exchange Act (“CEA”) \n 2 \n \n and Securities Exchange Act of 1934 (“Exchange Act”) \n 3 \n \n to require that swap and security-based swap (“SBS”) transactions be reported to swap data repositories (“SDRs”) and security-based swap data repositories (“SBSDRs”), respectively"},{"title":"Regulation SBSR (Reporting and Dissemination of Security-Based Swap Information) and Security-Based Swap Data Repository Rules; Extension","type":"Rule","abstract":"The Securities and Exchange Commission is extending a statement regarding compliance with rules for security-based swap data repositories and Regulation SBSR.","document_number":"2025-06920","html_url":"https://www.federalregister.gov/documents/2025/04/24/2025-06920/regulation-sbsr-reporting-and-dissemination-of-security-based-swap-information-and-security-based","pdf_url":"https://www.govinfo.gov/content/pkg/FR-2025-04-24/pdf/2025-06920.pdf","public_inspection_pdf_url":"https://public-inspection.federalregister.gov/2025-06920.pdf?1745412307","publication_date":"2025-04-24","agencies":[{"raw_name":"SECURITIES AND EXCHANGE COMMISSION","name":"Securities and Exchange Commission","id":466,"url":"https://www.federalregister.gov/agencies/securities-and-exchange-commission","json_url":"https://www.federalregister.gov/api/v1/agencies/466","parent_id":null,"slug":"securities-and-exchange-commission"}],"excerpts":"Rules in 2015. Security-Based Swap Data Repository Registration, Duties, and Core Principles, Exchange Act Release No. 74246 (Feb. 11, 2015), 80 FR 14438 (Mar. 19, 2015) (“SDR Adopting Release”).\n \n \n \n \n 4 \n The applications for registration as an SDR for DDR and ICE Trade Vault, LLC, were approved in 2021, and the application for registration as an SDR for KOR Reporting, Inc., was approved in 2024. \n See \n Security-Based Swap Data Repositories; KOR Reporting, Inc.; Order Approving Application for Registration as a Security-Based Swap Data Repository"},{"title":"Security-Based Swap Data Repositories; KOR Reporting, Inc.; Order Approving Application for Registration as a Security-Based Swap Data Repository","type":"Notice","abstract":null,"document_number":"2024-25961","html_url":"https://www.federalregister.gov/documents/2024/11/08/2024-25961/security-based-swap-data-repositories-kor-reporting-inc-order-approving-application-for-registration","pdf_url":"https://www.govinfo.gov/content/pkg/FR-2024-11-08/pdf/2024-25961.pdf","public_inspection_pdf_url":"https://public-inspection.federalregister.gov/2024-25961.pdf?1730987216","publication_date":"2024-11-08","agencies":[{"raw_name":"SECURITIES AND EXCHANGE COMMISSION","name":"Securities and Exchange Commission","id":466,"url":"https://www.federalregister.gov/agencies/securities-and-exchange-commission","json_url":"https://www.federalregister.gov/api/v1/agencies/466","parent_id":null,"slug":"securities-and-exchange-commission"}],"excerpts":"a basis for a Commission enforcement action during the pendency of the statement.\n \n \n \n \n 182 \n \n See \n Report on Security-Based Swaps Pursuant to Section 13(m)(2) of the Securities Exchange Act of 1934, at p. 13 (June 20, 2024), \n https://www.sec.gov/files/report-security-based-swaps-062024.pdf \n (identifying non-exhaustive sample of potential security-based swap data quality issues identified in security-based swap transactions reported to SDRs registered with the Commission).\n \n \n IV. Evaluation of KOR's Application and Commission Findings"},{"title":"Revisions to Business Conduct and Swap Documentation Requirements for Swap Dealers and Major Swap Participants","type":"Rule","abstract":"The Commodity Futures Trading Commission (\"CFTC\" or \"Commission\") is adopting a final rule (the \"Final Rule\") amending certain of the Commission's business conduct and documentation requirements applicable to swap dealers and major swap participants. The Final Rule provides exceptions to compliance with such requirements when executing swaps that are intended by the parties to be cleared contemporaneously with execution, or subject to prime broker arrangements that meet certain qualifying conditions, and makes certain other changes discussed herein. The adopted amendments supersede certain no-action positions issued by the Commission's Market Participants Division (\"MPD\"), which the Commission expects MPD to terminate in due course.","document_number":"2025-23953","html_url":"https://www.federalregister.gov/documents/2025/12/30/2025-23953/revisions-to-business-conduct-and-swap-documentation-requirements-for-swap-dealers-and-major-swap","pdf_url":"https://www.govinfo.gov/content/pkg/FR-2025-12-30/pdf/2025-23953.pdf","public_inspection_pdf_url":"https://public-inspection.federalregister.gov/2025-23953.pdf?1767015913","publication_date":"2025-12-30","agencies":[{"raw_name":"COMMODITY FUTURES TRADING COMMISSION","name":"Commodity Futures Trading Commission","id":77,"url":"https://www.federalregister.gov/agencies/commodity-futures-trading-commission","json_url":"https://www.federalregister.gov/api/v1/agencies/77","parent_id":null,"slug":"commodity-futures-trading-commission"}],"excerpts":"8 \n \n See generally \n Business Conduct Standards for Swap Dealers and Major Swap Participants with Counterparties, 77 FR 9734 (Feb. 17, 2012) (“Final EBCS Rulemaking”).\n \n \n \n The External Business Conduct Standards include certain pre-trade disclosures required to be made by Swap Entities to their counterparties that are not Swap Entities, security-based swap dealers, or security-based major swap participants, including a requirement under § 23.431(a)(3)(i) to disclose the price of the swap and the so-called “pre-trade mid-market mark” (the “PTMMM”;"},{"title":"Revisions to Business Conduct and Swap Documentation Requirements for Swap Dealers and Major Swap Participants","type":"Proposed Rule","abstract":"The Commodity Futures Trading Commission (\"CFTC\" or \"Commission\") is proposing amendments to certain of the Commission's business conduct and documentation requirements applicable to swap dealers and major swap participants. These amendments would provide exceptions to compliance with such requirements when executing swaps that are: intended by the parties to be cleared contemporaneously with execution; or subject to prime broker arrangements that meet certain qualifying conditions. The proposed amendments would also make certain other changes discussed herein. The proposed amendments, if adopted, would supersede certain no-action positions issued by the Commission's Market Participants Division (\"MPD\").","document_number":"2025-18924","html_url":"https://www.federalregister.gov/documents/2025/09/30/2025-18924/revisions-to-business-conduct-and-swap-documentation-requirements-for-swap-dealers-and-major-swap","pdf_url":"https://www.govinfo.gov/content/pkg/FR-2025-09-30/pdf/2025-18924.pdf","public_inspection_pdf_url":"https://public-inspection.federalregister.gov/2025-18924.pdf?1759149912","publication_date":"2025-09-30","agencies":[{"raw_name":"COMMODITY FUTURES TRADING COMMISSION","name":"Commodity Futures Trading Commission","id":77,"url":"https://www.federalregister.gov/agencies/commodity-futures-trading-commission","json_url":"https://www.federalregister.gov/api/v1/agencies/77","parent_id":null,"slug":"commodity-futures-trading-commission"}],"excerpts":"also \n Further Definition of “Swap Dealer,” “Security-Based Swap Dealer,” “Major Swap Participant,” “Major Security-Based Swap Participant” and “Eligible Contract Participant,” 77 FR 30596, 30610 n. 201 (May 23, 2012) (where the Commission stated “[b]y contrast, it may be appropriate, over time, to tailor the specific requirements imposed on swap dealers depending on the facility on which the swap dealer executes swaps. For example, the application of certain business conduct requirements may vary depending on how the swap is executed, and it may be"},{"title":"Base Erosion and Anti-Abuse Tax Rules for Qualified Derivative Payments on Securities Lending Transactions","type":"Proposed Rule","abstract":"This document contains proposed regulations regarding the base erosion and anti-abuse tax imposed on certain large corporate taxpayers with respect to certain payments made to foreign related parties. The proposed regulations relate to how qualified derivative payments with respect to securities lending transactions are determined and reported. The proposed regulations would affect corporations with substantial gross receipts that make payments to foreign related parties.","document_number":"2025-00186","html_url":"https://www.federalregister.gov/documents/2025/01/14/2025-00186/base-erosion-and-anti-abuse-tax-rules-for-qualified-derivative-payments-on-securities-lending","pdf_url":"https://www.govinfo.gov/content/pkg/FR-2025-01-14/pdf/2025-00186.pdf","public_inspection_pdf_url":"https://public-inspection.federalregister.gov/2025-00186.pdf?1736543718","publication_date":"2025-01-14","agencies":[{"raw_name":"DEPARTMENT OF THE TREASURY","name":"Treasury Department","id":497,"url":"https://www.federalregister.gov/agencies/treasury-department","json_url":"https://www.federalregister.gov/api/v1/agencies/497","parent_id":null,"slug":"treasury-department"},{"raw_name":"Internal Revenue Service","name":"Internal Revenue Service","id":254,"url":"https://www.federalregister.gov/agencies/internal-revenue-service","json_url":"https://www.federalregister.gov/api/v1/agencies/254","parent_id":497,"slug":"internal-revenue-service"}],"excerpts":"notional principal contracts, securities lending transactions require the lender to transfer the securities to the borrower at the inception of the transaction and the borrower is required to return those securities (or identical securities) to the lender when the securities lending transaction is terminated. While other derivative transactions may provide either for physical delivery of a security or for cash settlement, those transactions typically function as a risk-shifting mechanism, whereas securities lending transactions are generally entered into"},{"title":"Order Granting Conditional Substituted Compliance in Connection With Certain Capital and Financial Reporting Requirements Applicable to a Nonbank Swap Dealer Domiciled in the French Republic and Subject to the European Union's Investment Firms Regulation and Investment Firms Directive","type":"Rule","abstract":"The Commodity Futures Trading Commission (\"Commission\" or \"CFTC\") is issuing an order regarding an application submitted by Goldman Sachs Paris Inc. et Cie requesting that the Commission determine that the capital and financial reporting laws and regulations of the European Union applicable to a CFTC-registered swap dealer, which is organized and domiciled in the French Republic and subject to the Investment Firms Regulation (EU) 2019/2033 (\"IFR\") and Investment Firms Directive (EU) 2019/2034 (\"IFD\") legislative package, provide sufficient bases for an affirmative finding of comparability with respect to the Commission's swap dealer capital and financial reporting requirements adopted under the Commodity Exchange Act. The order provides that a nonbank swap dealer organized and domiciled in the French Republic and subject to the IFR and IFD legislative package may satisfy the capital requirements and the financial reporting rules under the applicable provisions of the Commodity Exchange Act and Commission regulations by complying with certain specified European Union laws and regulations and conditions set forth in the order.","document_number":"2026-09693","html_url":"https://www.federalregister.gov/documents/2026/05/14/2026-09693/order-granting-conditional-substituted-compliance-in-connection-with-certain-capital-and-financial","pdf_url":"https://www.govinfo.gov/content/pkg/FR-2026-05-14/pdf/2026-09693.pdf","public_inspection_pdf_url":"https://public-inspection.federalregister.gov/2026-09693.pdf?1778676326","publication_date":"2026-05-14","agencies":[{"raw_name":"COMMODITY FUTURES TRADING COMMISSION","name":"Commodity Futures Trading Commission","id":77,"url":"https://www.federalregister.gov/agencies/commodity-futures-trading-commission","json_url":"https://www.federalregister.gov/api/v1/agencies/77","parent_id":null,"slug":"commodity-futures-trading-commission"}],"excerpts":"74840 (Nov. 30, 2015).\n \n \n \n \n 18 \n \n See Margin Requirements for Uncleared Swaps for Swap Dealers and Major Swap Participants, \n 81 FR 636 (Jan. 6, 2016).\n \n \n \n \n 19 \n \n See Capital Requirements of Swap Dealers and Major Swap Participants, \n 85 FR 57462 (Sept. 15, 2020).\n \n \n \n Section 4s(f) of the CEA addresses SD and MSP financial reporting requirements.\n 20 \n \n Section 4s(f) of the CEA authorizes the Commission to adopt rules imposing financial condition reporting obligations on all SDs and MSPs (\n i.e., \n nonbank SDs, nonbank MSPs, bank SDs"},{"title":"Electronic Submission of Certain Materials Under the Securities Exchange Act of 1934; Amendments Regarding the FOCUS Report","type":"Rule","abstract":"The Securities and Exchange Commission (\"Commission\" or \"SEC\") is amending its rules to require electronic filing or submission of certain forms and other filings or submissions that are required to be filed with or submitted to the Commission under the Securities Exchange Act of 1934 (\"Exchange Act\") and the rules and regulations under the Exchange Act. The amendments require the electronic filing or submission on the Commission's Electronic Data Gathering, Analysis, and Retrieval (\"EDGAR\") system, using structured data where appropriate, for certain forms filed or submitted by self- regulatory organizations (\"SROs\"). The amendments require the information currently contained in Form 19b-4(e) to be publicly posted on the SRO's website and remove the manual signature requirements for SRO proposed rule change filings. The Commission is also requiring that a clearing agency post supplemental material to its website. In addition, the Commission is amending rules under the Exchange Act and the Securities Act of 1933 (\"Securities Act\") to require the electronic filing or submission on EDGAR, using structured data where appropriate, of certain forms, reports, and notices provided by broker- dealers, security-based swap dealers, and major security-based swap participants. The amendments also require withdrawal in certain circumstances of notices filed in connection with an exception to counting certain dealing transactions toward determining whether a person is a security-based swap dealer. Finally, the Commission is allowing electronic signatures in certain broker-dealer filings, and amending the Financial and Operational Combined Uniform Single Report (\"FOCUS Report\") to harmonize with other rules, make technical corrections, and provide clarifications.","document_number":"2024-30433","html_url":"https://www.federalregister.gov/documents/2025/01/21/2024-30433/electronic-submission-of-certain-materials-under-the-securities-exchange-act-of-1934-amendments","pdf_url":"https://www.govinfo.gov/content/pkg/FR-2025-01-21/pdf/2024-30433.pdf","public_inspection_pdf_url":"https://public-inspection.federalregister.gov/2024-30433.pdf?1737121512","publication_date":"2025-01-21","agencies":[{"raw_name":"SECURITIES AND EXCHANGE COMMISSION","name":"Securities and Exchange Commission","id":466,"url":"https://www.federalregister.gov/agencies/securities-and-exchange-commission","json_url":"https://www.federalregister.gov/api/v1/agencies/466","parent_id":null,"slug":"securities-and-exchange-commission"}],"excerpts":"Notices (available at \n https://www.sec.gov/tm/Security-Based-Swap-Valuation-Dispute-Notices \n ).\n \n \n \n \n 32 \n \n See \n Frequently Asked Questions Regarding Chief Compliance Officer Annual Reports Submitted by Security-Based Swap Dealers and Major Security-Based Swap Participants (available at \n https://www.sec.gov/tm/faqs-cco-annual-reports-sbsd \n ).\n \n \n \n \n 33 \n \n See \n Staff Statement on Submitting Notices, Statements, Applications, and Reports for Security-Based Swap Dealers and Major Security-Based Swap Participants Pursuant to the Financial Responsibility"},{"title":"Proposed Collection; Comment Request; Extension: Business Conduct Standards for Security-Based Swap Dealers and Major Security-Based Swap Participants","type":"Notice","abstract":null,"document_number":"2025-09476","html_url":"https://www.federalregister.gov/documents/2025/05/28/2025-09476/proposed-collection-comment-request-extension-business-conduct-standards-for-security-based-swap","pdf_url":"https://www.govinfo.gov/content/pkg/FR-2025-05-28/pdf/2025-09476.pdf","public_inspection_pdf_url":"https://public-inspection.federalregister.gov/2025-09476.pdf?1748349908","publication_date":"2025-05-28","agencies":[{"raw_name":"SECURITIES AND EXCHANGE COMMISSION","name":"Securities and Exchange Commission","id":466,"url":"https://www.federalregister.gov/agencies/securities-and-exchange-commission","json_url":"https://www.federalregister.gov/api/v1/agencies/466","parent_id":null,"slug":"securities-and-exchange-commission"}],"excerpts":"burden within the meaning of the PRA.\n \n \n \n 5 \n \n List of Registered Security-Based Swap Dealers and Major Security-Based Swap Participants, \n available at: \n https://www.sec.gov/about/divisions-offices/division-trading-markets/list-registered-security-based-swap-dealers-major-security-based-swap-participants \n (providing the list of registered security-based swap dealers and major security-based swap participants that was updated as of December 31, 2024). Information concerning Swap Entities registered with the CFTC available at: (\n https://www.cftc"},{"title":"Agency Information Collection Activities; Submission for OMB Review; Comment Request; Extension: Business Conduct Standards for Security-Based Swap Dealers and Major Security-Based Swap Participants","type":"Notice","abstract":null,"document_number":"2025-14852","html_url":"https://www.federalregister.gov/documents/2025/08/06/2025-14852/agency-information-collection-activities-submission-for-omb-review-comment-request-extension","pdf_url":"https://www.govinfo.gov/content/pkg/FR-2025-08-06/pdf/2025-14852.pdf","public_inspection_pdf_url":"https://public-inspection.federalregister.gov/2025-14852.pdf?1754397906","publication_date":"2025-08-06","agencies":[{"raw_name":"SECURITIES AND EXCHANGE COMMISSION","name":"Securities and Exchange Commission","id":466,"url":"https://www.federalregister.gov/agencies/securities-and-exchange-commission","json_url":"https://www.federalregister.gov/api/v1/agencies/466","parent_id":null,"slug":"securities-and-exchange-commission"}],"excerpts":"burden within the meaning of the PRA.\n \n \n \n 5 \n \n List of Registered Security-Based Swap Dealers and Major Security-Based Swap Participants, \n available at: \n https://www.sec.gov/about/divisions-offices/division-trading-markets/list-registered-security-based-swap-dealers-major-security-based-swap-participants \n (providing the list of registered security-based swap dealers and major security-based swap participants that was updated as of December 31, 2024). Information concerning Swap Entities registered with the CFTC available at: (\n https://www.cftc"},{"title":"Application of the Federal Securities Laws to Certain Types of Crypto Assets and Certain Transactions Involving Crypto Assets","type":"Rule","abstract":"The Securities and Exchange Commission (\"Commission\" or \"SEC\") issues herein an interpretation regarding the application of the Federal securities laws to certain types of crypto assets and certain transactions involving crypto assets. The references in this release to \"we\" and \"our\" are to the Commission. The Commodity Futures Trading Commission (\"CFTC\") provides herein guidance relating to that interpretation.","document_number":"2026-05635","html_url":"https://www.federalregister.gov/documents/2026/03/23/2026-05635/application-of-the-federal-securities-laws-to-certain-types-of-crypto-assets-and-certain","pdf_url":"https://www.govinfo.gov/content/pkg/FR-2026-03-23/pdf/2026-05635.pdf","public_inspection_pdf_url":"https://public-inspection.federalregister.gov/2026-05635.pdf?1774010720","publication_date":"2026-03-23","agencies":[{"raw_name":"COMMODITY FUTURES TRADING COMMISSION","name":"Commodity Futures Trading Commission","id":77,"url":"https://www.federalregister.gov/agencies/commodity-futures-trading-commission","json_url":"https://www.federalregister.gov/api/v1/agencies/77","parent_id":null,"slug":"commodity-futures-trading-commission"},{"raw_name":"SECURITIES AND EXCHANGE COMMISSION","name":"Securities and Exchange Commission","id":466,"url":"https://www.federalregister.gov/agencies/securities-and-exchange-commission","json_url":"https://www.federalregister.gov/api/v1/agencies/466","parent_id":null,"slug":"securities-and-exchange-commission"}],"excerpts":"an investment contract is not a tokenized security. \n See supra \n note 47. Further, a stablecoin that meets the definition of “security” based on its particular facts and circumstances is a tokenized security. \n See supra \n section III.D.\n \n \n \n A security is a security regardless of whether it is issued, or otherwise represented, offchain or onchain. All devices and instruments that have the \n \n economic characteristics of a security are securities regardless of format or label. Many digital securities convey the same legal rights with respect"},{"title":"Agency Information Collection Activities: Notice of Intent To Extend Collection 3038-0111: Margin Requirements for Uncleared Swaps for Swap Dealers and Major Swap Participants-Cross-Border Application of the Margin Requirements","type":"Notice","abstract":"The Commodity Futures Trading Commission (\"CFTC\" or \"Commission\") is announcing an opportunity for public comment on the proposed renewal of a collection of certain information by the agency. Under the Paperwork Reduction Act (\"PRA\"), Federal agencies are required to publish notice in the Federal Register concerning each proposed collection of information, including each proposed extension of an existing collection of information, and to allow 60 days for public comment. This notice solicits comments on the burdens associated with the information collections associated with the Commission's Margin Requirements for Uncleared Swaps for Swap Dealers and Major Swap Participants--Cross-Border Application of the Margin Requirements, including (1) requesting a comparability determination from the Commission; (2) maintaining policies and procedures for compliance with the Commission's special provisions for non-netting jurisdictions and non-segregation jurisdictions; and (3) maintaining books and records properly documenting that all of the requirements of the special provisions for non-netting jurisdictions and non-segregation jurisdictions are satisfied.","document_number":"2025-12639","html_url":"https://www.federalregister.gov/documents/2025/07/08/2025-12639/agency-information-collection-activities-notice-of-intent-to-extend-collection-3038-0111-margin","pdf_url":"https://www.govinfo.gov/content/pkg/FR-2025-07-08/pdf/2025-12639.pdf","public_inspection_pdf_url":"https://public-inspection.federalregister.gov/2025-12639.pdf?1751892312","publication_date":"2025-07-08","agencies":[{"raw_name":"COMMODITY FUTURES TRADING COMMISSION","name":"Commodity Futures Trading Commission","id":77,"url":"https://www.federalregister.gov/agencies/commodity-futures-trading-commission","json_url":"https://www.federalregister.gov/api/v1/agencies/77","parent_id":null,"slug":"commodity-futures-trading-commission"}],"excerpts":" \n \n \n 22 \n \n See \n Comparability Determination for Japan: Margin Requirements for Uncleared Swaps for Swap Dealers and Major Swap Participants, 81 FR 63376 (Sep. 15, 2016); Comparability Determination for the European Union: Margin Requirements for Uncleared Swaps for Swap Dealers and Major Swap Participants, 82 FR 48394 (Oct. 18, 2017); Comparability Determination for Australia: Margin Requirements for Uncleared Swaps for Swap Dealers and Major Swap Participants, 84 FR 12908 (Apr. 3, 2019). The Commission subsequently amended its comparability"},{"title":"Order Granting Registration of Security-Based Swap Execution Facilities","type":"Notice","abstract":null,"document_number":"2025-02162","html_url":"https://www.federalregister.gov/documents/2025/02/04/2025-02162/order-granting-registration-of-security-based-swap-execution-facilities","pdf_url":"https://www.govinfo.gov/content/pkg/FR-2025-02-04/pdf/2025-02162.pdf","public_inspection_pdf_url":"https://public-inspection.federalregister.gov/2025-02162.pdf?1738590310","publication_date":"2025-02-04","agencies":[{"raw_name":"SECURITIES AND EXCHANGE COMMISSION","name":"Securities and Exchange Commission","id":466,"url":"https://www.federalregister.gov/agencies/securities-and-exchange-commission","json_url":"https://www.federalregister.gov/api/v1/agencies/466","parent_id":null,"slug":"securities-and-exchange-commission"}],"excerpts":"determination \n 809 \n \n \n Product filings by security-based swap execution facilities that are not yet registered and by dormant security-based swap execution facilities \n 810 \n \n \n Information related to security-based swap execution facility compliance \n 811 \n \n \n Enforceability \n 812 \n \n \n Prohibited use of data collected for regulatory purposes \n 813 \n \n \n Entity operating both a national securities exchange and security-based swap execution facility \n 814 \n \n \n Methods of execution for required and permitted transactions \n 815 \n \n \n Trade execution requirement"},{"title":"Clearing Requirement Determination Under Section 2(h) of the Commodity Exchange Act for Interest Rate Swaps to Account for CAD and MXN Interest Rate Benchmark Transitions","type":"Proposed Rule","abstract":"The Commodity Futures Trading Commission (Commission or CFTC) is proposing to amend its interest rate swap clearing requirement regulations adopted under applicable provisions of the Commodity Exchange Act (CEA) to address the transition from the Canadian Dollar Offered Rate (CDOR) to the Canadian Overnight Repo Rate Average (CORRA), and the transition from the Mexican Interbank Equilibrium Interest Rate (la Tasa de Inter[eacute]s Interbancaria de Equilibrio, or TIIE by its Spanish acronym) to the Overnight TIIE Funding Rate (TIIE de Fondeo or F-TIIE), as benchmark reference rates for interest rate swaps denominated, respectively, in Canadian dollars (CAD) and Mexican pesos (MXN). These transitions are part of an ongoing global effort by market participants, benchmark administrators, regulators, and others to shift away from reliance on certain interbank offered rates (IBORs) that are, or are expected to become, unavailable as benchmark reference rates, and increase adoption of alternative reference rates, which are predominantly overnight, nearly risk-free reference rates (RFRs). The proposed amendments would revise the set of interest rate swaps that are required to be submitted for clearing, pursuant to the CEA and the Commission's regulations, to a derivatives clearing organization (DCO) that is registered under the CEA (registered DCO) or a DCO that has been exempted from such registration (exempt DCO). Among other things, the proposed amendments would modify the Commission's interest rate swap clearing requirement to reflect the market transitions from CAD CDOR to CAD CORRA and from MXN TIIE to MXN F-TIIE.","document_number":"2026-09428","html_url":"https://www.federalregister.gov/documents/2026/05/12/2026-09428/clearing-requirement-determination-under-section-2h-of-the-commodity-exchange-act-for-interest-rate","pdf_url":"https://www.govinfo.gov/content/pkg/FR-2026-05-12/pdf/2026-09428.pdf","public_inspection_pdf_url":"https://public-inspection.federalregister.gov/2026-09428.pdf?1778503542","publication_date":"2026-05-12","agencies":[{"raw_name":"COMMODITY FUTURES TRADING COMMISSION","name":"Commodity Futures Trading Commission","id":77,"url":"https://www.federalregister.gov/agencies/commodity-futures-trading-commission","json_url":"https://www.federalregister.gov/api/v1/agencies/77","parent_id":null,"slug":"commodity-futures-trading-commission"}],"excerpts":"framework for swaps.\n 1 \n \n Title VII of the Dodd-Frank Act (Title VII) amended the CEA to require, among other things, that a swap be cleared through a registered DCO or an exempt DCO if the Commission has determined that the swap, or group, category, type, or class of swaps, is required to be cleared, unless an exception to the clearing requirement applies.\n 2 \n \n The CEA, as amended by Title VII, provides that the Commission may issue a clearing requirement determination based either on a Commission-initiated review of a swap \n 3 \n \n or a swap submission"},{"title":"Agency Information Collection Activities: Information Collection Renewal; Comment Request; Margin and Capital Requirements for Covered Swap Entities","type":"Notice","abstract":"The OCC, as part of its continuing effort to reduce paperwork and respondent burden, invites comment on a continuing information collection, as required by the Paperwork Reduction Act of 1995 (PRA). In accordance with the requirements of the PRA, the OCC may not conduct or sponsor, and the respondent is not required to respond to, an information collection unless it displays a currently valid Office of Management and Budget (OMB) control number. The OCC is soliciting comment concerning the renewal of its information collection titled, \"Margin and Capital Requirements for Covered Swap Entities.\"","document_number":"2026-04936","html_url":"https://www.federalregister.gov/documents/2026/03/13/2026-04936/agency-information-collection-activities-information-collection-renewal-comment-request-margin-and","pdf_url":"https://www.govinfo.gov/content/pkg/FR-2026-03-13/pdf/2026-04936.pdf","public_inspection_pdf_url":"https://public-inspection.federalregister.gov/2026-04936.pdf?1773319513","publication_date":"2026-03-13","agencies":[{"raw_name":"DEPARTMENT OF THE TREASURY","name":"Treasury Department","id":497,"url":"https://www.federalregister.gov/agencies/treasury-department","json_url":"https://www.federalregister.gov/api/v1/agencies/497","parent_id":null,"slug":"treasury-department"},{"raw_name":"Office of the Comptroller of the Currency","name":"Comptroller of the Currency","id":80,"url":"https://www.federalregister.gov/agencies/comptroller-of-the-currency","json_url":"https://www.federalregister.gov/api/v1/agencies/80","parent_id":497,"slug":"comptroller-of-the-currency"}],"excerpts":"Act (Dodd-Frank Act) established a comprehensive regulatory framework for derivatives, which are generally characterized as swaps and security-based swaps. Sections 731 and 764 of the Dodd-Frank Act require the registration and regulation of swap dealers and major swap participants and security-based swap dealers and major security-based swap participants, respectively (collectively, “swap entities”). For certain types of swap entities that are prudentially regulated by one of the Agencies,\n 1 \n \n sections 731 and 764 of the Dodd-Frank Act require"},{"title":"Agency Information Collection Activities: Information Collection Renewal; Submission for OMB Review; Margin and Capital Requirements for Covered Swap Entities","type":"Notice","abstract":"The OCC, as part of its continuing effort to reduce paperwork and respondent burden, invites comment on a continuing information collection, as required by the Paperwork Reduction Act of 1995 (PRA). In accordance with the requirements of the PRA, the OCC may not conduct or sponsor, and the respondent is not required to respond to, an information collection unless it displays a currently valid Office of Management and Budget (OMB) control number. The OCC is soliciting comment concerning the renewal of its information collection titled, \"Margin and Capital Requirements for Covered Swap Entities.\" The OCC also is giving notice that it has sent the collection to OMB for review.","document_number":"2026-10048","html_url":"https://www.federalregister.gov/documents/2026/05/20/2026-10048/agency-information-collection-activities-information-collection-renewal-submission-for-omb-review","pdf_url":"https://www.govinfo.gov/content/pkg/FR-2026-05-20/pdf/2026-10048.pdf","public_inspection_pdf_url":"https://public-inspection.federalregister.gov/2026-10048.pdf?1779194708","publication_date":"2026-05-20","agencies":[{"raw_name":"DEPARTMENT OF THE TREASURY","name":"Treasury Department","id":497,"url":"https://www.federalregister.gov/agencies/treasury-department","json_url":"https://www.federalregister.gov/api/v1/agencies/497","parent_id":null,"slug":"treasury-department"},{"raw_name":"Office of the Comptroller of the Currency","name":"Comptroller of the Currency","id":80,"url":"https://www.federalregister.gov/agencies/comptroller-of-the-currency","json_url":"https://www.federalregister.gov/api/v1/agencies/80","parent_id":497,"slug":"comptroller-of-the-currency"}],"excerpts":"(Dodd-Frank Act) established a comprehensive regulatory framework for derivatives, which are generally characterized as swaps and security-based swaps.\n \n \n Sections 731 and 764 of the Dodd-Frank Act require the registration and regulation of swap dealers and major swap participants and security-based swap dealers and major security-based swap participants, respectively (collectively, “swap entities”). For certain types of swap entities that are prudentially regulated by one of the Agencies,\n 1 \n \n sections 731 and 764 of the \n \n Dodd-Frank Act require"},{"title":"Security-Based Swap Data Repositories; KOR Reporting, Inc.; Notice of Filing of Application for Registration as a Security-Based Swap Data Repository","type":"Notice","abstract":null,"document_number":"2024-17423","html_url":"https://www.federalregister.gov/documents/2024/08/07/2024-17423/security-based-swap-data-repositories-kor-reporting-inc-notice-of-filing-of-application-for","pdf_url":"https://www.govinfo.gov/content/pkg/FR-2024-08-07/pdf/2024-17423.pdf","public_inspection_pdf_url":"https://public-inspection.federalregister.gov/2024-17423.pdf?1722948325","publication_date":"2024-08-07","agencies":[{"raw_name":"SECURITIES AND EXCHANGE COMMISSION","name":"Securities and Exchange Commission","id":466,"url":"https://www.federalregister.gov/agencies/securities-and-exchange-commission","json_url":"https://www.federalregister.gov/api/v1/agencies/466","parent_id":null,"slug":"securities-and-exchange-commission"}],"excerpts":"sec. 5.3.1.\n \n \n \n The application provides that each swap will be identified in all recordkeeping and all Security-Based Swap Data reporting by the use of a UTI, which will be created, transmitted, and used for each swap.\n 90 \n \n Each registered entity and swap counterparty will include the UTI for a swap in all of its records and all of its Security-Based Swap Data reporting concerning that swap, from the time it creates or receives the UTI throughout the existence of the security-based swap and for as long as any records are required by applicable"},{"title":"Security-Based Swap Execution and Registration and Regulation of Security-Based Swap Execution Facilities","type":"Rule","abstract":"The Securities and Exchange Commission (\"SEC\" or \"Commission\") is adopting a set of rules and forms under the Securities Exchange Act of 1934 (\"SEA\") that would create a regime for the registration and regulation of security-based swap execution facilities (\"SBSEFs\") and address other issues relating to security- based swap (\"SBS\") execution generally. One of the rules being adopted implements an element of the Dodd-Frank Act that is intended to mitigate conflicts of interest at SBSEFs and national securities exchanges that trade SBS (\"SBS exchanges\"). Other rules being adopted address the cross-border application of the SEA's trading venue registration requirements and the trade execution requirement for SBS. In addition, the Commission is amending an existing rule to exempt, from the SEA definition of \"exchange,\" certain registered clearing agencies, as well as registered SBSEFs that provide a market place only for SBS. The Commission is also adopting a new rule that, while affirming that an SBSEF would be a broker under the SEA, exempts a registered SBSEF from certain broker requirements. Further, the Commission is adopting certain new rules and amendments to its Rules of Practice to allow persons who are aggrieved by certain actions by an SBSEF to apply for review by the Commission. Finally, the Commission is delegating new authority to the Director of the Division of Trading and Markets and to the General Counsel to take actions necessary to carry out the rules being adopted.","document_number":"2023-24587","html_url":"https://www.federalregister.gov/documents/2023/12/15/2023-24587/security-based-swap-execution-and-registration-and-regulation-of-security-based-swap-execution","pdf_url":"https://www.govinfo.gov/content/pkg/FR-2023-12-15/pdf/2023-24587.pdf","public_inspection_pdf_url":"https://public-inspection.federalregister.gov/2023-24587.pdf?1702561517","publication_date":"2023-12-15","agencies":[{"raw_name":"SECURITIES AND EXCHANGE COMMISSION","name":"Securities and Exchange Commission","id":466,"url":"https://www.federalregister.gov/agencies/securities-and-exchange-commission","json_url":"https://www.federalregister.gov/api/v1/agencies/466","parent_id":null,"slug":"securities-and-exchange-commission"}],"excerpts":"See \n CFTC, Swap Execution Facilities and Trade Execution Requirement—Proposed rule; partial withdrawal, 86 FR 9304, 9304 (Feb. 12, 2021).\n \n \n \n \n 11 \n \n See \n Proposing Release, \n supra \n note 1, 87 FR at 28874-76.\n \n \n \n \n 12 \n \n See \n Report on Security-Based Swaps (Mar. 20, 2023), \n available at https://www.sec.gov/files/report-security-based-swaps-032023.pdf. See also infra \n note 815 and accompanying text (discussing security-based swap transactions data in the credit, equity, and interest rate derivatives asset classes reported by registered"},{"title":"Capital and Financial Reporting Requirements for Swap Dealers and Major Swap Participants","type":"Rule","abstract":"The Commodity Futures Trading Commission (\"Commission\" or \"CFTC\") is adopting amendments to certain of the Commission's regulations that impose minimum capital requirements and financial reporting obligations on swap dealers (\"SDs\") and major swap participants (\"MSPs\"). The Commission is adopting amendments consistent with previously issued staff letters addressing the Tangible Net Worth Capital Approach for calculating capital under the applicable Commission regulation and alternative financial reporting by SDs subject to the capital requirements of a prudential regulator. The Commission is also adopting amendments to certain of its regulations applicable to SDs, in areas including the required timing of certain notifications, the process for approval of subordinated debt for capital, and the revision of financial reporting forms to conform to the rules. The amendments are intended to facilitate SDs' compliance with the Commission's financial reporting obligations and minimum capital requirements.","document_number":"2024-10342","html_url":"https://www.federalregister.gov/documents/2024/05/23/2024-10342/capital-and-financial-reporting-requirements-for-swap-dealers-and-major-swap-participants","pdf_url":"https://www.govinfo.gov/content/pkg/FR-2024-05-23/pdf/2024-10342.pdf","public_inspection_pdf_url":"https://public-inspection.federalregister.gov/2024-10342.pdf?1716381913","publication_date":"2024-05-23","agencies":[{"raw_name":"COMMODITY FUTURES TRADING COMMISSION","name":"Commodity Futures Trading Commission","id":77,"url":"https://www.federalregister.gov/agencies/commodity-futures-trading-commission","json_url":"https://www.federalregister.gov/api/v1/agencies/77","parent_id":null,"slug":"commodity-futures-trading-commission"}],"excerpts":"2558-2559.\n \n \n \n \n 98 \n IIB/ISDA/SIFMA Letter at 5.\n \n \n \n \n 99 \n \n Id. See \n SEC, Division of Trading and Markets letter on Financial Reporting requirements for Security-Based Swap Dealers and Major Security-Based Swap Participants (Oct. 27, 2021) and Order Specifying the Manner and Format of Filing Unaudited Financial and Operational Information by Security-Based Swap Dealers and Major Security-Based Swap Participants That Are Not U.S. Persons and Are Relying on Substituted Compliance Determinations With Respect to Rule 18a-7, 86 FR 59208 (Oct"}]}