CFR Title 17, Commodity and Securities Exchanges – Catalog

CFR Title 17, Commodity and Securities Exchanges

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CFR DataTable of FEDERAL REGISTER Activity

PublishedTypeAgenciesNameTitleExcerptFRDocPDFHTMLAbstract
PublishedTypeAgenciesNameTitleExcerptFRDocPDFHTMLAbstract
2019-09-27RuleCOMMODITY FUTURES TRADING COMMISSIONCommodity Futures Trading CommissionPosition Limits and Position Accountability for Security Futures ProductsThe Commodity Futures Trading Commission (``CFTC'' or ``Commission'') is issuing a final rule to amend the position limit rules applicable to security futures products (``SFP'') by increasing the default maximum level of equity SFP position limits that...2019-20476"https://www.govinfo.gov/content/pkg/FR-2019-09-27/pdf/2019-20476.pdfhttps://www.federalregister.gov/documents/2019/09/27/2019-20476/position-limits-and-position-accountability-for-security-futures-productsThe Commodity Futures Trading Commission (``CFTC'' or ``Commission'') is issuing a final rule to amend the position limit rules applicable to security futures products (``SFP'') by increasing the default maximum level of equity SFP position limits that designated contract markets (``DCMs'') may set; modifying the criteria for setting a higher position limit and position accountability level by relying primarily on estimated deliverable supply; and adjusting the time during which position limits or position accountability must be in effect. In addition, the final rule will provide DCMs discretion to apply limits to either a person's net position or a person's position on the same side of the market. The rule also includes position limit requirements and related guidance and acceptable practices for DCMs to apply in adopting position limits for SFPs based on products other than an equity security.
2019-09-26RuleSECURITIES AND EXCHANGE COMMISSIONSecurities and Exchange CommissionTechnical Amendments To Update Cross-References to Commission's FOIA RegulationsThe Securities and Exchange Commission (``SEC'' or ``Commission'') is adopting technical amendments to update cross- references to reflect amendments to the Commission's Freedom of Information Act (``FOIA'') regulations published as a final rule on...2019-20369"https://www.govinfo.gov/content/pkg/FR-2019-09-26/pdf/2019-20369.pdfhttps://www.federalregister.gov/documents/2019/09/26/2019-20369/technical-amendments-to-update-cross-references-to-commissions-foia-regulationsThe Securities and Exchange Commission (``SEC'' or ``Commission'') is adopting technical amendments to update cross- references to reflect amendments to the Commission's Freedom of Information Act (``FOIA'') regulations published as a final rule on June 28, 2018.
2019-09-20Proposed RuleCOMMODITY FUTURES TRADING COMMISSIONCommodity Futures Trading CommissionPublic Rulemaking ProceduresThe Commodity Futures Trading Commission (the ``Commission'') is proposing to amend part 13 of its regulations to eliminate the provisions that set forth the procedure for the formulation, amendment, or repeal of rules or regulations. Because the...2019-20361"https://www.govinfo.gov/content/pkg/FR-2019-09-20/pdf/2019-20361.pdfhttps://www.federalregister.gov/documents/2019/09/20/2019-20361/public-rulemaking-proceduresThe Commodity Futures Trading Commission (the ``Commission'') is proposing to amend part 13 of its regulations to eliminate the provisions that set forth the procedure for the formulation, amendment, or repeal of rules or regulations. Because the Administrative Procedure Act (``APA'') governs the Commission's rulemaking process, the Commission believes that it is unnecessary to codify the rulemaking process in a Commission regulation. Part 13, as amended, will be comprised solely of the procedure for filing petitions for rulemakings as the APA does not address this process.
2019-09-18Proposed RuleCOMMODITY FUTURES TRADING COMMISSIONCommodity Futures Trading CommissionExemption From Derivatives Clearing Organization RegistrationOn July 23, 2019, the Commodity Futures Trading Commission (Commission) published in the Federal Register a supplemental notice of proposed rulemaking (NPRM) titled Exemption from Derivatives Clearing Organization Registration. The comment period for...2019-20189"https://www.govinfo.gov/content/pkg/FR-2019-09-18/pdf/2019-20189.pdfhttps://www.federalregister.gov/documents/2019/09/18/2019-20189/exemption-from-derivatives-clearing-organization-registrationOn July 23, 2019, the Commodity Futures Trading Commission (Commission) published in the Federal Register a supplemental notice of proposed rulemaking (NPRM) titled Exemption from Derivatives Clearing Organization Registration. The comment period for the supplemental NPRM closes on September 23, 2019. The Commission is extending the comment period for this supplemental NPRM by an additional 60 days.
2019-09-18Proposed RuleCOMMODITY FUTURES TRADING COMMISSIONCommodity Futures Trading CommissionRegistration With Alternative Compliance for Non-U.S. Derivatives Clearing OrganizationsOn July 19, 2019, the Commodity Futures Trading Commission (Commission) published in the Federal Register a notice of proposed rulemaking (NPRM) titled Registration With Alternative Compliance for Non-U.S. Derivatives Clearing Organizations. The...2019-20188"https://www.govinfo.gov/content/pkg/FR-2019-09-18/pdf/2019-20188.pdfhttps://www.federalregister.gov/documents/2019/09/18/2019-20188/registration-with-alternative-compliance-for-non-us-derivatives-clearing-organizationsOn July 19, 2019, the Commodity Futures Trading Commission (Commission) published in the Federal Register a notice of proposed rulemaking (NPRM) titled Registration With Alternative Compliance for Non-U.S. Derivatives Clearing Organizations. The comment period for the NPRM closes on September 17, 2019. The Commission is extending the comment period for this NPRM by an additional 60 days.
2019-09-10RuleSECURITIES AND EXCHANGE COMMISSIONSecurities and Exchange CommissionCommission Interpretation and Guidance Regarding the Applicability of the Proxy Rules to Proxy Voting AdviceThe Securities and Exchange Commission (the ``SEC'' or the ``Commission'') is providing an interpretation and related guidance regarding the applicability of certain rules, which the Commission has promulgated under Section 14 of the Securities...2019-18355"https://www.govinfo.gov/content/pkg/FR-2019-09-10/pdf/2019-18355.pdfhttps://www.federalregister.gov/documents/2019/09/10/2019-18355/commission-interpretation-and-guidance-regarding-the-applicability-of-the-proxy-rules-to-proxyThe Securities and Exchange Commission (the ``SEC'' or the ``Commission'') is providing an interpretation and related guidance regarding the applicability of certain rules, which the Commission has promulgated under Section 14 of the Securities Exchange Act of 1934 (the ``Exchange Act'' and such rules the ``federal proxy rules''), to proxy voting advice.
2019-09-10RuleSECURITIES AND EXCHANGE COMMISSIONSecurities and Exchange CommissionCommission Guidance Regarding Proxy Voting Responsibilities of Investment AdvisersThe Securities and Exchange Commission (the ``SEC'' or the ``Commission'') is publishing guidance regarding the proxy voting responsibilities of investment advisers under its regulations issued under the Investment Advisers Act of 1940 (the ``Advisers...2019-18342"https://www.govinfo.gov/content/pkg/FR-2019-09-10/pdf/2019-18342.pdfhttps://www.federalregister.gov/documents/2019/09/10/2019-18342/commission-guidance-regarding-proxy-voting-responsibilities-of-investment-advisersThe Securities and Exchange Commission (the ``SEC'' or the ``Commission'') is publishing guidance regarding the proxy voting responsibilities of investment advisers under its regulations issued under the Investment Advisers Act of 1940 (the ``Advisers Act''), and Form N-1A, Form N-2, Form N-3, and Form N-CSR under the Investment Company Act of 1940 (the ``Investment Company Act'').
2019-08-23Proposed RuleSECURITIES AND EXCHANGE COMMISSIONSecurities and Exchange CommissionModernization of Regulation S-K Items 101, 103, and 105The Securities and Exchange Commission (``Commission'') is proposing for public comment amendments to modernize the description of business, legal proceedings, and risk factor disclosures that registrants are required to make pursuant to Regulation...2019-17410"https://www.govinfo.gov/content/pkg/FR-2019-08-23/pdf/2019-17410.pdfhttps://www.federalregister.gov/documents/2019/08/23/2019-17410/modernization-of-regulation-s-k-items-101-103-and-105The Securities and Exchange Commission (``Commission'') is proposing for public comment amendments to modernize the description of business, legal proceedings, and risk factor disclosures that registrants are required to make pursuant to Regulation S-K. These disclosure items have not undergone significant revisions in over 30 years. The proposed amendments are intended to update our rules to account for developments since their adoption or last amendment, to improve these disclosures for investors, and to simplify compliance efforts for registrants. Specifically, the proposed amendments are intended to improve the readability of disclosure documents, as well as discourage repetition and disclosure of information that is not material.
2019-08-22RuleSECURITIES AND EXCHANGE COMMISSIONSecurities and Exchange CommissionCapital, Margin, and Segregation Requirements for Security-Based Swap Dealers and Major Security-Based Swap Participants and Capital and Segregation Requirements for Broker-DealersIn accordance with the Dodd-Frank Wall Street Reform and Consumer Protection Act (``Dodd-Frank Act''), the Securities and Exchange Commission (``Commission''), pursuant to the Securities Exchange Act of 1934 (``Exchange Act''), is adopting capital and...2019-13609"https://www.govinfo.gov/content/pkg/FR-2019-08-22/pdf/2019-13609.pdfhttps://www.federalregister.gov/documents/2019/08/22/2019-13609/capital-margin-and-segregation-requirements-for-security-based-swap-dealers-and-major-security-basedIn accordance with the Dodd-Frank Wall Street Reform and Consumer Protection Act (``Dodd-Frank Act''), the Securities and Exchange Commission (``Commission''), pursuant to the Securities Exchange Act of 1934 (``Exchange Act''), is adopting capital and margin requirements for security-based swap dealers (``SBSDs'') and major security-based swap participants (``MSBSPs''), segregation requirements for SBSDs, and notification requirements with respect to segregation for SBSDs and MSBSPs. The Commission also is increasing the minimum net capital requirements for broker-dealers authorized to use internal models to compute net capital (``ANC broker-dealers''), and prescribing certain capital and segregation requirements for broker-dealers that are not SBSDs to the extent they engage in security-based swap and swap activity. The Commission also is making substituted compliance available with respect to capital and margin requirements under Section 15F of the Exchange Act and the rules thereunder and adopting a rule that specifies when a foreign SBSD or foreign MSBSP need not comply with the segregation requirements of Section 3E of the Exchange Act and the rules thereunder.
2019-08-14RuleSECURITIES AND EXCHANGE COMMISSIONSecurities and Exchange CommissionAmendments to Rules for Nationally Recognized Statistical Rating OrganizationsThe Securities and Exchange Commission (``Commission'') is adopting amendments to rules for nationally recognized statistical rating organizations (``NRSROs'') under the Securities Exchange Act of 1934 (``Exchange Act''). The amendments provide an...2019-17218"https://www.govinfo.gov/content/pkg/FR-2019-08-14/pdf/2019-17218.pdfhttps://www.federalregister.gov/documents/2019/08/14/2019-17218/amendments-to-rules-for-nationally-recognized-statistical-rating-organizationsThe Securities and Exchange Commission (``Commission'') is adopting amendments to rules for nationally recognized statistical rating organizations (``NRSROs'') under the Securities Exchange Act of 1934 (``Exchange Act''). The amendments provide an exemption from a rule for NRSROs with respect to credit ratings if the issuer of the security or money market instrument referred to in the rule is not a U.S. person, and the NRSRO has a reasonable basis to conclude that all offers and sales of such security or money market instrument by any issuer, sponsor, or underwriter linked to such security or money market instrument will occur outside the United States. In addition, the amendments make conforming changes to similar exemptions in two other Exchange Act rules and technical corrections with respect to one of these rules.
2019-08-13RuleSECURITIES AND EXCHANGE COMMISSIONSecurities and Exchange CommissionFAST Act Modernization and Simplification of Regulation S-K; CorrectionThis document makes technical corrections to certain amendments to the Commission's disclosure rules and forms adopted in Release No. 33-10618 (March 20, 2019), which was published in the Federal Register on April 2, 2019. Specifically, this document...2019-17138"https://www.govinfo.gov/content/pkg/FR-2019-08-13/pdf/2019-17138.pdfhttps://www.federalregister.gov/documents/2019/08/13/2019-17138/fast-act-modernization-and-simplification-of-regulation-s-k-correctionThis document makes technical corrections to certain amendments to the Commission's disclosure rules and forms adopted in Release No. 33-10618 (March 20, 2019), which was published in the Federal Register on April 2, 2019. Specifically, this document reinstates certain item headings in registration statement forms under the Securities Act of 1933 that were inadvertently changed; relocates certain amendments to the correct item numbers in these forms and reinstates text that was inadvertently removed; corrects a portion of the exhibit table in Item 601(a) of Regulation S-K to make it consistent with the regulatory text of the amendments; and corrects certain typographical errors and a cross-reference in the regulatory text of the amendments.
2019-08-09RuleSECURITIES AND EXCHANGE COMMISSIONSecurities and Exchange CommissionRegulation Best Interest: The Broker-Dealer Standard of ConductC1-2019-12164"https://www.govinfo.gov/content/pkg/FR-2019-08-09/pdf/C1-2019-12164.pdfhttps://www.federalregister.gov/documents/2019/08/09/C1-2019-12164/regulation-best-interest-the-broker-dealer-standard-of-conduct
2019-08-06RuleFEDERAL RESERVE SYSTEMFederal Reserve SystemRevisions to Prohibitions and Restrictions on Proprietary Trading and Certain Interests in, and Relationships With, Hedge Funds and Private Equity FundsThe Agencies published a final rule in the Federal Register on July 22, 2019, that adopted final rules to amend regulations implementing Section 13 of the Bank Holding Company Act (the Volcker Rule) in a manner consistent with the statutory amendments...2019-16634"https://www.govinfo.gov/content/pkg/FR-2019-08-06/pdf/2019-16634.pdfhttps://www.federalregister.gov/documents/2019/08/06/2019-16634/revisions-to-prohibitions-and-restrictions-on-proprietary-trading-and-certain-interests-in-andThe Agencies published a final rule in the Federal Register on July 22, 2019, that adopted final rules to amend regulations implementing Section 13 of the Bank Holding Company Act (the Volcker Rule) in a manner consistent with the statutory amendments made pursuant to certain sections of the Economic Growth, Regulatory Relief, and Consumer Protection Act. This document corrects errors in amendatory instructions in the rule.
2019-07-26Proposed RuleCOMMODITY FUTURES TRADING COMMISSIONCommodity Futures Trading CommissionCustomer Margin Rules Relating to Security FuturesThe Commodity Futures Trading Commission (``CFTC'') and the Securities and Exchange Commission (``SEC'') (collectively, the ``Commissions'') are proposing amendments to regulations that establish minimum customer margin requirements for security...2019-15400"https://www.govinfo.gov/content/pkg/FR-2019-07-26/pdf/2019-15400.pdfhttps://www.federalregister.gov/documents/2019/07/26/2019-15400/customer-margin-rules-relating-to-security-futuresThe Commodity Futures Trading Commission (``CFTC'') and the Securities and Exchange Commission (``SEC'') (collectively, the ``Commissions'') are proposing amendments to regulations that establish minimum customer margin requirements for security futures. More specifically, the proposed amendments would lower the margin requirement for an unhedged security futures position from 20% to 15%, as well as propose certain revisions to the margin offset table consistent with the proposed reduction in margin.
2019-07-25Proposed RuleCOMMODITY FUTURES TRADING COMMISSIONCommodity Futures Trading CommissionCertain Swap Data Repository and Data Reporting Requirements; Extension of Comment PeriodOn May 13, 2019, the Commodity Futures Trading Commission (Commission) published in the Federal Register a notice of proposed rulemaking (NPRM) titled Certain Swap Data Repository and Data Reporting Requirements. The comment period for the NPRM closes...2019-15810"https://www.govinfo.gov/content/pkg/FR-2019-07-25/pdf/2019-15810.pdfhttps://www.federalregister.gov/documents/2019/07/25/2019-15810/certain-swap-data-repository-and-data-reporting-requirements-extension-of-comment-periodOn May 13, 2019, the Commodity Futures Trading Commission (Commission) published in the Federal Register a notice of proposed rulemaking (NPRM) titled Certain Swap Data Repository and Data Reporting Requirements. The comment period for the NPRM closes on July 29, 2019. The Commission is extending the comment period for this NPRM by an additional 90 days.
2019-07-23Proposed RuleCOMMODITY FUTURES TRADING COMMISSIONCommodity Futures Trading CommissionExemption From Derivatives Clearing Organization RegistrationIn August 2018, the Commodity Futures Trading Commission (Commission) proposed regulations that would codify the policies and procedures that the Commission is currently following with respect to granting exemptions from registration as a derivatives...2019-15258"https://www.govinfo.gov/content/pkg/FR-2019-07-23/pdf/2019-15258.pdfhttps://www.federalregister.gov/documents/2019/07/23/2019-15258/exemption-from-derivatives-clearing-organization-registrationIn August 2018, the Commodity Futures Trading Commission (Commission) proposed regulations that would codify the policies and procedures that the Commission is currently following with respect to granting exemptions from registration as a derivatives clearing organization (registered DCO) (2018 Proposal). The Commission is issuing this supplemental notice of proposed rulemaking to further propose to permit DCOs that are exempt from registration (exempt DCOs) to clear swaps for U.S. customers under certain circumstances. To facilitate this, the Commission also is proposing to allow persons located outside of the United States to accept funds from U.S. persons to margin swaps cleared at an exempt DCO, without registering as futures commission merchants (FCMs). In addition, the Commission is proposing certain amendments to the delegation provisions in part 140 of its regulations.
2019-07-22RuleDEPARTMENT OF THE TREASURYTreasury DepartmentRevisions to Prohibitions and Restrictions on Proprietary Trading and Certain Interests In, and Relationships With, Hedge Funds and Private Equity FundsThe OCC, Board, FDIC, SEC, and CFTC are adopting final rules to amend the regulations implementing the Bank Holding Company Act's prohibitions and restrictions on proprietary trading and certain interests in, and relationships with, hedge funds and...2019-15019"https://www.govinfo.gov/content/pkg/FR-2019-07-22/pdf/2019-15019.pdfhttps://www.federalregister.gov/documents/2019/07/22/2019-15019/revisions-to-prohibitions-and-restrictions-on-proprietary-trading-and-certain-interests-in-andThe OCC, Board, FDIC, SEC, and CFTC are adopting final rules to amend the regulations implementing the Bank Holding Company Act's prohibitions and restrictions on proprietary trading and certain interests in, and relationships with, hedge funds and private equity funds (commonly known as the Volcker Rule) in a manner consistent with the statutory amendments made pursuant to certain sections of the Economic Growth, Regulatory Relief, and Consumer Protection Act (EGRRCPA). The EGRRCPA amendments and the final rules exclude from these prohibitions and restrictions certain firms that have total consolidated assets equal to $10 billion or less and total trading assets and liabilities equal to five percent or less of total consolidated assets. The EGRRCPA amendments and the final rules also revise the restrictions applicable to the naming of a hedge fund or private equity fund to permit an investment adviser that is a banking entity to share a name with the fund under certain circumstances.
2019-07-19Proposed RuleCOMMODITY FUTURES TRADING COMMISSIONCommodity Futures Trading CommissionRegistration With Alternative Compliance for Non-U.S. Derivatives Clearing OrganizationsThe Commodity Futures Trading Commission (Commission) is proposing amendments to its regulations that would permit derivatives clearing organizations (DCOs) organized outside of the United States (hereinafter referred to as ``non-U.S. clearing...2019-15262"https://www.govinfo.gov/content/pkg/FR-2019-07-19/pdf/2019-15262.pdfhttps://www.federalregister.gov/documents/2019/07/19/2019-15262/registration-with-alternative-compliance-for-non-us-derivatives-clearing-organizationsThe Commodity Futures Trading Commission (Commission) is proposing amendments to its regulations that would permit derivatives clearing organizations (DCOs) organized outside of the United States (hereinafter referred to as ``non-U.S. clearing organizations'') that do not pose substantial risk to the U.S. financial system to register with the Commission yet comply with the core principles applicable to DCOs set forth in the Commodity Exchange Act (CEA) through compliance with their home country regulatory regime, subject to certain conditions and limitations. The Commission is also proposing certain related amendments to the delegation provisions in its regulations.
2019-07-12RuleSECURITIES AND EXCHANGE COMMISSIONSecurities and Exchange CommissionCommission Interpretation Regarding the Solely Incidental Prong of the Broker-Dealer Exclusion From the Definition of Investment AdviserThe Securities and Exchange Commission (the ``SEC'' or the ``Commission'') is publishing an interpretation of a section of the Investment Advisers Act of 1940 (the ``Advisers Act'' or the ``Act''), which excludes from the definition of ``investment...2019-12209"https://www.govinfo.gov/content/pkg/FR-2019-07-12/pdf/2019-12209.pdfhttps://www.federalregister.gov/documents/2019/07/12/2019-12209/commission-interpretation-regarding-the-solely-incidental-prong-of-the-broker-dealer-exclusion-fromThe Securities and Exchange Commission (the ``SEC'' or the ``Commission'') is publishing an interpretation of a section of the Investment Advisers Act of 1940 (the ``Advisers Act'' or the ``Act''), which excludes from the definition of ``investment adviser'' any broker or dealer that provides advisory services when such services are ``solely incidental'' to the conduct of the broker or dealer's business and when such incidental advisory services are provided for no special compensation.
2019-07-12RuleSECURITIES AND EXCHANGE COMMISSIONSecurities and Exchange CommissionForm CRS Relationship Summary; Amendments to Form ADVThe Securities and Exchange Commission (the ``Commission'' or the ``SEC'') is adopting new rules and forms as well as amendments to its rules and forms, under both the Investment Advisers Act of 1940 (``Advisers Act'') and the Securities Exchange Act...2019-12376"https://www.govinfo.gov/content/pkg/FR-2019-07-12/pdf/2019-12376.pdfhttps://www.federalregister.gov/documents/2019/07/12/2019-12376/form-crs-relationship-summary-amendments-to-form-advThe Securities and Exchange Commission (the ``Commission'' or the ``SEC'') is adopting new rules and forms as well as amendments to its rules and forms, under both the Investment Advisers Act of 1940 (``Advisers Act'') and the Securities Exchange Act of 1934 (``Exchange Act'') to require registered investment advisers and registered broker- dealers (together, ``firms'') to provide a brief relationship summary to retail investors. The relationship summary is intended to inform retail investors about: The types of client and customer relationships and services the firm offers; the fees, costs, conflicts of interest, and required standard of conduct associated with those relationships and services; whether the firm and its financial professionals currently have reportable legal or disciplinary history; and how to obtain additional information about the firm. The relationship summary will also reference Investor.gov/CRS, a page on the Commission's investor education website, Investor.gov, which offers educational information to investors about investment advisers, broker-dealers, and individual financial professionals and other materials. Retail investors will receive a relationship summary at the beginning of a relationship with a firm, communications of updated information following a material change to the relationship summary, and an updated relationship summary upon certain events. The relationship summary is subject to Commission filing and recordkeeping requirements.
2019-07-12RuleSECURITIES AND EXCHANGE COMMISSIONSecurities and Exchange CommissionCommission Interpretation Regarding Standard of Conduct for Investment AdvisersThe Securities and Exchange Commission (the ``SEC'' or the ``Commission'') is publishing an interpretation of the standard of conduct for investment advisers under the Investment Advisers Act of 1940 (the ``Advisers Act'' or the ``Act'').2019-12208"https://www.govinfo.gov/content/pkg/FR-2019-07-12/pdf/2019-12208.pdfhttps://www.federalregister.gov/documents/2019/07/12/2019-12208/commission-interpretation-regarding-standard-of-conduct-for-investment-advisersThe Securities and Exchange Commission (the ``SEC'' or the ``Commission'') is publishing an interpretation of the standard of conduct for investment advisers under the Investment Advisers Act of 1940 (the ``Advisers Act'' or the ``Act'').
2019-07-12RuleSECURITIES AND EXCHANGE COMMISSIONSecurities and Exchange CommissionRegulation Best Interest: The Broker-Dealer Standard of ConductThe Securities and Exchange Commission (the ``Commission'') is adopting a new rule under the Securities Exchange Act of 1934 (``Exchange Act''), establishing a standard of conduct for broker- dealers and natural persons who are associated persons of a...2019-12164"https://www.govinfo.gov/content/pkg/FR-2019-07-12/pdf/2019-12164.pdfhttps://www.federalregister.gov/documents/2019/07/12/2019-12164/regulation-best-interest-the-broker-dealer-standard-of-conductThe Securities and Exchange Commission (the ``Commission'') is adopting a new rule under the Securities Exchange Act of 1934 (``Exchange Act''), establishing a standard of conduct for broker- dealers and natural persons who are associated persons of a broker- dealer (unless otherwise indicated, together referred to as ``broker- dealer'') when they make a recommendation to a retail customer of any securities transaction or investment strategy involving securities (``Regulation Best Interest''). Regulation Best Interest enhances the broker-dealer standard of conduct beyond existing suitability obligations, and aligns the standard of conduct with retail customers' reasonable expectations by requiring broker-dealers, among other things, to: Act in the best interest of the retail customer at the time the recommendation is made, without placing the financial or other interest of the broker-dealer ahead of the interests of the retail customer; and address conflicts of interest by establishing, maintaining, and enforcing policies and procedures reasonably designed to identify and fully and fairly disclose material facts about conflicts of interest, and in instances where we have determined that disclosure is insufficient to reasonably address the conflict, to mitigate or, in certain instances, eliminate the conflict. The standard of conduct established by Regulation Best Interest cannot be satisfied through disclosure alone. The standard of conduct draws from key principles underlying fiduciary obligations, including those that apply to investment advisers under the Investment Advisers Act of 1940 (``Advisers Act''). Importantly, regardless of whether a retail investor chooses a broker-dealer or an investment adviser (or both), the retail investor will be entitled to a recommendation (from a broker-dealer) or advice (from an investment adviser) that is in the best interest of the retail investor and that does not place the interests of the firm or the financial professional ahead of the interests of the retail investor.
2019-07-05RuleSECURITIES AND EXCHANGE COMMISSIONSecurities and Exchange CommissionAuditor Independence With Respect to Certain Loans or Debtor-Creditor RelationshipsThe Securities and Exchange Commission (``Commission'') is adopting amendments to its auditor independence rules to refocus the analysis that must be conducted to determine whether an auditor is independent when the auditor has a lending relationship...2019-13429"https://www.govinfo.gov/content/pkg/FR-2019-07-05/pdf/2019-13429.pdfhttps://www.federalregister.gov/documents/2019/07/05/2019-13429/auditor-independence-with-respect-to-certain-loans-or-debtor-creditor-relationshipsThe Securities and Exchange Commission (``Commission'') is adopting amendments to its auditor independence rules to refocus the analysis that must be conducted to determine whether an auditor is independent when the auditor has a lending relationship with certain shareholders of an audit client at any time during an audit or professional engagement period. The amendments focus the analysis on beneficial ownership rather than on both record and beneficial ownership; replace the existing 10 percent bright-line shareholder ownership test with a ``significant influence'' test; add a ``known through reasonable inquiry'' standard with respect to identifying beneficial owners of the audit client's equity securities; and exclude from the definition of ``audit client,'' for a fund under audit, any other funds, that otherwise would be considered affiliates of the audit client under the rules for certain lending relationships. The amendments will more effectively identify debtor-creditor relationships that could impair an auditor's objectivity and impartiality, as opposed to certain more attenuated relationships that are unlikely to pose such threats, and thus will focus the analysis on those borrowing relationships that are important to investors.
2019-07-05Proposed RuleCOMMODITY FUTURES TRADING COMMISSIONCommodity Futures Trading CommissionForeign Futures and Options TransactionsThe Commodity Futures Trading Commission (Commission) is proposing amendments to certain provisions of its regulations governing the offer and sale of foreign futures and options to customers located in the United States of America (U.S.). The proposed...2019-13828"https://www.govinfo.gov/content/pkg/FR-2019-07-05/pdf/2019-13828.pdfhttps://www.federalregister.gov/documents/2019/07/05/2019-13828/foreign-futures-and-options-transactionsThe Commodity Futures Trading Commission (Commission) is proposing amendments to certain provisions of its regulations governing the offer and sale of foreign futures and options to customers located in the United States of America (U.S.). The proposed amendments would codify the process by which the Commission may terminate exemptive relief issued pursuant to those regulations.
2019-07-05Proposed RuleCOMMODITY FUTURES TRADING COMMISSIONCommodity Futures Trading CommissionDerivatives Clearing Organization General Provisions and Core PrinciplesOn May 16, 2019, the Commodity Futures Trading Commission (Commission) published in the Federal Register a notice of proposed rulemaking (NPRM) titled Derivatives Clearing Organization General Provisions and Core Principles. The comment period for the...2019-14294"https://www.govinfo.gov/content/pkg/FR-2019-07-05/pdf/2019-14294.pdfhttps://www.federalregister.gov/documents/2019/07/05/2019-14294/derivatives-clearing-organization-general-provisions-and-core-principlesOn May 16, 2019, the Commodity Futures Trading Commission (Commission) published in the Federal Register a notice of proposed rulemaking (NPRM) titled Derivatives Clearing Organization General Provisions and Core Principles. The comment period for the NPRM closes on July 15, 2019. The Commission is extending the comment period for this NPRM by an additional 60 days.
2019-07-01RuleSECURITIES AND EXCHANGE COMMISSIONSecurities and Exchange CommissionAdoption of Updated EDGAR Filer ManualThe Securities and Exchange Commission (the ``Commission'') is adopting revisions to the Electronic Data Gathering, Analysis, and Retrieval System (``EDGAR'') Filer Manual (``EDGAR Filer Manual'' or ``Filer Manual'') and related rules. The EDGAR system...2019-13922"https://www.govinfo.gov/content/pkg/FR-2019-07-01/pdf/2019-13922.pdfhttps://www.federalregister.gov/documents/2019/07/01/2019-13922/adoption-of-updated-edgar-filer-manualThe Securities and Exchange Commission (the ``Commission'') is adopting revisions to the Electronic Data Gathering, Analysis, and Retrieval System (``EDGAR'') Filer Manual (``EDGAR Filer Manual'' or ``Filer Manual'') and related rules. The EDGAR system was upgraded on June 10, 2019.
2019-06-26Proposed RuleSECURITIES AND EXCHANGE COMMISSIONSecurities and Exchange CommissionConcept Release on Harmonization of Securities Offering ExemptionsThe Securities and Exchange Commission is publishing this release to solicit comment on several exemptions from registration under the Securities Act of 1933 that facilitate capital raising. Over the years, and particularly since the Jumpstart Our...2019-13255"https://www.govinfo.gov/content/pkg/FR-2019-06-26/pdf/2019-13255.pdfhttps://www.federalregister.gov/documents/2019/06/26/2019-13255/concept-release-on-harmonization-of-securities-offering-exemptionsThe Securities and Exchange Commission is publishing this release to solicit comment on several exemptions from registration under the Securities Act of 1933 that facilitate capital raising. Over the years, and particularly since the Jumpstart Our Business Startups Act of 2012, several exemptions from registration have been introduced, expanded, or otherwise revised. As a result, the overall framework for exempt offerings has changed significantly. We believe our capital markets would benefit from a comprehensive review of the design and scope of our framework for offerings that are exempt from registration. More specifically, we also believe that issuers and investors could benefit from a framework that is more consistent and addresses gaps and complexities. Therefore, we seek comment on possible ways to simplify, harmonize, and improve the exempt offering framework to promote capital formation and expand investment opportunities while maintaining appropriate investor protections.
2019-06-14RuleSECURITIES AND EXCHANGE COMMISSIONSecurities and Exchange CommissionAmendment to Single Issuer Exemption for Broker-DealersThe Commission is adopting an amendment to an exemptive provision in the broker-dealer annual reporting rule under the Securities Exchange Act of 1934 (``Exchange Act''). The exemption provides that a broker-dealer is not required to engage an...2019-12563"https://www.govinfo.gov/content/pkg/FR-2019-06-14/pdf/2019-12563.pdfhttps://www.federalregister.gov/documents/2019/06/14/2019-12563/amendment-to-single-issuer-exemption-for-broker-dealersThe Commission is adopting an amendment to an exemptive provision in the broker-dealer annual reporting rule under the Securities Exchange Act of 1934 (``Exchange Act''). The exemption provides that a broker-dealer is not required to engage an independent public accountant to certify the broker-dealer's annual reports filed with the Commission if, among other things, the securities business of the broker-dealer has been limited to acting as broker (agent) for a single issuer in soliciting subscriptions for securities of that issuer.
2019-05-29Proposed RuleSECURITIES AND EXCHANGE COMMISSIONSecurities and Exchange CommissionAmendments to the Accelerated Filer and Large Accelerated Filer DefinitionsWe are proposing amendments to the accelerated filer and large accelerated filer definitions to promote capital formation for smaller reporting issuers, by more appropriately tailoring the types of issuers that are included in the categories of...2019-09932"https://www.govinfo.gov/content/pkg/FR-2019-05-29/pdf/2019-09932.pdfhttps://www.federalregister.gov/documents/2019/05/29/2019-09932/amendments-to-the-accelerated-filer-and-large-accelerated-filer-definitionsWe are proposing amendments to the accelerated filer and large accelerated filer definitions to promote capital formation for smaller reporting issuers, by more appropriately tailoring the types of issuers that are included in the categories of accelerated and large accelerated filers and revising the transition thresholds for accelerated and large accelerated filers. The proposed amendments would exclude from the accelerated and large accelerated filer definitions an issuer that is eligible to be a smaller reporting company and had annual revenues of less than $100 million in the most recent fiscal year for which audited financial statements are available. In addition, the proposed amendments would increase the transition thresholds for accelerated and large accelerated filers becoming non-accelerated filers from $50 million to $60 million and for exiting large accelerated filer status from $500 million to $560 million. Finally, the proposed amendments would add a revenue test to the transition thresholds for exiting both accelerated and large accelerated filer status. As a result of the amendments, certain low-revenue issuers would not be required to have their assessment of the effectiveness of internal control over financial reporting attested to, and reported on, by an independent auditor, although they would continue to be required to make such assessments and to establish and maintain the effectiveness of their internal control over financial reporting.
2019-05-28Proposed RuleSECURITIES AND EXCHANGE COMMISSIONSecurities and Exchange CommissionAmendments to Financial Disclosures About Acquired and Disposed BusinessesWe are proposing amendments to our rules and forms to improve the disclosure requirements for financial statements relating to acquisitions and dispositions of businesses, including real estate operations and investment companies. The proposed changes...2019-09472"https://www.govinfo.gov/content/pkg/FR-2019-05-28/pdf/2019-09472.pdfhttps://www.federalregister.gov/documents/2019/05/28/2019-09472/amendments-to-financial-disclosures-about-acquired-and-disposed-businessesWe are proposing amendments to our rules and forms to improve the disclosure requirements for financial statements relating to acquisitions and dispositions of businesses, including real estate operations and investment companies. The proposed changes are intended to improve for investors the financial information about acquired or disposed businesses, facilitate more timely access to capital, and reduce the complexity and costs to prepare the disclosure.
2019-05-24Proposed RuleSECURITIES AND EXCHANGE COMMISSIONSecurities and Exchange CommissionProposed Rule Amendments and Guidance Addressing Cross-Border Application of Certain Security-Based Swap RequirementsThe Securities and Exchange Commission (``SEC'' or ``Commission'') is proposing a number of actions to address the cross- border application of certain security-based swap requirements under the Securities Exchange Act of 1934 (``Exchange Act'') that...2019-10016"https://www.govinfo.gov/content/pkg/FR-2019-05-24/pdf/2019-10016.pdfhttps://www.federalregister.gov/documents/2019/05/24/2019-10016/proposed-rule-amendments-and-guidance-addressing-cross-border-application-of-certain-security-basedThe Securities and Exchange Commission (``SEC'' or ``Commission'') is proposing a number of actions to address the cross- border application of certain security-based swap requirements under the Securities Exchange Act of 1934 (``Exchange Act'') that were added by Title VII of the Dodd-Frank Wall Street Reform and Consumer Protection Act (the ``Dodd-Frank Act'').
2019-05-16Proposed RuleCOMMODITY FUTURES TRADING COMMISSIONCommodity Futures Trading CommissionDerivatives Clearing Organization General Provisions and Core PrinciplesThe Commodity Futures Trading Commission (Commission) is proposing amendments to certain regulations applicable to registered derivatives clearing organizations (DCOs). These proposed amendments would, among other things, address certain risk...2019-09025"https://www.govinfo.gov/content/pkg/FR-2019-05-16/pdf/2019-09025.pdfhttps://www.federalregister.gov/documents/2019/05/16/2019-09025/derivatives-clearing-organization-general-provisions-and-core-principlesThe Commodity Futures Trading Commission (Commission) is proposing amendments to certain regulations applicable to registered derivatives clearing organizations (DCOs). These proposed amendments would, among other things, address certain risk management and reporting obligations, clarify the meaning of certain provisions, simplify processes for registration and reporting, and codify existing staff relief and guidance. In addition, the Commission is proposing technical amendments to certain provisions, including certain delegation provisions, in other parts of its regulations.
2019-05-13Proposed RuleCOMMODITY FUTURES TRADING COMMISSIONCommodity Futures Trading CommissionCertain Swap Data Repository and Data Reporting RequirementsThe Commodity Futures Trading Commission (``Commission'' or ``CFTC'') is proposing amendments to parts 23, 43, 45, and 49 of the Commission's regulations to improve the accuracy of data reported to, and maintained by, swap data repositories (``SDRs'')....2019-08788"https://www.govinfo.gov/content/pkg/FR-2019-05-13/pdf/2019-08788.pdfhttps://www.federalregister.gov/documents/2019/05/13/2019-08788/certain-swap-data-repository-and-data-reporting-requirementsThe Commodity Futures Trading Commission (``Commission'' or ``CFTC'') is proposing amendments to parts 23, 43, 45, and 49 of the Commission's regulations to improve the accuracy of data reported to, and maintained by, swap data repositories (``SDRs''). Among other changes, the proposed amendments would modify existing requirements for SDRs to establish policies and procedures to confirm the accuracy of swap data with both counterparties to a swap. The proposed amendments would further require reporting counterparties to verify the accuracy of swap data pursuant to those SDR procedures. The Commission is also proposing certain amendments to parts 23, 43, 45, and 49 to provide enhanced and streamlined oversight over SDRs and data reporting generally.
2019-04-30RuleSECURITIES AND EXCHANGE COMMISSIONSecurities and Exchange CommissionDisclosure of Order Handling InformationThe Commission is extending the compliance date for the recently adopted amendments to Rule 606 of Regulation National Market System (``Regulation NMS'') under the Securities Exchange Act of 1934 (``Exchange Act''), which require additional disclosures...2019-08675"https://www.govinfo.gov/content/pkg/FR-2019-04-30/pdf/2019-08675.pdfhttps://www.federalregister.gov/documents/2019/04/30/2019-08675/disclosure-of-order-handling-informationThe Commission is extending the compliance date for the recently adopted amendments to Rule 606 of Regulation National Market System (``Regulation NMS'') under the Securities Exchange Act of 1934 (``Exchange Act''), which require additional disclosures by broker- dealers to customers concerning the handling of customer orders. Specifically, the Commission is extending the compliance date for the recently adopted amendments to Rule 606. Following September 30, 2019, broker-dealers must begin to collect the information required by Rules 606(a) and 606(b) as amended. The compliance date remains May 20, 2019 for the amendments to Rule 605. The Commission is extending the compliance date for the recently adopted amendments to Rule 606 in order to give broker-dealers additional time to develop, program, and test for compliance with the new and amended requirements of the rule.
2019-04-25RuleCOMMODITY FUTURES TRADING COMMISSIONCommodity Futures Trading CommissionPrivacy of Consumer Financial Information-Amendment To Conform Regulations to the Fixing America's Surface Transportation ActThe Commodity Futures Trading Commission (``CFTC'' or ``Commission'') is adopting amendments to revise its regulations requiring covered persons to provide annual privacy notices to customers. The revisions implement the Fixing America's Surface...2019-08253"https://www.govinfo.gov/content/pkg/FR-2019-04-25/pdf/2019-08253.pdfhttps://www.federalregister.gov/documents/2019/04/25/2019-08253/privacy-of-consumer-financial-information-amendment-to-conform-regulations-to-the-fixing-americasThe Commodity Futures Trading Commission (``CFTC'' or ``Commission'') is adopting amendments to revise its regulations requiring covered persons to provide annual privacy notices to customers. The revisions implement the Fixing America's Surface Transportation Act's (``FAST Act'') December 2015 statutory amendment to the Gramm-Leach-Bliley Act (``GLB Act'') by providing an exception to the annual notice requirement under certain conditions.
2019-04-10Proposed RuleSECURITIES AND EXCHANGE COMMISSIONSecurities and Exchange CommissionSecurities Offering Reform for Closed-End Investment CompaniesThe Securities and Exchange Commission (the ``Commission'') is proposing rules that would modify the registration, communications, and offering processes for business development companies (``BDCs'') and other closed-end investment companies under the...2019-05776"https://www.govinfo.gov/content/pkg/FR-2019-04-10/pdf/2019-05776.pdfhttps://www.federalregister.gov/documents/2019/04/10/2019-05776/securities-offering-reform-for-closed-end-investment-companiesThe Securities and Exchange Commission (the ``Commission'') is proposing rules that would modify the registration, communications, and offering processes for business development companies (``BDCs'') and other closed-end investment companies under the Securities Act of 1933. As directed by Congress, we are proposing rules that would allow these investment companies to use the securities offering rules that are already available to operating companies. The proposed rules would extend to closed-end investment companies offering reforms currently available to operating company issuers by expanding the definition of ``well-known seasoned issuer'' to allow these investment companies to qualify; streamlining the registration process for these investment companies, including the process for shelf registration; permitting these investment companies to satisfy their final prospectus delivery requirements by filing the prospectus with the Commission; and permitting additional communications by and about these investment companies during a registered public offering. In addition, the proposed rules would include amendments to our rules and forms intended to tailor the disclosure and regulatory framework to these investment companies. The proposed rules also include a modernized approach to securities registration fee payment that would require closed-end investment companies that operate as ``interval funds'' to pay securities registration fees using the same method that mutual funds use today. Lastly, we are proposing certain structured data reporting requirements, including the use of structured data format for filings on the form providing annual notice of securities sold pursuant to the rule under the Investment Company Act of 1940 that prescribes the method by which certain investment companies (including mutual funds) calculate and pay registration fees.
2019-04-08RuleSECURITIES AND EXCHANGE COMMISSIONSecurities and Exchange CommissionFAST Act Modernization and Simplification of Regulation S-KC1-2019-05695"https://www.govinfo.gov/content/pkg/FR-2019-04-08/pdf/C1-2019-05695.pdfhttps://www.federalregister.gov/documents/2019/04/08/C1-2019-05695/fast-act-modernization-and-simplification-of-regulation-s-k
2019-04-03RuleCOMMODITY FUTURES TRADING COMMISSIONCommodity Futures Trading CommissionSegregation of Assets Held as Collateral in Uncleared Swap TransactionsThe Commodity Futures Trading Commission (``Commission'' or ``CFTC'') is amending selected provisions of its regulations to simplify certain requirements for swap dealers (``SDs'') and major swap participants (``MSPs'') concerning notification of...2019-06424"https://www.govinfo.gov/content/pkg/FR-2019-04-03/pdf/2019-06424.pdfhttps://www.federalregister.gov/documents/2019/04/03/2019-06424/segregation-of-assets-held-as-collateral-in-uncleared-swap-transactionsThe Commodity Futures Trading Commission (``Commission'' or ``CFTC'') is amending selected provisions of its regulations to simplify certain requirements for swap dealers (``SDs'') and major swap participants (``MSPs'') concerning notification of counterparties of their right to segregate initial margin for uncleared swaps, and to modify requirements for the handling of segregated initial margin.
2019-04-03RuleSECURITIES AND EXCHANGE COMMISSIONSecurities and Exchange CommissionPublic Company Accounting Oversight Board Hearing OfficersThe Securities and Exchange Commission (``Commission'') is revising its regulations with respect to the method by which hearing officers of the Public Company Accounting Oversight Board (``Board'' or ``PCAOB'') are appointed and removed from office....2019-06427"https://www.govinfo.gov/content/pkg/FR-2019-04-03/pdf/2019-06427.pdfhttps://www.federalregister.gov/documents/2019/04/03/2019-06427/public-company-accounting-oversight-board-hearing-officersThe Securities and Exchange Commission (``Commission'') is revising its regulations with respect to the method by which hearing officers of the Public Company Accounting Oversight Board (``Board'' or ``PCAOB'') are appointed and removed from office. Specifically, the Commission is adopting a rule expressly requiring that the appointment or removal of a PCAOB hearing officer be subject to Commission approval.
2019-04-03RuleCOMMODITY FUTURES TRADING COMMISSIONCommodity Futures Trading CommissionFinancial Surveillance Examination Program Requirements for Self-Regulatory OrganizationsThe Commodity Futures Trading Commission (``Commission'' or ``CFTC'') is amending its regulations governing the minimum standards for a self-regulatory organization's (``SRO'') financial surveillance examination program of futures commission merchants...2019-06443"https://www.govinfo.gov/content/pkg/FR-2019-04-03/pdf/2019-06443.pdfhttps://www.federalregister.gov/documents/2019/04/03/2019-06443/financial-surveillance-examination-program-requirements-for-self-regulatory-organizationsThe Commodity Futures Trading Commission (``Commission'' or ``CFTC'') is amending its regulations governing the minimum standards for a self-regulatory organization's (``SRO'') financial surveillance examination program of futures commission merchants (``FCMs''). The amendments revise the scope of a third-party expert's evaluation of the SRO's financial surveillance program to cover only the examination standards used by SRO staff in conducting FCM examinations. The amendments also extend the minimum timeframes from three years to five years between when an SRO must engage a third-party expert to evaluate its FCM examination standards for consistency with applicable auditing standards. The amendments should reduce the costs associated with the operation of a financial surveillance program, while also providing effective third-party evaluation of the FCM examination standards.
2019-04-02RuleSECURITIES AND EXCHANGE COMMISSIONSecurities and Exchange CommissionFAST Act Modernization and Simplification of Regulation S-KWe are adopting amendments to modernize and simplify certain disclosure requirements in Regulation S-K, and related rules and forms, in a manner that reduces the costs and burdens on registrants while continuing to provide all material information to...2019-05695"https://www.govinfo.gov/content/pkg/FR-2019-04-02/pdf/2019-05695.pdfhttps://www.federalregister.gov/documents/2019/04/02/2019-05695/fast-act-modernization-and-simplification-of-regulation-s-kWe are adopting amendments to modernize and simplify certain disclosure requirements in Regulation S-K, and related rules and forms, in a manner that reduces the costs and burdens on registrants while continuing to provide all material information to investors. The amendments are also intended to improve the readability and navigability of disclosure documents and discourage repetition and disclosure of immaterial information. To provide for a consistent set of rules to govern incorporating information by reference and hyperlinking, we are also adopting parallel amendments to several rules and forms applicable to investment companies and investment advisers, including amendments that would require certain investment company filings to be submitted in HyperText Markup Language format.
2019-04-01RuleSECURITIES AND EXCHANGE COMMISSIONSecurities and Exchange CommissionAdoption of Updated EDGAR Filer ManualThe Securities and Exchange Commission (the ``Commission'') adopted revisions to the Electronic Data Gathering, Analysis, and Retrieval System (``EDGAR'') Filer Manual (``EDGAR Filer Manual'' or ``Filer Manual'') and related rules. The EDGAR system is...2019-06261"https://www.govinfo.gov/content/pkg/FR-2019-04-01/pdf/2019-06261.pdfhttps://www.federalregister.gov/documents/2019/04/01/2019-06261/adoption-of-updated-edgar-filer-manualThe Securities and Exchange Commission (the ``Commission'') adopted revisions to the Electronic Data Gathering, Analysis, and Retrieval System (``EDGAR'') Filer Manual (``EDGAR Filer Manual'' or ``Filer Manual'') and related rules. The EDGAR system is scheduled to be upgraded on March 11, 2019.
2019-04-01RuleCOMMODITY FUTURES TRADING COMMISSIONCommodity Futures Trading CommissionDe Minimis Exception to the Swap Dealer Definition-Swaps Entered Into by Insured Depository Institutions in Connection With Loans to CustomersThe Commodity Futures Trading Commission (``Commission'' or ``CFTC'') is amending the de minimis exception within the ``swap dealer'' definition in the Commission's regulations by establishing as a factor in the de minimis threshold determination...2019-06109"https://www.govinfo.gov/content/pkg/FR-2019-04-01/pdf/2019-06109.pdfhttps://www.federalregister.gov/documents/2019/04/01/2019-06109/de-minimis-exception-to-the-swap-dealer-definition-swaps-entered-into-by-insured-depositoryThe Commodity Futures Trading Commission (``Commission'' or ``CFTC'') is amending the de minimis exception within the ``swap dealer'' definition in the Commission's regulations by establishing as a factor in the de minimis threshold determination whether a given swap has specified characteristics of swaps entered into by insured depository institutions in connection with loans to customers.
2019-04-01RuleCOMMODITY FUTURES TRADING COMMISSIONCommodity Futures Trading CommissionMargin Requirements for Uncleared Swaps for Swap Dealers and Major Swap ParticipantsThe United Kingdom (``UK'') has provided formal notice of its intention to withdraw from the European Union (``EU''). The withdrawal may happen as soon as April 12, 2019 and may transpire without a negotiated agreement between the UK and EU (``No-deal...2019-06103"https://www.govinfo.gov/content/pkg/FR-2019-04-01/pdf/2019-06103.pdfhttps://www.federalregister.gov/documents/2019/04/01/2019-06103/margin-requirements-for-uncleared-swaps-for-swap-dealers-and-major-swap-participantsThe United Kingdom (``UK'') has provided formal notice of its intention to withdraw from the European Union (``EU''). The withdrawal may happen as soon as April 12, 2019 and may transpire without a negotiated agreement between the UK and EU (``No-deal Brexit''). To the extent there is a No-deal Brexit, affected swap dealers (``SDs'') and major swap participants (``MSPs'') may need to effect legal transfers of uncleared swaps that were entered into before the relevant compliance dates under the CFTC Margin Rule or Prudential Margin Rule (each, as defined herein) and that are not now subject to such rules, in whole or in part. The Commodity Futures Trading Commission (``Commission'' or ``CFTC'') is adopting, and invites comments on, an interim final rule amending its margin requirements for uncleared swaps for SDs and MSPs for which there is no prudential regulator (``CFTC Margin Rule'') such that the date used for purposes of determining whether an uncleared swap was entered into prior to an applicable compliance date will not change under the CFTC Margin Rule if the swap is transferred, and thereby amended, in accordance with the terms of the interim final rule in respect of any such transfer, including that the transfer be made solely in connection with a party to the swap's planning for or response to a No-deal Brexit. The interim final rule is designed to allow an uncleared swap to retain its legacy status under the CFTC Margin Rule or Prudential Margin Rule when so transferred.
2019-03-06RuleSECURITIES AND EXCHANGE COMMISSIONSecurities and Exchange CommissionAmendments to the Timing Requirements for Filing Reports on Form N-PortThe Securities and Exchange Commission (the ``Commission'') is adopting an interim final rule that will require reports on Form N-PORT for each month in a fiscal quarter to be filed with the Commission not later than 60 days after the end of that...2019-03958"https://www.govinfo.gov/content/pkg/FR-2019-03-06/pdf/2019-03958.pdfhttps://www.federalregister.gov/documents/2019/03/06/2019-03958/amendments-to-the-timing-requirements-for-filing-reports-on-form-n-portThe Securities and Exchange Commission (the ``Commission'') is adopting an interim final rule that will require reports on Form N-PORT for each month in a fiscal quarter to be filed with the Commission not later than 60 days after the end of that fiscal quarter (as opposed to filing each monthly report no later than 30 days after the end of each month). The monthly report on Form N-PORT for the third month of the quarter (the ``quarter-end report'') will continue to become publicly available (i.e., all portions of the quarter-end report, with the exception of the items identified in General Instruction F of Form N- PORT, will be made public upon filing). The monthly reports on Form N- PORT for the first and second months of the fiscal quarter will remain non-public. We are also amending our regulations and Form N-PORT to require that funds, no later than 30 days after the end of each month, maintain in their records the information that is required to be included in Form N-PORT. Registrants will promptly make such records available to the Commission upon request. Finally, we are amending Form N-LIQUID to provide for a voluntary explanatory notes section. Importantly, these amendments in no way affect the amount or timing of the information that will be made available to the public.
2019-02-28Proposed RuleSECURITIES AND EXCHANGE COMMISSIONSecurities and Exchange CommissionSolicitations of Interest Prior to a Registered Public OfferingWe are proposing a new rule under the Securities Act of 1933 that would permit issuers to engage in oral or written communications with potential investors that are, or are reasonably believed to be, qualified institutional buyers or institutional...2019-03098"https://www.govinfo.gov/content/pkg/FR-2019-02-28/pdf/2019-03098.pdfhttps://www.federalregister.gov/documents/2019/02/28/2019-03098/solicitations-of-interest-prior-to-a-registered-public-offeringWe are proposing a new rule under the Securities Act of 1933 that would permit issuers to engage in oral or written communications with potential investors that are, or are reasonably believed to be, qualified institutional buyers or institutional accredited investors, either prior to or following the filing of a registration statement, to determine whether such investors might have an interest in a contemplated registered securities offering. If adopted the rule would extend such accommodation currently available to emerging growth companies to all issuers.
2019-02-21Proposed RuleSECURITIES AND EXCHANGE COMMISSIONSecurities and Exchange CommissionReopening of Comment Period for Updated Disclosure Requirements and Summary Prospectus for Variable Annuity and Variable Life Insurance ContractsThe Securities and Exchange Commission is reopening the comment period for a proposal to amend rules and forms to help investors make informed investment decisions regarding variable annuity and variable life insurance contracts. The proposal would...2019-02906"https://www.govinfo.gov/content/pkg/FR-2019-02-21/pdf/2019-02906.pdfhttps://www.federalregister.gov/documents/2019/02/21/2019-02906/reopening-of-comment-period-for-updated-disclosure-requirements-and-summary-prospectus-for-variableThe Securities and Exchange Commission is reopening the comment period for a proposal to amend rules and forms to help investors make informed investment decisions regarding variable annuity and variable life insurance contracts. The proposal would permit persons to satisfy their prospectus delivery obligations under the Securities Act of 1933 for a variable annuity or variable life insurance contract and any associated portfolio companies by sending or giving a summary contract prospectus to investors and making the statutory and portfolio company prospectuses available online. In addition, the proposal would amend the registration forms for variable annuity and variable life insurance contracts to update and enhance the disclosures to investors in these contracts, and would require the Inline eXtensible Business Reporting Language (``Inline XBRL'') format for certain required disclosures in the variable contract statutory prospectus. The proposal would also make certain technical and conforming amendments to our rules and forms, as well as rescission of certain related rules and forms, and seek comments regarding parallel amendments to rules governing mutual fund summary prospectuses and registration forms applicable to other types of registered investment companies. The original comment period ended on February 15, 2019. The Commission is reopening the time period in which to provide the Commission with comments until March 15, 2019. This action will allow interested persons additional time to analyze the issues and prepare their comments.
2019-02-20RuleSECURITIES AND EXCHANGE COMMISSIONSecurities and Exchange CommissionTransaction Fee Pilot for NMS StocksThe Securities and Exchange Commission (``Commission'' or ``SEC'') is adopting a new rule of Regulation National Market System (``Regulation NMS'') under the Securities and Exchange Act of 1934 (``Exchange Act'') to conduct a Transaction Fee Pilot...2018-27982"https://www.govinfo.gov/content/pkg/FR-2019-02-20/pdf/2018-27982.pdfhttps://www.federalregister.gov/documents/2019/02/20/2018-27982/transaction-fee-pilot-for-nms-stocksThe Securities and Exchange Commission (``Commission'' or ``SEC'') is adopting a new rule of Regulation National Market System (``Regulation NMS'') under the Securities and Exchange Act of 1934 (``Exchange Act'') to conduct a Transaction Fee Pilot (``Pilot'') for National Market System (``NMS'') stocks to study the effects that exchange transaction fee-and-rebate pricing models may have on order routing behavior, execution quality, and market quality. We expect the data generated by the pilot, combined with data from existing sources, will facilitate an empirical evaluation of whether the existing exchange transaction-based fee and rebate structure is operating effectively to further statutory goals.
2019-02-19RuleSECURITIES AND EXCHANGE COMMISSIONSecurities and Exchange CommissionApplications by Security-Based Swap Dealers or Major Security-Based Swap Participants for Statutorily Disqualified Associated Persons To Effect or Be Involved in Effecting Security-Based SwapsPursuant to Section 15F(b)(6) of the Securities Exchange Act of 1934 (``Exchange Act''), as added by Section 764(a) of Title VII of the Dodd-Frank Wall Street Reform and Consumer Protection Act (``Dodd- Frank Act''), the Securities and Exchange...2019-02347"https://www.govinfo.gov/content/pkg/FR-2019-02-19/pdf/2019-02347.pdfhttps://www.federalregister.gov/documents/2019/02/19/2019-02347/applications-by-security-based-swap-dealers-or-major-security-based-swap-participants-forPursuant to Section 15F(b)(6) of the Securities Exchange Act of 1934 (``Exchange Act''), as added by Section 764(a) of Title VII of the Dodd-Frank Wall Street Reform and Consumer Protection Act (``Dodd- Frank Act''), the Securities and Exchange Commission (``Commission'') is adopting Rule of Practice 194. Rule of Practice 194 provides a process for a registered security-based swap dealer or major security- based swap participant (collectively, ``SBS Entity'') to make an application to the Commission for an order permitting an associated person that is a natural person who is subject to a statutory disqualification to effect or be involved in effecting security-based swaps on behalf of the SBS Entity. Rule of Practice 194 also provides an exclusion for an SBS Entity from the prohibition in Exchange Act Section 15F(b)(6) with respect to associated persons that are not natural persons. Finally, Rule of Practice 194 provides that, subject to certain conditions, an SBS Entity may permit an associated person that is a natural person who is subject to a statutory disqualification to effect or be involved in effecting security-based swaps on its behalf, without making an application pursuant to the rule, where the Commission, the Commodity Futures Trading Commission (``CFTC''), a self-regulatory organization (``SRO''), or a registered futures association has granted a prior application or otherwise granted relief from the statutory disqualification with respect to that associated person.
2019-02-15Proposed RuleSECURITIES AND EXCHANGE COMMISSIONSecurities and Exchange CommissionRisk Mitigation Techniques for Uncleared Security-Based SwapsThe Securities and Exchange Commission (``SEC'' or ``Commission'') is proposing rules that would require the application of specific risk mitigation techniques to portfolios of security-based swaps not submitted for clearing. In particular, the...2018-27979"https://www.govinfo.gov/content/pkg/FR-2019-02-15/pdf/2018-27979.pdfhttps://www.federalregister.gov/documents/2019/02/15/2018-27979/risk-mitigation-techniques-for-uncleared-security-based-swapsThe Securities and Exchange Commission (``SEC'' or ``Commission'') is proposing rules that would require the application of specific risk mitigation techniques to portfolios of security-based swaps not submitted for clearing. In particular, the proposal would establish requirements for each registered security-based swap dealer (``SBS dealer'') and each registered major security-based swap participant (``major SBS participant'') (each SBS dealer and each major SBS participant hereafter referred to as an ``SBS Entity'' and together referred to as ``SBS Entities'') with respect to, among other things, reconciling outstanding security-based swaps with applicable counterparties on a periodic basis, engaging in certain forms of portfolio compression exercises, as appropriate, and executing written security-based swap trading relationship documentation with each of its counterparties prior to, or contemporaneously with, executing a security-based swap transaction. In addition, the Commission is proposing an interpretation to address the application of the portfolio reconciliation, portfolio compression, and trading relationship documentation requirements to cross-border security-based swap activities and is proposing to amend Rule 3a71-6 to address the potential availability of substituted compliance in connection with those requirements. Moreover, the proposed rules would make corresponding changes to the recordkeeping, reporting, and notification requirements applicable to SBS Entities. Finally, the Commission is requesting comment on how certain aspects of the proposed rules address how a security-based swap data repository (``SDR'') could potentially satisfy its obligation to verify the terms of each security-based swap with both counterparties to the transaction.
2019-02-12Proposed RuleCOMMODITY FUTURES TRADING COMMISSIONCommodity Futures Trading CommissionSwap Execution Facilities and Trade Execution RequirementThe Commodity Futures Trading Commission (``Commission'') is extending the comment period for a proposed rule regarding swap execution facilities and the trade execution requirement (the ``SEF NPRM'') that published November 30, 2018 in the Federal...2019-01668"https://www.govinfo.gov/content/pkg/FR-2019-02-12/pdf/2019-01668.pdfhttps://www.federalregister.gov/documents/2019/02/12/2019-01668/swap-execution-facilities-and-trade-execution-requirementThe Commodity Futures Trading Commission (``Commission'') is extending the comment period for a proposed rule regarding swap execution facilities and the trade execution requirement (the ``SEF NPRM'') that published November 30, 2018 in the Federal Register.
2019-02-11RuleCOMMODITY FUTURES TRADING COMMISSIONCommodity Futures Trading CommissionAnnual Adjustment of Civil Monetary Penalties To Reflect Inflation-2019The Commodity Futures Trading Commission (Commission) is amending its rules governing the maximum amount of civil monetary penalties to adjust for inflation. This rule sets forth the maximum, inflation-adjusted dollar amount for civil monetary...2019-01852"https://www.govinfo.gov/content/pkg/FR-2019-02-11/pdf/2019-01852.pdfhttps://www.federalregister.gov/documents/2019/02/11/2019-01852/annual-adjustment-of-civil-monetary-penalties-to-reflect-inflation-2019The Commodity Futures Trading Commission (Commission) is amending its rules governing the maximum amount of civil monetary penalties to adjust for inflation. This rule sets forth the maximum, inflation-adjusted dollar amount for civil monetary penalties (CMPs) assessable for violations of the Commodity Exchange Act (CEA) and Commission rules, regulations and orders thereunder. The rule, as amended, implements the Federal Civil Penalties Inflation Adjustment Act of 1990, as amended.
2019-02-08Proposed RuleDEPARTMENT OF TREASURYTreasury DepartmentProposed Revisions to Prohibitions and Restrictions on Proprietary Trading and Certain Interests In, and Relationships With, Hedge Funds and Private Equity FundsThe OCC, Board, FDIC, SEC, and CFTC (individually, an Agency, and collectively, the Agencies) are inviting comment on a proposal to amend the regulations implementing the Bank Holding Company Act's (BHC Act) prohibitions and restrictions on proprietary...2019-00797"https://www.govinfo.gov/content/pkg/FR-2019-02-08/pdf/2019-00797.pdfhttps://www.federalregister.gov/documents/2019/02/08/2019-00797/proposed-revisions-to-prohibitions-and-restrictions-on-proprietary-trading-and-certain-interests-inThe OCC, Board, FDIC, SEC, and CFTC (individually, an Agency, and collectively, the Agencies) are inviting comment on a proposal to amend the regulations implementing the Bank Holding Company Act's (BHC Act) prohibitions and restrictions on proprietary trading and certain interests in, and relationships with, hedge funds and private equity funds in a manner consistent with the statutory amendments made pursuant to certain sections of the Economic Growth, Regulatory Relief, and Consumer Protection Act. The statutory amendments exclude from these restrictions certain firms that have total consolidated assets equal to $10 billion or less and total trading assets and liabilities equal to five percent or less of total consolidated assets and amend the restrictions applicable to the naming of a hedge fund or private equity fund to permit an investment adviser that is a banking entity to share a name with the fund under certain circumstances.
2019-02-06RuleSECURITIES AND EXCHANGE COMMISSIONSecurities and Exchange CommissionDisclosure of Hedging by Employees, Officers and DirectorsWe are adopting a rule to implement a provision of the Dodd- Frank Wall Street Reform and Consumer Protection Act. The new rule requires a company to describe any practices or policies it has adopted regarding the ability of its employees (including...2018-28123"https://www.govinfo.gov/content/pkg/FR-2019-02-06/pdf/2018-28123.pdfhttps://www.federalregister.gov/documents/2019/02/06/2018-28123/disclosure-of-hedging-by-employees-officers-and-directorsWe are adopting a rule to implement a provision of the Dodd- Frank Wall Street Reform and Consumer Protection Act. The new rule requires a company to describe any practices or policies it has adopted regarding the ability of its employees (including officers) or directors to purchase financial instruments, or otherwise engage in transactions, that hedge or offset, or are designed to hedge or offset, any decrease in the market value of equity securities granted as compensation, or held directly or indirectly by the employee or director. The new rule requires a company to describe the practices or policies and the categories of persons they affect. If a company does not have any such practices or policies, the company must disclose that fact or state that hedging transactions are generally permitted. The new disclosure is required in a proxy statement or information statement relating to an election of directors.
2019-02-01Proposed RuleSECURITIES AND EXCHANGE COMMISSIONSecurities and Exchange CommissionFund of Funds ArrangementsThe Securities and Exchange Commission (the ``Commission'') is proposing a new rule under the Investment Company Act of 1940 (``Investment Company Act'' or ``Act'') to streamline and enhance the regulatory framework applicable to funds that invest in...2018-27924"https://www.govinfo.gov/content/pkg/FR-2019-02-01/pdf/2018-27924.pdfhttps://www.federalregister.gov/documents/2019/02/01/2018-27924/fund-of-funds-arrangementsThe Securities and Exchange Commission (the ``Commission'') is proposing a new rule under the Investment Company Act of 1940 (``Investment Company Act'' or ``Act'') to streamline and enhance the regulatory framework applicable to funds that invest in other funds (``fund of funds'' arrangements). In connection with the proposed rule, the Commission proposes to rescind rule 12d1-2 under the Act and most exemptive orders granting relief from sections 12(d)(1)(A), (B), (C), and (G) of the Act. Finally, the Commission is proposing related amendments to rule 12d1-1 under the Act and Form N-CEN.
2019-01-31RuleSECURITIES AND EXCHANGE COMMISSIONSecurities and Exchange CommissionConditional Small Issues Exemption Under the Securities Act of 1933 (Regulation A)The Securities and Exchange Commission is adopting amendments to Regulation A under the Securities Act of 1933 (the ``Securities Act''). Regulation A provides an exemption from registration under the Securities Act for offerings of securities up to $50...2018-27980"https://www.govinfo.gov/content/pkg/FR-2019-01-31/pdf/2018-27980.pdfhttps://www.federalregister.gov/documents/2019/01/31/2018-27980/conditional-small-issues-exemption-under-the-securities-act-of-1933-regulation-aThe Securities and Exchange Commission is adopting amendments to Regulation A under the Securities Act of 1933 (the ``Securities Act''). Regulation A provides an exemption from registration under the Securities Act for offerings of securities up to $50 million. As mandated by the Economic Growth, Regulatory Relief, and Consumer Protection Act (the ``Economic Growth Act''), the amendments revise Regulation A to permit entities subject to the reporting requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934 (the ``Exchange Act'') to use the exemption and provide that entities meeting the reporting requirements of the Exchange Act will be deemed to have met the reporting requirements of Regulation A. The amendments also make conforming changes to Form 1-A.
2018-12-27RuleDEPARTMENT OF THE TREASURYTreasury DepartmentDisclosure UpdateThe Department of the Treasury (Treasury) is issuing this final rule to amend certain regulations issued under the Government Securities Act of 1986 (GSA). Treasury's recordkeeping and reporting requirements for registered government securities brokers...2018-28051"https://www.govinfo.gov/content/pkg/FR-2018-12-27/pdf/2018-28051.pdfhttps://www.federalregister.gov/documents/2018/12/27/2018-28051/disclosure-updateThe Department of the Treasury (Treasury) is issuing this final rule to amend certain regulations issued under the Government Securities Act of 1986 (GSA). Treasury's recordkeeping and reporting requirements for registered government securities brokers and dealers cross-reference existing Securities and Exchange Commission (SEC) regulations, with modifications. The SEC recently amended certain of its disclosure requirements that may have become redundant, duplicative, overlapping, outdated, or superseded as a result of changes to U.S. Generally Accepted Accounting Principles (U.S. GAAP). The technical amendments to the Treasury recordkeeping rules and Form G-405, referenced in the regulations, conform to SEC amendments regarding the reporting of extraordinary gains and losses, the cumulative effect of changes in accounting principles, and comprehensive income on the annual reports and Form X-17A-5 (Financial and Operational Combined Uniform Single Report or ``FOCUS Report'').
2018-12-26RuleSECURITIES AND EXCHANGE COMMISSIONSecurities and Exchange CommissionAdoption of Updated EDGAR Filer ManualThe Securities and Exchange Commission (the ``Commission'') is adopting revisions to the Electronic Data Gathering, Analysis, and Retrieval System (``EDGAR'') Filer Manual and related rules. The EDGAR system is scheduled to be upgraded on December 17,...2018-27827"https://www.govinfo.gov/content/pkg/FR-2018-12-26/pdf/2018-27827.pdfhttps://www.federalregister.gov/documents/2018/12/26/2018-27827/adoption-of-updated-edgar-filer-manualThe Securities and Exchange Commission (the ``Commission'') is adopting revisions to the Electronic Data Gathering, Analysis, and Retrieval System (``EDGAR'') Filer Manual and related rules. The EDGAR system is scheduled to be upgraded on December 17, 2018 and January 28, 2019.
2018-12-26RuleSECURITIES AND EXCHANGE COMMISSIONSecurities and Exchange CommissionModernization of Property Disclosures for Mining RegistrantsWe are adopting amendments to modernize the property disclosure requirements for mining registrants, and related guidance, currently set forth in Item 102 of Regulation S-K under the Securities Act of 1933 and the Securities Exchange Act of 1934 and in...2018-26337"https://www.govinfo.gov/content/pkg/FR-2018-12-26/pdf/2018-26337.pdfhttps://www.federalregister.gov/documents/2018/12/26/2018-26337/modernization-of-property-disclosures-for-mining-registrantsWe are adopting amendments to modernize the property disclosure requirements for mining registrants, and related guidance, currently set forth in Item 102 of Regulation S-K under the Securities Act of 1933 and the Securities Exchange Act of 1934 and in Industry Guide 7. The amendments are intended to provide investors with a more comprehensive understanding of a registrant's mining properties, which should help them make more informed investment decisions. The amendments also will more closely align the Commission's disclosure requirements and policies for mining properties with current industry and global regulatory practices and standards. In addition, we are rescinding Industry Guide 7 and relocating the Commission's mining property disclosure requirements to a new subpart of Regulation S-K.
2018-12-21Proposed RuleSECURITIES AND EXCHANGE COMMISSIONSecurities and Exchange CommissionRequest for Comment on Earnings Releases and Quarterly ReportsThe Commission is requesting public comment on how we can enhance, or at a minimum maintain, the investor protection attributes of periodic disclosures while reducing administrative and other burdens on reporting companies associated with quarterly...2018-27663"https://www.govinfo.gov/content/pkg/FR-2018-12-21/pdf/2018-27663.pdfhttps://www.federalregister.gov/documents/2018/12/21/2018-27663/request-for-comment-on-earnings-releases-and-quarterly-reportsThe Commission is requesting public comment on how we can enhance, or at a minimum maintain, the investor protection attributes of periodic disclosures while reducing administrative and other burdens on reporting companies associated with quarterly reporting. We are specifically requesting public comment on the nature and timing of the disclosures that reporting companies are required to provide in their quarterly reports filed on Form 10-Q, including when the disclosure requirements overlap with disclosures these companies voluntarily provide to the public in the form of an earnings release furnished on Form 8-K. We are interested in exploring ways to promote efficiency in periodic reporting by reducing unnecessary duplication in the information that reporting companies disclose and how such changes could affect capital formation, while enhancing, or at a minimum maintaining, appropriate investor protection. We also are requesting public comment on whether our rules should provide reporting companies, or certain classes of reporting companies, with flexibility as to the frequency of their periodic reporting. In addition, we are seeking comment on how the existing periodic reporting system, earnings releases, and earnings guidance, standing alone or in combination with other factors, may affect corporate decision making and strategic thinking--positively or negatively--including whether these factors foster an inefficient outlook among registrants and market participants by focusing on short-term results, sometimes referred to as ``short- termism.''
2018-12-13RuleSECURITIES AND EXCHANGE COMMISSIONSecurities and Exchange CommissionCovered Investment Fund Research ReportsThe Commission is adopting a new rule under the Securities Act of 1933 to establish a safe harbor for an unaffiliated broker or dealer participating in a securities offering of a covered investment fund to publish or distribute a covered investment...2018-26613"https://www.govinfo.gov/content/pkg/FR-2018-12-13/pdf/2018-26613.pdfhttps://www.federalregister.gov/documents/2018/12/13/2018-26613/covered-investment-fund-research-reportsThe Commission is adopting a new rule under the Securities Act of 1933 to establish a safe harbor for an unaffiliated broker or dealer participating in a securities offering of a covered investment fund to publish or distribute a covered investment fund research report. If the conditions in the rule are satisfied, the publication or distribution of a covered investment fund research report would be deemed not to be an offer for sale or offer to sell the covered investment fund's securities for purposes of sections 2(a)(10) and 5(c) of the Securities Act of 1933. The Commission is also adopting a new rule under the Investment Company Act of 1940 to exclude a covered investment fund research report from the coverage of section 24(b) of the Investment Company Act, except to the extent the research report is otherwise not subject to the content standards in self-regulatory organization rules related to research reports. We are also adopting a conforming amendment to rule 101 of Regulation M, and a technical amendment to Form 12b-25.
2018-12-10Proposed RuleCOMMODITY FUTURES TRADING COMMISSIONCommodity Futures Trading CommissionPrivacy of Consumer Financial Information-Amendment To Conform Regulations to the Fixing America's Surface Transportation ActThe Commodity Futures Trading Commission (``CFTC'' or ``Commission'') is proposing to revise its regulations requiring covered persons to provide annual privacy notices to customers. The proposed revisions implement the Fixing America's Surface...2018-26523"https://www.govinfo.gov/content/pkg/FR-2018-12-10/pdf/2018-26523.pdfhttps://www.federalregister.gov/documents/2018/12/10/2018-26523/privacy-of-consumer-financial-information-amendment-to-conform-regulations-to-the-fixing-americasThe Commodity Futures Trading Commission (``CFTC'' or ``Commission'') is proposing to revise its regulations requiring covered persons to provide annual privacy notices to customers. The proposed revisions implement the Fixing America's Surface Transportation Act's (``FAST Act'') December 2015 statutory amendment to the Gramm-Leach-Bliley Act (``GLB Act'') by providing an exception to the annual notice requirement under certain conditions.
2018-12-04RuleSECURITIES AND EXCHANGE COMMISSIONSecurities and Exchange CommissionForm N-1A; CorrectionThis document makes technical corrections to several amendments to Form N-1A, which the Commission adopted as part of three rulemakings: Investment Company Reporting Modernization, which was published in the Federal Register on November 18, 2016;...2018-26335"https://www.govinfo.gov/content/pkg/FR-2018-12-04/pdf/2018-26335.pdfhttps://www.federalregister.gov/documents/2018/12/04/2018-26335/form-n-1a-correctionThis document makes technical corrections to several amendments to Form N-1A, which the Commission adopted as part of three rulemakings: Investment Company Reporting Modernization, which was published in the Federal Register on November 18, 2016; Optional Internet Availability of Investment Company Shareholder Reports, which was published in the Federal Register on June 22, 2018; and Investment Company Liquidity Disclosure, which was published in the Federal Register on July 10, 2018. This document is being published to correct the paragraph designations that appeared in the amendatory instructions preceding certain of the form amendments that the Commission adopted as part of each of these rulemakings. This document makes technical corrections only to the paragraph designations that appear in the amendatory instructions preceding these form amendments. This document does not make any substantive changes (i.e., changes except corrections to typographical errors) to the text of the form amendments themselves.
2018-11-30Proposed RuleSECURITIES AND EXCHANGE COMMISSIONSecurities and Exchange CommissionUpdated Disclosure Requirements and Summary Prospectus for Variable Annuity and Variable Life Insurance ContractsThe Securities and Exchange Commission is proposing rule and form amendments that are intended to help investors make informed investment decisions regarding variable annuity and variable life insurance contracts. The proposal would modernize...2018-24376"https://www.govinfo.gov/content/pkg/FR-2018-11-30/pdf/2018-24376.pdfhttps://www.federalregister.gov/documents/2018/11/30/2018-24376/updated-disclosure-requirements-and-summary-prospectus-for-variable-annuity-and-variable-lifeThe Securities and Exchange Commission is proposing rule and form amendments that are intended to help investors make informed investment decisions regarding variable annuity and variable life insurance contracts. The proposal would modernize disclosures by using a layered disclosure approach designed to provide investors with key information relating to the contract's terms, benefits, and risks in a concise and more reader-friendly presentation, with access to more detailed information available online and electronically or in paper format on request. The proposed new rule would permit a person to satisfy its prospectus delivery obligations under the Securities Act of 1933 for a variable annuity or variable life insurance contract by sending or giving a summary prospectus to investors and making the statutory prospectus available online. The proposed rule also would consider a person to have met its prospectus delivery obligations for any portfolio companies associated with a variable annuity or variable life insurance contract if the portfolio company prospectuses are posted online. In addition, we are proposing amendments to the registration forms for variable annuity and variable life insurance contracts to update and enhance the disclosures to investors in these contracts, and to implement the proposed summary prospectus framework. We are further proposing to require variable contracts to use the Inline eXtensible Business Reporting Language (``Inline XBRL'') format for the submission of certain required disclosures in the variable contract statutory prospectus. We are also proposing certain technical and conforming amendments to our rules and forms, including amendments to rules relating to variable life insurance contracts, as well as rescission of certain related rules and forms. Lastly, we are seeking comments regarding parallel amendments to rules governing mutual fund summary prospectuses and registration forms applicable to other types of registered investment companies.
2018-11-30Proposed RuleCOMMODITY FUTURES TRADING COMMISSIONCommodity Futures Trading CommissionSwap Execution Facilities and Trade Execution RequirementThe Commodity Futures Trading Commission (``Commission'' or ``CFTC'') is proposing amendments to regulations relating to the trade execution requirement under the Commodity Exchange Act (``CEA'' or ``Act'') and amendments to existing regulations...2018-24642"https://www.govinfo.gov/content/pkg/FR-2018-11-30/pdf/2018-24642.pdfhttps://www.federalregister.gov/documents/2018/11/30/2018-24642/swap-execution-facilities-and-trade-execution-requirementThe Commodity Futures Trading Commission (``Commission'' or ``CFTC'') is proposing amendments to regulations relating to the trade execution requirement under the Commodity Exchange Act (``CEA'' or ``Act'') and amendments to existing regulations relating to swap execution facilities (``SEFs'') and designated contract markets (``DCMs''). Among other amendments, the proposed rules apply the SEF registration requirement to certain swaps broking entities and aggregators of single-dealer platforms; broaden the scope of the trade execution requirement to include all swaps subject to the clearing requirement under the Act that a SEF or a DCM lists for trading; allow SEFs to offer flexible execution methods for all swaps that they list for trading; amend straight-through processing requirements; and amend the block trade definition. The proposed rules, which also include non- substantive amendments and various conforming changes to other Commission regulations, reflect the Commission's enhanced knowledge and experience with swaps trading characteristics and would further the Dodd-Frank Act's statutory goals for SEFs, i.e., promote more SEF trading and pre-trade price transparency in the swaps market. Further, the proposed rules are intended to strengthen the existing swaps regulatory framework by reducing unnecessary complexity, costs, and other burdens that impede SEF development, innovation, and growth.
2018-11-26RuleCOMMODITY FUTURES TRADING COMMISSIONCommodity Futures Trading CommissionMargin Requirements for Uncleared Swaps for Swap Dealers and Major Swap ParticipantsThe Commodity Futures Trading Commission (``Commission'' or ``CFTC'') is adopting amendments (``Final Rule'') to its margin requirements for uncleared swaps for swap dealers (``SD'') and major swap participants (``MSP'') for which there is no...2018-25602"https://www.govinfo.gov/content/pkg/FR-2018-11-26/pdf/2018-25602.pdfhttps://www.federalregister.gov/documents/2018/11/26/2018-25602/margin-requirements-for-uncleared-swaps-for-swap-dealers-and-major-swap-participantsThe Commodity Futures Trading Commission (``Commission'' or ``CFTC'') is adopting amendments (``Final Rule'') to its margin requirements for uncleared swaps for swap dealers (``SD'') and major swap participants (``MSP'') for which there is no prudential regulator (``CFTC Margin Rule''). The Commission is adopting these amendments in light of the rules recently adopted by the Board of Governors of the Federal Reserve System (``Board''), the Federal Deposit Insurance Corporation (``FDIC''), and the Office of the Comptroller of the Currency (``OCC'') (collectively, the ``QFC Rules'') that impose restrictions on certain uncleared swaps and uncleared security-based swaps and other financial contracts. Specifically, the Commission is amending the definition of ``eligible master netting agreement'' in the CFTC Margin Rule to ensure that master netting agreements of firms subject to the CFTC Margin Rule are not excluded from the definition of ``eligible master netting agreement'' based solely on such agreements' compliance with the QFC Rules. The Commission also is amending the CFTC Margin Rule such that any legacy uncleared swap (i.e., an uncleared swap entered into before the applicable compliance date of the CFTC Margin Rule) that is not now subject to the margin requirements of the CFTC Margin Rule will not become so subject if it is amended solely to comply with the QFC Rules. These amendments are consistent with amendments that the Board, FDIC, OCC, the Farm Credit Administration (``FCA''), and the Federal Housing Finance Agency (``FHFA'' and, together with the Board, FDIC, OCC, and FCA, the ``Prudential Regulators''), jointly published in the Federal Register on October 10, 2018.
2018-11-19RuleSECURITIES AND EXCHANGE COMMISSIONSecurities and Exchange CommissionDisclosure of Order Handling InformationThe Securities and Exchange Commission (``Commission'' or ``SEC'') is adopting amendments to Regulation National Market System (``Regulation NMS'') under the Securities Exchange Act of 1934 (``Exchange Act'') to require additional disclosures by...2018-24423"https://www.govinfo.gov/content/pkg/FR-2018-11-19/pdf/2018-24423.pdfhttps://www.federalregister.gov/documents/2018/11/19/2018-24423/disclosure-of-order-handling-informationThe Securities and Exchange Commission (``Commission'' or ``SEC'') is adopting amendments to Regulation National Market System (``Regulation NMS'') under the Securities Exchange Act of 1934 (``Exchange Act'') to require additional disclosures by broker-dealers to customers regarding the handling of their orders. The Commission is adding a new disclosure requirement which requires a broker-dealer, upon request of its customer, to provide specific disclosures related to the routing and execution of the customer's NMS stock orders submitted on a not held basis for the prior six months, subject to two de minimis exceptions. The Commission also is amending the current order routing disclosures that broker-dealers must make publicly available on a quarterly basis to pertain to NMS stock orders submitted on a held basis, and the Commission is making targeted enhancements to these public disclosures. In connection with these new requirements, the Commission is amending Regulation NMS to include certain newly defined and redefined terms that are used in the amendments. The Commission also is amending Regulation NMS to require that the public order execution report be kept publicly available for a period of three years. Finally, the Commission is adopting conforming amendments and updating cross-references as a result of the rule amendments being adopted in this rule.
2018-11-16RuleSECURITIES AND EXCHANGE COMMISSIONSecurities and Exchange CommissionAdoption of Updated EDGAR Filer Manual; CorrectionThe Securities and Exchange Commission published a document in the Federal Register of November 5, 2018 adopting revisions to the Electronic Data Gathering, Analysis, and Retrieval System (``EDGAR'') Filer Manual and related rules. There was a mistake...2018-25005"https://www.govinfo.gov/content/pkg/FR-2018-11-16/pdf/2018-25005.pdfhttps://www.federalregister.gov/documents/2018/11/16/2018-25005/adoption-of-updated-edgar-filer-manual-correctionThe Securities and Exchange Commission published a document in the Federal Register of November 5, 2018 adopting revisions to the Electronic Data Gathering, Analysis, and Retrieval System (``EDGAR'') Filer Manual and related rules. There was a mistake in the SUPPLEMENTARY INFORMATION section.
2018-11-13RuleSECURITIES AND EXCHANGE COMMISSIONSecurities and Exchange CommissionRegulation of NMS Stock Alternative Trading SystemsThis document makes technical corrections to a rule that was published in the Federal Register on August 7, 2018. The Commission adopted amendments to the regulatory requirements in Regulation ATS under the Securities Exchange Act of 1934 applicable to...2018-24549"https://www.govinfo.gov/content/pkg/FR-2018-11-13/pdf/2018-24549.pdfhttps://www.federalregister.gov/documents/2018/11/13/2018-24549/regulation-of-nms-stock-alternative-trading-systemsThis document makes technical corrections to a rule that was published in the Federal Register on August 7, 2018. The Commission adopted amendments to the regulatory requirements in Regulation ATS under the Securities Exchange Act of 1934 applicable to alternative trading systems (``ATSs'') that trade National Market System (``NMS'') stocks (hereinafter referred to as ``NMS Stock ATSs''), which included, among other items, Form ATS-N. This document is being published to correct a citation contained in the adopted language of Part III, Item 15.a of Form ATS-N.
2018-11-13RuleCOMMODITY FUTURES TRADING COMMISSIONCommodity Futures Trading CommissionDe Minimis Exception to the Swap Dealer DefinitionThe Commodity Futures Trading Commission (``Commission'' or ``CFTC'') is amending the de minimis exception within the ``swap dealer'' definition in the Commission's regulations by setting the aggregate gross notional amount threshold for the de minimis...2018-24579"https://www.govinfo.gov/content/pkg/FR-2018-11-13/pdf/2018-24579.pdfhttps://www.federalregister.gov/documents/2018/11/13/2018-24579/de-minimis-exception-to-the-swap-dealer-definitionThe Commodity Futures Trading Commission (``Commission'' or ``CFTC'') is amending the de minimis exception within the ``swap dealer'' definition in the Commission's regulations by setting the aggregate gross notional amount threshold for the de minimis exception at $8 billion in swap dealing activity entered into by a person over the preceding 12 months.
2018-11-06RuleSECURITIES AND EXCHANGE COMMISSIONSecurities and Exchange CommissionCommission Statement on Certain Provisions of Business Conduct Standards for Security-Based Swap Dealers and Major Security-Based Swap ParticipantsThe Commission is issuing a statement regarding certain provisions of its Business Conduct Standards for Security-Based Swap Dealers and Major Security-Based Swap Participants. The statement sets forth the Commission's position, for five years after...2018-24213"https://www.govinfo.gov/content/pkg/FR-2018-11-06/pdf/2018-24213.pdfhttps://www.federalregister.gov/documents/2018/11/06/2018-24213/commission-statement-on-certain-provisions-of-business-conduct-standards-for-security-based-swapThe Commission is issuing a statement regarding certain provisions of its Business Conduct Standards for Security-Based Swap Dealers and Major Security-Based Swap Participants. The statement sets forth the Commission's position, for five years after the compliance date for the security-based swap dealer and major security-based swap participant registration rules, that certain actions with respect to provisions of the Commission's business conduct standards will not provide a basis for a Commission enforcement action.
2018-11-05RuleSECURITIES AND EXCHANGE COMMISSIONSecurities and Exchange CommissionAdoption of Updated EDGAR Filer ManualThe Securities and Exchange Commission (the ``Commission'') is adopting revisions to the Electronic Data Gathering, Analysis, and Retrieval System (``EDGAR'') Filer Manual and related rules. The EDGAR system is scheduled to be upgraded on October 1, 2018.2018-24128"https://www.govinfo.gov/content/pkg/FR-2018-11-05/pdf/2018-24128.pdfhttps://www.federalregister.gov/documents/2018/11/05/2018-24128/adoption-of-updated-edgar-filer-manualThe Securities and Exchange Commission (the ``Commission'') is adopting revisions to the Electronic Data Gathering, Analysis, and Retrieval System (``EDGAR'') Filer Manual and related rules. The EDGAR system is scheduled to be upgraded on October 1, 2018.
2018-10-19RuleSECURITIES AND EXCHANGE COMMISSIONSecurities and Exchange CommissionRegulation Crowdfunding and Regulation A Relief and Assistance for Victims of Hurricane MichaelWe are adopting interim final temporary rules for issuers subject to reporting obligations pursuant to Regulation Crowdfunding and Regulation A in order to address the needs of companies directly or indirectly affected by Hurricane Michael. The...2018-22930"https://www.govinfo.gov/content/pkg/FR-2018-10-19/pdf/2018-22930.pdfhttps://www.federalregister.gov/documents/2018/10/19/2018-22930/regulation-crowdfunding-and-regulation-a-relief-and-assistance-for-victims-of-hurricane-michaelWe are adopting interim final temporary rules for issuers subject to reporting obligations pursuant to Regulation Crowdfunding and Regulation A in order to address the needs of companies directly or indirectly affected by Hurricane Michael. The temporary rules extend the filing deadlines for specified reports and forms due pursuant to Regulation Crowdfunding and Regulation A for certain issuers.
2018-10-19Proposed RuleSECURITIES AND EXCHANGE COMMISSIONSecurities and Exchange CommissionCapital, Margin, and Segregation Requirements for Security-Based Swap Dealers and Major Security-Based Swap Participants and Capital Requirements for Broker-DealersThe Securities and Exchange Commission (``Commission'') is reopening the comment period and requesting additional comment (including potential modifications to proposed rule language) on the following: Proposed amendments and new rules that would...2018-22531"https://www.govinfo.gov/content/pkg/FR-2018-10-19/pdf/2018-22531.pdfhttps://www.federalregister.gov/documents/2018/10/19/2018-22531/capital-margin-and-segregation-requirements-for-security-based-swap-dealers-and-major-security-basedThe Securities and Exchange Commission (``Commission'') is reopening the comment period and requesting additional comment (including potential modifications to proposed rule language) on the following: Proposed amendments and new rules that would establish capital and margin requirements for security-based swap dealers (``SBSDs'') and major security-based swap participants (``MSBSPs'') that do not have a prudential regulator, establish segregation requirements for SBSDs, establish notification requirements for SBSDs and MSBSPs relating to segregation, and raise minimum net capital requirements and establish liquidity requirements for broker-dealers permitted to use internal models when computing net capital (``ANC broker-dealers''). The Commission also is reopening the comment period and requesting additional comment on proposed amendments that would establish the cross-border treatment of security-based swap capital, margin, and segregation requirements; and a proposed amendment that would establish an additional capital requirement for SBSDs that do not have a prudential regulator.
2018-10-18Proposed RuleCOMMODITY FUTURES TRADING COMMISSIONCommodity Futures Trading CommissionRegistration and Compliance Requirements for Commodity Pool Operators and Commodity Trading AdvisorsThe Commodity Futures Trading Commission (CFTC or Commission)2018-22324"https://www.govinfo.gov/content/pkg/FR-2018-10-18/pdf/2018-22324.pdfhttps://www.federalregister.gov/documents/2018/10/18/2018-22324/registration-and-compliance-requirements-for-commodity-pool-operators-and-commodity-trading-advisorsThe Commodity Futures Trading Commission (CFTC or Commission)
2018-10-18RuleDEPARTMENT OF THE TREASURYTreasury DepartmentGovernment Securities Act Regulations: Large Position Reporting RulesThe Department of the Treasury (Treasury) is issuing a final2018-22732"https://www.govinfo.gov/content/pkg/FR-2018-10-18/pdf/2018-22732.pdfhttps://www.federalregister.gov/documents/2018/10/18/2018-22732/government-securities-act-regulations-large-position-reporting-rulesThe Department of the Treasury (Treasury) is issuing a final
2018-10-05Proposed RuleSECURITIES AND EXCHANGE COMMISSIONSecurities and Exchange CommissionAmendments to Rules for Nationally Recognized Statistical Rating OrganizationsThe Securities and Exchange Commission (``Commission'') is proposing amendments to rules for nationally recognized statistical rating organizations (``NRSROs'') under the Securities Exchange Act of 1934 (``Exchange Act''). The amendments would provide...2018-21295"https://www.govinfo.gov/content/pkg/FR-2018-10-05/pdf/2018-21295.pdfhttps://www.federalregister.gov/documents/2018/10/05/2018-21295/amendments-to-rules-for-nationally-recognized-statistical-rating-organizationsThe Securities and Exchange Commission (``Commission'') is proposing amendments to rules for nationally recognized statistical rating organizations (``NRSROs'') under the Securities Exchange Act of 1934 (``Exchange Act''). The amendments would provide an exemption from a rule for NRSROs with respect to credit ratings if the issuer of the security or money market instrument referred to in the rule is not a U.S. person, and the NRSRO has a reasonable basis to conclude that all offers and sales of such security or money market instrument by any issuer, sponsor, or underwriter linked to such security or money market instrument will occur outside the United States. In addition, the amendments would make conforming changes to similar exemptions in two other Exchange Act rules. The Commission is requesting comment on the proposed rule amendments.
2018-10-04RuleSECURITIES AND EXCHANGE COMMISSIONSecurities and Exchange CommissionDisclosure Update and SimplificationWe are adopting amendments to certain of our disclosure requirements that have become redundant, duplicative, overlapping, outdated, or superseded, in light of other Commission disclosure requirements, U.S. Generally Accepted Accounting Principles...2018-18142"https://www.govinfo.gov/content/pkg/FR-2018-10-04/pdf/2018-18142.pdfhttps://www.federalregister.gov/documents/2018/10/04/2018-18142/disclosure-update-and-simplificationWe are adopting amendments to certain of our disclosure requirements that have become redundant, duplicative, overlapping, outdated, or superseded, in light of other Commission disclosure requirements, U.S. Generally Accepted Accounting Principles (``U.S. GAAP''), or changes in the information environment. We are also referring certain Commission disclosure requirements that overlap with, but require information incremental to, U.S. GAAP to the Financial Accounting Standards Board (``FASB'') for potential incorporation into U.S. GAAP. The amendments are intended to facilitate the disclosure of information to investors and simplify compliance without significantly altering the total mix of information provided to investors. These amendments are part of an initiative by the Division of Corporation Finance to review disclosure requirements applicable to issuers to consider ways to improve the requirements for the benefit of investors and issuers. We are also adopting these amendments as part of our efforts to implement title LXXII of the Fixing America's Surface Transportation Act.
2018-10-02Proposed RuleSECURITIES AND EXCHANGE COMMISSIONSecurities and Exchange CommissionFinancial Disclosures About Guarantors and Issuers of Guaranteed Securities and Affiliates Whose Securities Collateralize a Registrant's SecuritiesWe are proposing amendments to the financial disclosure requirements for guarantors and issuers of guaranteed securities registered or being registered, and issuers' affiliates whose securities collateralize securities registered or being registered in...2018-19456"https://www.govinfo.gov/content/pkg/FR-2018-10-02/pdf/2018-19456.pdfhttps://www.federalregister.gov/documents/2018/10/02/2018-19456/financial-disclosures-about-guarantors-and-issuers-of-guaranteed-securities-and-affiliates-whoseWe are proposing amendments to the financial disclosure requirements for guarantors and issuers of guaranteed securities registered or being registered, and issuers' affiliates whose securities collateralize securities registered or being registered in Regulation S-X to improve those requirements for both investors and registrants. The proposed changes are intended to provide investors with material information given the specific facts and circumstances, make the disclosures easier to understand, and reduce the costs and burdens to registrants. In addition, by reducing the costs and burdens of compliance, issuers may be encouraged to offer guaranteed or collateralized securities on a registered basis, thereby affording investors protection they may not be provided in offerings conducted on an unregistered basis. Finally, by making it less burdensome and less costly for issuers to include guarantees or pledges of affiliate securities as collateral when they structure debt offerings, the proposed revisions may increase the number of registered offerings that include these credit enhancements, which could result in a lower cost of capital and an increased level of investor protection.
2018-09-27Proposed RuleSECURITIES AND EXCHANGE COMMISSIONSecurities and Exchange CommissionAmendment to Single Issuer Exemption for Broker-DealersThe Commission is proposing an amendment to the exemption provisions in the broker-dealer annual reporting rule under the Securities Exchange Act of 1934 (``Exchange Act''). The amendment would provide that a broker-dealer is not required to engage an...2018-20880"https://www.govinfo.gov/content/pkg/FR-2018-09-27/pdf/2018-20880.pdfhttps://www.federalregister.gov/documents/2018/09/27/2018-20880/amendment-to-single-issuer-exemption-for-broker-dealersThe Commission is proposing an amendment to the exemption provisions in the broker-dealer annual reporting rule under the Securities Exchange Act of 1934 (``Exchange Act''). The amendment would provide that a broker-dealer is not required to engage an independent public accountant to certify the broker-dealer's annual reports if, among other things, the securities business of the broker-dealer has been limited to acting as broker (agent) for a single issuer in soliciting subscriptions for securities of that issuer.
2018-09-21RuleSECURITIES AND EXCHANGE COMMISSIONSecurities and Exchange CommissionRegulation Crowdfunding and Regulation A Relief and Assistance for Victims of Hurricane FlorenceWe are adopting interim final temporary rules for issuers subject to reporting obligations pursuant to Regulation Crowdfunding and Regulation A in order to address the needs of companies directly or indirectly affected by Hurricane Florence. The...2018-20740"https://www.govinfo.gov/content/pkg/FR-2018-09-21/pdf/2018-20740.pdfhttps://www.federalregister.gov/documents/2018/09/21/2018-20740/regulation-crowdfunding-and-regulation-a-relief-and-assistance-for-victims-of-hurricane-florenceWe are adopting interim final temporary rules for issuers subject to reporting obligations pursuant to Regulation Crowdfunding and Regulation A in order to address the needs of companies directly or indirectly affected by Hurricane Florence. The temporary rules extend the filing deadlines for specified reports and forms due pursuant to Regulation Crowdfunding and Regulation A for certain issuers.
2018-09-11Proposed RuleDEPARTMENT OF TREASURYTreasury DepartmentExtension of Comment Period for Proposed Revisions to Prohibitions and Restrictions on Proprietary Trading and Certain Interests in, and Relationships With, Hedge Funds and Private Equity FundsOn July 17, 2018, the Agencies published in the Federal Register a notice of proposed rulemaking (proposal) that would amend the regulations implementing section 13 of the Bank Holding Company Act. Section 13 contains certain restrictions on the...2018-19649"https://www.govinfo.gov/content/pkg/FR-2018-09-11/pdf/2018-19649.pdfhttps://www.federalregister.gov/documents/2018/09/11/2018-19649/extension-of-comment-period-for-proposed-revisions-to-prohibitions-and-restrictions-on-proprietaryOn July 17, 2018, the Agencies published in the Federal Register a notice of proposed rulemaking (proposal) that would amend the regulations implementing section 13 of the Bank Holding Company Act. Section 13 contains certain restrictions on the ability of a banking entity and nonbank financial company supervised by the Board to engage in proprietary trading and have certain interests in, or relationships with, a hedge fund or private equity fund. The proposed amendments are intended to provide banking entities with clarity about what activities are prohibited and to improve supervision and implementation of section 13. In response to requests from commenters regarding issues addressed in the proposal, the public comment period has been extended for 30 days until October 17, 2018. This action will allow interested persons additional time to analyze the proposal and prepare their comments.
2018-08-31RuleSECURITIES AND EXCHANGE COMMISSIONSecurities and Exchange CommissionDelegation of Authority to General Counsel of the CommissionThe Securities and Exchange Commission (``Commission'') is revising regulations with respect to the delegations of authority to the Commission's General Counsel. The revisions are a result of the Commission's experience with its existing rules and...2018-18585"https://www.govinfo.gov/content/pkg/FR-2018-08-31/pdf/2018-18585.pdfhttps://www.federalregister.gov/documents/2018/08/31/2018-18585/delegation-of-authority-to-general-counsel-of-the-commissionThe Securities and Exchange Commission (``Commission'') is revising regulations with respect to the delegations of authority to the Commission's General Counsel. The revisions are a result of the Commission's experience with its existing rules and increase the efficiency of the adjudicatory process.
2018-08-31RuleSECURITIES AND EXCHANGE COMMISSIONSecurities and Exchange CommissionAmendments to Municipal Securities DisclosureThe Securities and Exchange Commission (``Commission'' or ``SEC'') is adopting amendments to the Municipal Securities Disclosure Rule under the Securities Exchange Act of 1934 (``Exchange Act''). The amendments add transparency to the municipal...2018-18279"https://www.govinfo.gov/content/pkg/FR-2018-08-31/pdf/2018-18279.pdfhttps://www.federalregister.gov/documents/2018/08/31/2018-18279/amendments-to-municipal-securities-disclosureThe Securities and Exchange Commission (``Commission'' or ``SEC'') is adopting amendments to the Municipal Securities Disclosure Rule under the Securities Exchange Act of 1934 (``Exchange Act''). The amendments add transparency to the municipal securities market by increasing the amount of information that is publicly disclosed about material financial obligations incurred by issuers and obligated persons. Specifically, the amendments revise the list of event notices that a broker, dealer, or municipal securities dealer (each a ``dealer,'' and collectively, ``dealers'') acting as an underwriter (``Participating Underwriter'') in a primary offering of municipal securities with an aggregate principal amount of $1,000,000 or more (subject to certain exemptions set forth in the Rule) (an ``Offering'') must reasonably determine that an issuer or an obligated person has undertaken, in a written agreement or contract for the benefit of holders of the municipal securities, to provide to the Municipal Securities Rulemaking Board (``MSRB'').
2018-08-29Proposed RuleCOMMODITY FUTURES TRADING COMMISSIONCommodity Futures Trading CommissionAmendments to Clearing Exemption for Swaps Entered Into by Certain Bank Holding Companies, Savings and Loan Holding Companies, and Community Development Financial InstitutionsThe Commodity Futures Trading Commission (Commission or CFTC) is proposing rule amendments pursuant to its authority under section 4(c) of the Commodity Exchange Act (CEA) to exempt from the clearing requirement set forth in section 2(h)(1) of the CEA...2018-18618"https://www.govinfo.gov/content/pkg/FR-2018-08-29/pdf/2018-18618.pdfhttps://www.federalregister.gov/documents/2018/08/29/2018-18618/amendments-to-clearing-exemption-for-swaps-entered-into-by-certain-bank-holding-companies-savingsThe Commodity Futures Trading Commission (Commission or CFTC) is proposing rule amendments pursuant to its authority under section 4(c) of the Commodity Exchange Act (CEA) to exempt from the clearing requirement set forth in section 2(h)(1) of the CEA certain swaps entered into by certain bank holding companies, savings and loan holding companies, and community development financial institutions.
2018-08-27RuleCOMMODITY FUTURES TRADING COMMISSIONCommodity Futures Trading CommissionChief Compliance Officer Duties and Annual Report Requirements for Futures Commission Merchants, Swap Dealers, and Major Swap ParticipantsThe Commodity Futures Trading Commission (``Commission'' or ``CFTC'') is amending its regulations regarding certain duties of chief compliance officers (``CCOs'') of swap dealers (``SDs''), major swap participants (``MSPs''), and futures commission...2018-18432"https://www.govinfo.gov/content/pkg/FR-2018-08-27/pdf/2018-18432.pdfhttps://www.federalregister.gov/documents/2018/08/27/2018-18432/chief-compliance-officer-duties-and-annual-report-requirements-for-futures-commission-merchants-swapThe Commodity Futures Trading Commission (``Commission'' or ``CFTC'') is amending its regulations regarding certain duties of chief compliance officers (``CCOs'') of swap dealers (``SDs''), major swap participants (``MSPs''), and futures commission merchants (``FCMs'') (collectively, ``Registrants''); and certain requirements for preparing, certifying, and furnishing to the Commission an annual report containing an assessment of the Registrant's compliance activities.
2018-08-16RuleSECURITIES AND EXCHANGE COMMISSIONSecurities and Exchange CommissionInline XBRL Filing of Tagged DataWe are adopting amendments to require the use of the Inline eXtensible Business Reporting Language (``XBRL'') format for the submission of operating company financial statement information and fund risk/return summary information. We also are adopting...2018-14365"https://www.govinfo.gov/content/pkg/FR-2018-08-16/pdf/2018-14365.pdfhttps://www.federalregister.gov/documents/2018/08/16/2018-14365/inline-xbrl-filing-of-tagged-dataWe are adopting amendments to require the use of the Inline eXtensible Business Reporting Language (``XBRL'') format for the submission of operating company financial statement information and fund risk/return summary information. We also are adopting the elimination of the 15 business day XBRL filing period for fund risk/ return summaries. The amendments are intended to improve the data's usefulness, timeliness, and quality, benefiting investors, other market participants, and other data users and to decrease, over time, the cost of preparing the data for submission to the Commission. The amendments will also eliminate the requirement for operating companies and funds to post ``Interactive Data Files'' (i.e., machine-readable computer code that presents information in XBRL format) on their websites and terminate the Commission's voluntary program for the submission of financial statement information interactive data that is currently available only to investment companies and certain other entities.
2018-08-13Proposed RuleCOMMODITY FUTURES TRADING COMMISSIONCommodity Futures Trading CommissionExemption From Derivatives Clearing Organization RegistrationThe Commodity Futures Trading Commission (Commission) is proposing amendments to its regulations to establish a regulatory framework within which the Commission may exempt a clearing organization that is organized outside of the United States...2018-17335"https://www.govinfo.gov/content/pkg/FR-2018-08-13/pdf/2018-17335.pdfhttps://www.federalregister.gov/documents/2018/08/13/2018-17335/exemption-from-derivatives-clearing-organization-registrationThe Commodity Futures Trading Commission (Commission) is proposing amendments to its regulations to establish a regulatory framework within which the Commission may exempt a clearing organization that is organized outside of the United States (hereinafter referred to as ``non-U.S. clearing organization'') from registration as a derivatives clearing organization (DCO) in connection with the clearing organization's clearing of swaps. In addition, the Commission is proposing certain amendments to its delegation provisions in its regulations.
2018-08-07RuleSECURITIES AND EXCHANGE COMMISSIONSecurities and Exchange CommissionRegulation of NMS Stock Alternative Trading SystemsThe Securities and Exchange Commission is adopting amendments to regulatory requirements in Regulation ATS under the Securities Exchange Act of 1934 (``Exchange Act'') applicable to alternative trading systems (``ATSs'') that trade National Market...2018-15896"https://www.govinfo.gov/content/pkg/FR-2018-08-07/pdf/2018-15896.pdfhttps://www.federalregister.gov/documents/2018/08/07/2018-15896/regulation-of-nms-stock-alternative-trading-systemsThe Securities and Exchange Commission is adopting amendments to regulatory requirements in Regulation ATS under the Securities Exchange Act of 1934 (``Exchange Act'') applicable to alternative trading systems (``ATSs'') that trade National Market System (``NMS'') stocks (hereinafter referred to as ``NMS Stock ATSs''), including so called ``dark pools.'' First, we are adopting new Form ATS-N, which will require NMS Stock ATSs to disclose information about their manner of operations, the broker-dealer that operates the ATS (``broker-dealer operator''), and the ATS-related activities of the broker-dealer operator and its affiliates. Second, as amended, the regulations will require public posting of certain Form ATS-N filings on the Commission's website, which will be accomplished through the Commission's Electronic Data Gathering, Analysis, and Retrieval system (``EDGAR'') and require each NMS Stock ATS that has a website to post on its website a direct URL hyperlink to the Commission's website. Third, the amendments that we are adopting today provide a process for the Commission to review Form ATS-N filings and, after notice and opportunity for hearing, declare an NMS Stock ATS's Form ATS-N ineffective. Fourth, the regulations, as amended, will require all ATSs subject to the regulations to place in writing its safeguards and procedures to protect subscribers' confidential trading information. We are also adopting conforming amendments.
2018-07-31Proposed RuleCOMMODITY FUTURES TRADING COMMISSIONCommodity Futures Trading CommissionPosition Limits and Position Accountability for Security Futures ProductsThe Commodity Futures Trading Commission (``CFTC'' or ``Commission'') is proposing to amend its position limits rules for security futures products (``SFPs'') by: Increasing the default level of equity SFP position limits, and modifying the criteria...2018-16079"https://www.govinfo.gov/content/pkg/FR-2018-07-31/pdf/2018-16079.pdfhttps://www.federalregister.gov/documents/2018/07/31/2018-16079/position-limits-and-position-accountability-for-security-futures-productsThe Commodity Futures Trading Commission (``CFTC'' or ``Commission'') is proposing to amend its position limits rules for security futures products (``SFPs'') by: Increasing the default level of equity SFP position limits, and modifying the criteria for setting a higher level of position limits and position accountability levels. In addition, the proposed amended position limit regulation would provide discretion to a designated contract market (``DCM'') to apply limits to either a person's net position or a person's position on the same side of the market. The Commission also proposes criteria for setting position limits on an SFP on other than an equity security, generally based on an estimate of deliverable supply.
2018-07-31Proposed RuleSECURITIES AND EXCHANGE COMMISSIONSecurities and Exchange CommissionExchange-Traded FundsThe Securities and Exchange Commission (the ``Commission'') is proposing a new rule under the Investment Company Act of 1940 (the ``Investment Company Act'' or the ``Act'') that would permit exchange- traded funds (``ETFs'') that satisfy certain...2018-14370"https://www.govinfo.gov/content/pkg/FR-2018-07-31/pdf/2018-14370.pdfhttps://www.federalregister.gov/documents/2018/07/31/2018-14370/exchange-traded-fundsThe Securities and Exchange Commission (the ``Commission'') is proposing a new rule under the Investment Company Act of 1940 (the ``Investment Company Act'' or the ``Act'') that would permit exchange- traded funds (``ETFs'') that satisfy certain conditions to operate without the expense and delay of obtaining an exemptive order. In connection with the proposed exemptive rule, the Commission proposes to rescind certain exemptive orders that have been granted to ETFs and their sponsors. The Commission also is proposing certain disclosure amendments to Form N-1A and Form N-8B-2 to provide investors who purchase and sell ETF shares on the secondary market with additional information regarding ETF trading costs, regardless of whether such ETFs are structured as registered open-end management investment companies (``open-end funds'') or unit investment trusts (``UITs''). Finally, the Commission is proposing related amendments to Form N-CEN. The proposed rule and form amendments are designed to create a consistent, transparent, and efficient regulatory framework for ETFs and to facilitate greater competition and innovation among ETFs.
2018-07-30Proposed RuleCOMMODITY FUTURES TRADING COMMISSIONCommodity Futures Trading CommissionSegregation of Assets Held as Collateral in Uncleared Swap TransactionsThe Commodity Futures Trading Commission (``Commission'' or ``CFTC'') is proposing to amend selected provisions of its regulations in order to simplify certain requirements for swap dealers (``SDs'') and major swap participants (``MSPs'') concerning...2018-16176"https://www.govinfo.gov/content/pkg/FR-2018-07-30/pdf/2018-16176.pdfhttps://www.federalregister.gov/documents/2018/07/30/2018-16176/segregation-of-assets-held-as-collateral-in-uncleared-swap-transactionsThe Commodity Futures Trading Commission (``Commission'' or ``CFTC'') is proposing to amend selected provisions of its regulations in order to simplify certain requirements for swap dealers (``SDs'') and major swap participants (``MSPs'') concerning notification of counterparties of their right to segregate initial margin for uncleared swaps, and to modify requirements for the handling of segregated initial margin (the ``Proposal'').
2018-07-24Proposed RuleSECURITIES AND EXCHANGE COMMISSIONSecurities and Exchange CommissionConcept Release on Compensatory Securities Offerings and SalesThe Securities and Exchange Commission (``Commission'') is publishing this release to solicit comment on the exemption from registration under the Securities Act of 1933 (the ``Securities Act'') for securities issued by non-reporting companies pursuant...2018-15731"https://www.govinfo.gov/content/pkg/FR-2018-07-24/pdf/2018-15731.pdfhttps://www.federalregister.gov/documents/2018/07/24/2018-15731/concept-release-on-compensatory-securities-offerings-and-salesThe Securities and Exchange Commission (``Commission'') is publishing this release to solicit comment on the exemption from registration under the Securities Act of 1933 (the ``Securities Act'') for securities issued by non-reporting companies pursuant to compensatory arrangements, and Form S-8, the registration statement for compensatory offerings by reporting companies. Significant evolution has taken place both in the types of compensatory offerings issuers make and the composition of the workforce since the Commission last substantively amended these regulations. Therefore, as we amend the exemption as mandated by the Economic Growth, Regulatory Relief, and Consumer Protection Act (the ``Act''), we seek comment on possible ways to modernize the exemption and the relationship between it and Form S- 8, consistent with investor protection.
2018-07-24RuleSECURITIES AND EXCHANGE COMMISSIONSecurities and Exchange CommissionExempt Offerings Pursuant to Compensatory ArrangementsThe Securities and Exchange Commission is adopting an amendment to its regulations under the Securities Act of 1933 (the ``Securities Act''), which provide an exemption from registration for securities issued by non-reporting companies pursuant to...2018-15730"https://www.govinfo.gov/content/pkg/FR-2018-07-24/pdf/2018-15730.pdfhttps://www.federalregister.gov/documents/2018/07/24/2018-15730/exempt-offerings-pursuant-to-compensatory-arrangementsThe Securities and Exchange Commission is adopting an amendment to its regulations under the Securities Act of 1933 (the ``Securities Act''), which provide an exemption from registration for securities issued by non-reporting companies pursuant to compensatory arrangements. As mandated by the Economic Growth, Regulatory Relief, and Consumer Protection Act (the ``Act''), the amendment revises a rule to increase from $5 million to $10 million the aggregate sales price or amount of securities sold during any consecutive 12-month period in excess of which the issuer is required to deliver additional disclosures to investors.
2018-07-20Proposed RuleSECURITIES AND EXCHANGE COMMISSIONSecurities and Exchange CommissionWhistleblower Program RulesThe Securities and Exchange Commission (``Commission'') is proposing for public comment several amendments to the Commission's rules implementing its whistleblower program. Section 21F of the Securities Exchange Act of 1934 (``Exchange Act'') provides,...2018-14411"https://www.govinfo.gov/content/pkg/FR-2018-07-20/pdf/2018-14411.pdfhttps://www.federalregister.gov/documents/2018/07/20/2018-14411/whistleblower-program-rulesThe Securities and Exchange Commission (``Commission'') is proposing for public comment several amendments to the Commission's rules implementing its whistleblower program. Section 21F of the Securities Exchange Act of 1934 (``Exchange Act'') provides, among other things, that the Commission shall pay an award--under regulations prescribed by the Commission and subject to certain limitations--to eligible whistleblowers who voluntarily provide the Commission with original information about a violation of the federal securities laws that leads to the successful enforcement of a covered judicial or administrative action, or a related action. On May 25, 2011, the Commission adopted a comprehensive set of rules to implement the whistleblower program. The proposed rules would make certain changes and clarifications to the existing rules, as well as several technical amendments. The Commission is also including interpretive guidance concerning the terms ``unreasonable delay'' and ``independent analysis.''
2018-07-17Proposed RuleDEPARTMENT OF TREASURYTreasury DepartmentProposed Revisions to Prohibitions and Restrictions on Proprietary Trading and Certain Interests in, and Relationships With, Hedge Funds and Private Equity FundsThe OCC, Board, FDIC, SEC, and CFTC (individually, an ``Agency,'' and collectively, the ``Agencies'') are requesting comment on a proposal that would amend the regulations implementing section 13 of the Bank Holding Company Act (BHC Act). Section 13...2018-13502"https://www.govinfo.gov/content/pkg/FR-2018-07-17/pdf/2018-13502.pdfhttps://www.federalregister.gov/documents/2018/07/17/2018-13502/proposed-revisions-to-prohibitions-and-restrictions-on-proprietary-trading-and-certain-interests-inThe OCC, Board, FDIC, SEC, and CFTC (individually, an ``Agency,'' and collectively, the ``Agencies'') are requesting comment on a proposal that would amend the regulations implementing section 13 of the Bank Holding Company Act (BHC Act). Section 13 contains certain restrictions on the ability of a banking entity and nonbank financial company supervised by the Board to engage in proprietary trading and have certain interests in, or relationships with, a hedge fund or private equity fund. The proposed amendments are intended to provide banking entities with clarity about what activities are prohibited and to improve supervision and implementation of section 13.
2018-07-17RuleSECURITIES AND EXCHANGE COMMISSIONSecurities and Exchange CommissionAdoption of Updated EDGAR Filer ManualThe Securities and Exchange Commission (the ``Commission'') is adopting revisions to the Electronic Data Gathering, Analysis, and Retrieval System (``EDGAR'') Filer Manual and related rules. The EDGAR system is scheduled to be upgraded on July 9, 2018.2018-15247"https://www.govinfo.gov/content/pkg/FR-2018-07-17/pdf/2018-15247.pdfhttps://www.federalregister.gov/documents/2018/07/17/2018-15247/adoption-of-updated-edgar-filer-manualThe Securities and Exchange Commission (the ``Commission'') is adopting revisions to the Electronic Data Gathering, Analysis, and Retrieval System (``EDGAR'') Filer Manual and related rules. The EDGAR system is scheduled to be upgraded on July 9, 2018.
2018-07-10RuleSECURITIES AND EXCHANGE COMMISSIONSecurities and Exchange CommissionSmaller Reporting Company DefinitionWe are adopting amendments to the definition of ``smaller reporting company'' as used in our rules and regulations. The amendments expand the number of registrants that qualify as smaller reporting companies and are intended to reduce compliance costs...2018-14306"https://www.govinfo.gov/content/pkg/FR-2018-07-10/pdf/2018-14306.pdfhttps://www.federalregister.gov/documents/2018/07/10/2018-14306/smaller-reporting-company-definitionWe are adopting amendments to the definition of ``smaller reporting company'' as used in our rules and regulations. The amendments expand the number of registrants that qualify as smaller reporting companies and are intended to reduce compliance costs for these registrants and promote capital formation, while maintaining appropriate investor protections. We are amending the definition of ``smaller reporting company'' to include registrants with a public float of less than $250 million, as well as registrants with annual revenues of less than $100 million for the previous year and either no public float or a public float of less than $700 million. We also are amending other rules and forms in light of the new definition of ``smaller reporting company,'' including amendments to the definitions of ``accelerated filer'' and ``large accelerated filer'' to preserve the existing thresholds in those definitions. Qualifying as a ``smaller reporting company'' will no longer automatically make a registrant a non-accelerated filer. The Chairman, however, has directed the staff to formulate recommendations to the Commission for possible additional changes to the ``accelerated filer'' definition that, if adopted, would have the effect of reducing the number of registrants that qualify as accelerated filers.
2018-07-10RuleSECURITIES AND EXCHANGE COMMISSIONSecurities and Exchange CommissionInvestment Company Liquidity DisclosureThe Securities and Exchange Commission (``Commission'') is adopting amendments to its forms designed to improve the reporting and disclosure of liquidity information by registered open-end investment companies. The Commission is adopting a new...2018-14366"https://www.govinfo.gov/content/pkg/FR-2018-07-10/pdf/2018-14366.pdfhttps://www.federalregister.gov/documents/2018/07/10/2018-14366/investment-company-liquidity-disclosureThe Securities and Exchange Commission (``Commission'') is adopting amendments to its forms designed to improve the reporting and disclosure of liquidity information by registered open-end investment companies. The Commission is adopting a new requirement that funds disclose information about the operation and effectiveness of their liquidity risk management program in their reports to shareholders. The Commission in turn is rescinding the requirement in Form N-PORT under the Investment Company Act of 1940 that funds publicly disclose aggregate liquidity classification information about their portfolios. In addition, the Commission is adopting amendments to Form N-PORT that will allow funds classifying the liquidity of their investments pursuant to their liquidity risk management programs to report multiple liquidity classification categories for a single position under specified circumstances. The Commission also is adding a new requirement to Form N-PORT that funds and other registrants report their holdings of cash and cash equivalents.
2018-07-03Proposed RuleCOMMODITY FUTURES TRADING COMMISSIONCommodity Futures Trading CommissionFinancial Surveillance Examination Program Requirements for Self-Regulatory OrganizationsThe Commodity Futures Trading Commission (``Commission'' or ``CFTC'') is proposing to amend its regulations governing the minimum standards for a self-regulatory organization's (``SRO'') financial surveillance examination program of futures commission...2018-14272"https://www.govinfo.gov/content/pkg/FR-2018-07-03/pdf/2018-14272.pdfhttps://www.federalregister.gov/documents/2018/07/03/2018-14272/financial-surveillance-examination-program-requirements-for-self-regulatory-organizationsThe Commodity Futures Trading Commission (``Commission'' or ``CFTC'') is proposing to amend its regulations governing the minimum standards for a self-regulatory organization's (``SRO'') financial surveillance examination program of futures commission merchants (``FCMs''). The proposed amendments would revise the scope of a third- party expert's evaluation of the SRO's financial surveillance program to cover only the examination standards used by SRO staff in conducting FCM examinations. The proposed amendments also would revise the minimum timeframes between when an SRO must engage a third-party expert to evaluate its FCM examination standards.
2018-06-29RuleCOMMODITY FUTURES TRADING COMMISSIONCommodity Futures Trading CommissionAdaptation of Regulations to Incorporate Swaps; CorrectionOn November 2, 2012, the Commodity Futures Trading Commission revised its rules. That document inadvertently failed to remove several obsolete provisions in the regulation. This document corrects the final regulations.2018-13256"https://www.govinfo.gov/content/pkg/FR-2018-06-29/pdf/2018-13256.pdfhttps://www.federalregister.gov/documents/2018/06/29/2018-13256/adaptation-of-regulations-to-incorporate-swaps-correctionOn November 2, 2012, the Commodity Futures Trading Commission revised its rules. That document inadvertently failed to remove several obsolete provisions in the regulation. This document corrects the final regulations.
2018-06-28RuleSECURITIES AND EXCHANGE COMMISSIONSecurities and Exchange CommissionAmendments to the Commission's Freedom of Information Act RegulationsThe Securities and Exchange Commission (``Commission'' or ``SEC'') is adopting amendments to the Commission's regulations under the Freedom of Information Act (``FOIA''). The Commission is amending the FOIA regulations to reflect changes required by...2018-13943"https://www.govinfo.gov/content/pkg/FR-2018-06-28/pdf/2018-13943.pdfhttps://www.federalregister.gov/documents/2018/06/28/2018-13943/amendments-to-the-commissions-freedom-of-information-act-regulationsThe Securities and Exchange Commission (``Commission'' or ``SEC'') is adopting amendments to the Commission's regulations under the Freedom of Information Act (``FOIA''). The Commission is amending the FOIA regulations to reflect changes required by the FOIA Improvement Act of 2016 (``Improvement Act'') and to clarify, update, and streamline the regulations.
2018-06-22RuleSECURITIES AND EXCHANGE COMMISSIONSecurities and Exchange CommissionOptional Internet Availability of Investment Company Shareholder ReportsThe Securities and Exchange Commission is adopting new rule 30e-3 under the Investment Company Act of 1940. Subject to conditions, new rule 30e-3 will provide certain registered investment companies with an optional method to satisfy their obligations...2018-12423"https://www.govinfo.gov/content/pkg/FR-2018-06-22/pdf/2018-12423.pdfhttps://www.federalregister.gov/documents/2018/06/22/2018-12423/optional-internet-availability-of-investment-company-shareholder-reportsThe Securities and Exchange Commission is adopting new rule 30e-3 under the Investment Company Act of 1940. Subject to conditions, new rule 30e-3 will provide certain registered investment companies with an optional method to satisfy their obligations to transmit shareholder reports by making such reports and other materials accessible at a website address specified in a notice to investors. We are also adopting amendments to rule 498 under the Securities Act of 1933 and our fund registration forms to require that during a certain transition period funds that choose to implement the new delivery method for shareholder reports provide prominent disclosures in prospectuses and certain other shareholder documents that will notify investors of the upcoming change in transmission format for a period of two years. New rule 30e-3 and the amendments to rule 498 and our registration forms address the fact that some investors may wish to receive shareholder reports in paper. As such, the new rule incorporates a set of protections so that investors who prefer to receive reports in paper will continue to receive them in that format. These protections include, among others, a minimum length phase-in period that ends no earlier than December 31, 2020 and notice requirements that must be implemented and followed beginning January 1, 2019, or the date shares are first publicly offered, if a registered investment company would want to use new rule 30e-3 as of January 1, 2021. The rule requires that a paper notice be sent to an investor each time a current shareholder report is accessible online. The notice must include instructions for how an investor can elect--at any time--to receive all future reports in paper, or request to receive particular reports in paper on an ad hoc basis. We are also adopting related amendments to certain other rules and forms. This optional method is intended to modernize the manner in which periodic information is made available to investors, which we believe will improve investors' experience while reducing expenses associated with printing and mailing shareholder reports that are borne by investment companies and ultimately their investors.
2018-06-12Proposed RuleCOMMODITY FUTURES TRADING COMMISSIONCommodity Futures Trading CommissionDe Minimis Exception to the Swap Dealer DefinitionThe Commodity Futures Trading Commission (``Commission'' or ``CFTC'') is proposing to amend the de minimis exception within the ``swap dealer'' definition in the Commission's regulations by: Setting the aggregate gross notional amount threshold for the...2018-12362"https://www.govinfo.gov/content/pkg/FR-2018-06-12/pdf/2018-12362.pdfhttps://www.federalregister.gov/documents/2018/06/12/2018-12362/de-minimis-exception-to-the-swap-dealer-definitionThe Commodity Futures Trading Commission (``Commission'' or ``CFTC'') is proposing to amend the de minimis exception within the ``swap dealer'' definition in the Commission's regulations by: Setting the aggregate gross notional amount threshold for the de minimis exception at $8 billion in swap dealing activity entered into by a person over the preceding 12 months; excepting from consideration when calculating the aggregate gross notional amount of a person's swap dealing activity for purposes of the de minimis threshold: Swaps entered into with a customer by an insured depository institution in connection with originating a loan to that customer; swaps entered into to hedge financial or physical positions; and swaps resulting from multilateral portfolio compression exercises; and providing that the Commission may determine the methodology to be used to calculate the notional amount for any group, category, type, or class of swaps, and delegating to the Director of the Division of Swap Dealer and Intermediary Oversight (``DSIO'') the authority to make such determinations (collectively, the ``Proposal''). In addition, the Commission is seeking comment on the following additional potential changes to the de minimis exception: Adding a minimum dealing counterparty count threshold and a minimum dealing transaction count threshold; excepting from consideration when calculating the aggregate gross notional amount for purposes of the de minimis threshold swaps that are exchange-traded and/or cleared; and excepting from consideration when calculating the aggregate gross notional amount for purposes of the de minimis threshold swaps that are categorized as non- deliverable forward transactions.
2018-06-12RuleCOMMODITY FUTURES TRADING COMMISSIONCommodity Futures Trading CommissionAmendments to the Swap Data Access Provisions of Part 49 and Certain Other MattersPursuant to Title VII of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (``Dodd-Frank Act''), as amended by the Fixing America's Surface Transportation Act of 2015 (``FAST Act''), the Commodity Futures Trading Commission...2018-12377"https://www.govinfo.gov/content/pkg/FR-2018-06-12/pdf/2018-12377.pdfhttps://www.federalregister.gov/documents/2018/06/12/2018-12377/amendments-to-the-swap-data-access-provisions-of-part-49-and-certain-other-mattersPursuant to Title VII of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (``Dodd-Frank Act''), as amended by the Fixing America's Surface Transportation Act of 2015 (``FAST Act''), the Commodity Futures Trading Commission (``Commission'' or ``CFTC'') is amending the Commission's regulations relating to access to swap data held by swap data repositories (``SDRs''). The amendments implement pertinent provisions of the FAST Act and make associated changes to the Commission's regulations governing the grant of access to swap data to certain foreign and domestic authorities by SDRs, as well as changes to certain other regulations unrelated to such access.
2018-06-11Proposed RuleSECURITIES AND EXCHANGE COMMISSIONSecurities and Exchange CommissionRequest for Comment on Fund Retail Investor Experience and DisclosureThe Securities and Exchange Commission (``Commission'') is seeking public comment from individual investors and other interested parties on enhancing disclosures by mutual funds, exchange-traded funds (``ETFs''), and other types of investment funds to...2018-12408"https://www.govinfo.gov/content/pkg/FR-2018-06-11/pdf/2018-12408.pdfhttps://www.federalregister.gov/documents/2018/06/11/2018-12408/request-for-comment-on-fund-retail-investor-experience-and-disclosureThe Securities and Exchange Commission (``Commission'') is seeking public comment from individual investors and other interested parties on enhancing disclosures by mutual funds, exchange-traded funds (``ETFs''), and other types of investment funds to improve the investor experience and to help investors make more informed investment decisions. Specifically, we are seeking comment to learn how investors, like you, use these disclosures and how you believe funds can improve disclosures to help you make investment decisions. We are particularly interested in your input on the delivery, design, and content of fund disclosures. In addition to or in place of responses to questions in this release, investors seeking to comment on the investor experience and improving fund disclosure may want to submit a short Feedback Flier on Improving Fund Disclosure.
2018-06-08Proposed RuleSECURITIES AND EXCHANGE COMMISSIONSecurities and Exchange CommissionCovered Investment Fund Research ReportsAs directed by Congress pursuant to the Fair Access to Investment Research Act of 2017, the Commission is proposing a new rule under the Securities Act of 1933. If adopted, the proposal would establish a safe harbor for an unaffiliated broker or dealer...2018-11497"https://www.govinfo.gov/content/pkg/FR-2018-06-08/pdf/2018-11497.pdfhttps://www.federalregister.gov/documents/2018/06/08/2018-11497/covered-investment-fund-research-reportsAs directed by Congress pursuant to the Fair Access to Investment Research Act of 2017, the Commission is proposing a new rule under the Securities Act of 1933. If adopted, the proposal would establish a safe harbor for an unaffiliated broker or dealer participating in a securities offering of a ``covered investment fund'' to publish or distribute a ``covered investment fund research report.'' If the conditions for the safe harbor are satisfied, this publication or distribution would be deemed not to be an offer for sale or offer to sell the covered investment fund's securities for purposes of sections 2(a)(10) and 5(c) of the Securities Act of 1933. The Commission is also proposing a new rule under the Investment Company Act of 1940. This proposal would exclude a covered investment fund research report from the coverage of section 24(b) of the Investment Company Act (or the rules and regulations thereunder), except to the extent the research report is otherwise not subject to the content standards in self- regulatory organization rules related to research reports, including those contained in the rules governing communications with the public regarding investment companies or substantially similar standards. We are also proposing a conforming amendment.
2018-06-01RuleSECURITIES AND EXCHANGE COMMISSIONSecurities and Exchange CommissionTechnical Amendments to Rules of Practice and Rules of Organization; Conduct and Ethics; and Information and RequestsThe Securities and Exchange Commission (``SEC'' or ``Commission'') is making technical amendments to certain rules of organization and rules of practice to indicate that Commission materials will no longer be compiled and published as the ``SEC...2018-11618"https://www.govinfo.gov/content/pkg/FR-2018-06-01/pdf/2018-11618.pdfhttps://www.federalregister.gov/documents/2018/06/01/2018-11618/technical-amendments-to-rules-of-practice-and-rules-of-organization-conduct-and-ethics-andThe Securities and Exchange Commission (``SEC'' or ``Commission'') is making technical amendments to certain rules of organization and rules of practice to indicate that Commission materials will no longer be compiled and published as the ``SEC Docket'' (``SEC Docket'' or ``Docket''), but will continue to be available on the SEC public website.
2018-05-23Proposed RuleSECURITIES AND EXCHANGE COMMISSIONSecurities and Exchange CommissionForm CRS Relationship Summary; Amendments to Form ADV; Required Disclosures in Retail Communications and Restrictions on the Use of Certain Names or TitlesC1-2018-08583"https://www.govinfo.gov/content/pkg/FR-2018-05-23/pdf/C1-2018-08583.pdfhttps://www.federalregister.gov/documents/2018/05/23/C1-2018-08583/form-crs-relationship-summary-amendments-to-form-adv-required-disclosures-in-retail-communications
2018-05-23Proposed RuleCOMMODITY FUTURES TRADING COMMISSIONCommodity Futures Trading CommissionMargin Requirements for Uncleared Swaps for Swap Dealers and Major Swap ParticipantsThe Commodity Futures Trading Commission (``Commission'' or ``CFTC'') is seeking comment on proposed amendments to the margin requirements for uncleared swaps for swap dealers (``SD'') and major swap participants (``MSP'') for which there is no...2018-10995"https://www.govinfo.gov/content/pkg/FR-2018-05-23/pdf/2018-10995.pdfhttps://www.federalregister.gov/documents/2018/05/23/2018-10995/margin-requirements-for-uncleared-swaps-for-swap-dealers-and-major-swap-participantsThe Commodity Futures Trading Commission (``Commission'' or ``CFTC'') is seeking comment on proposed amendments to the margin requirements for uncleared swaps for swap dealers (``SD'') and major swap participants (``MSP'') for which there is no prudential regulator (``CFTC Margin Rule''). The Commission is proposing these amendments in light of the rules recently adopted by the Board of Governors of the Federal Reserve System (``Board''), the Federal Deposit Insurance Corporation (``FDIC''), and the Office of the Comptroller of the Currency (``OCC'') (collectively, the ``QFC Rules'') that impose restrictions on certain uncleared swaps and uncleared security-based swaps and other financial contracts. Specifically, the Commission proposes to amend the definition of ``eligible master netting agreement'' in the CFTC Margin Rule to ensure that master netting agreements of firms subject to the CFTC Margin Rule are not excluded from the definition of ``eligible master netting agreement'' based solely on such agreements' compliance with the QFC Rules. The Commission also proposes that any legacy uncleared swap (i.e., an uncleared swap entered into before the applicable compliance date of the CFTC Margin Rule) that is not now subject to the margin requirements of the CFTC Margin Rule would not become so subject if it is amended solely to comply with the QFC Rules. These proposed amendments are consistent with proposed amendments that the Board, FDIC, OCC, the Farm Credit Administration (``FCA''), and the Federal Housing Finance Agency (``FHFA'' and, together with the Board, FDIC, OCC, and FCA, the ``Prudential Regulators''), jointly published in the Federal Register on February 21, 2018.
2018-05-22RuleCOMMODITY FUTURES TRADING COMMISSIONCommodity Futures Trading CommissionForeign Futures and Options TransactionsThe Commodity Futures Trading Commission (Commission or CFTC) is granting an exemption to certain member firms designated by the National Stock Exchange of India Ltd. (NSE) from the application of certain of the Commission's foreign futures and option...2018-10902"https://www.govinfo.gov/content/pkg/FR-2018-05-22/pdf/2018-10902.pdfhttps://www.federalregister.gov/documents/2018/05/22/2018-10902/foreign-futures-and-options-transactionsThe Commodity Futures Trading Commission (Commission or CFTC) is granting an exemption to certain member firms designated by the National Stock Exchange of India Ltd. (NSE) from the application of certain of the Commission's foreign futures and option regulations based upon substituted compliance with certain comparable regulatory and self-regulatory requirements of a foreign regulatory authority consistent with conditions specified by the Commission, as set forth herein. This Order is issued pursuant to Commission Regulation 30.10, which permit persons to file a petition with the Commission for exemption from the application of certain of the Regulations set forth in part 30 and authorizes the Commission to grant such an exemption if such action would not be otherwise contrary to the public interest or to the purposes of the provision from which exemption is sought. The Commission notes that this Order does not pertain to any transaction in swaps, as defined in Section 1a(47) of the Commodity Exchange Act (Act).
2018-05-17Proposed RuleLIBRARY OF CONGRESSLibrary of CongressDetermination of Royalty Rates and Terms for Making Ephemeral Copies of Sound Recordings for Transmission to Business Establishments (Business Establishments III)The Copyright Royalty Judges (Judges) publish for comment proposed regulations that set rates and terms for the making of an ephemeral recording of a sound recording by a business establishment service for the period January 1, 2019, through December...2018-10509"https://www.govinfo.gov/content/pkg/FR-2018-05-17/pdf/2018-10509.pdfhttps://www.federalregister.gov/documents/2018/05/17/2018-10509/determination-of-royalty-rates-and-terms-for-making-ephemeral-copies-of-sound-recordings-forThe Copyright Royalty Judges (Judges) publish for comment proposed regulations that set rates and terms for the making of an ephemeral recording of a sound recording by a business establishment service for the period January 1, 2019, through December 31, 2023.
2018-05-14RuleSECURITIES AND EXCHANGE COMMISSIONSecurities and Exchange CommissionAmendments to Forms and Schedules To Remove Provision of Certain Personally Identifiable InformationWe are adopting revisions to forms filed under the Securities Exchange Act of 1934 (``Exchange Act'') to eliminate the portion of those forms that requests filers to furnish certain personally identifiable information (``PII'') of natural persons,...2018-10227"https://www.govinfo.gov/content/pkg/FR-2018-05-14/pdf/2018-10227.pdfhttps://www.federalregister.gov/documents/2018/05/14/2018-10227/amendments-to-forms-and-schedules-to-remove-provision-of-certain-personally-identifiable-informationWe are adopting revisions to forms filed under the Securities Exchange Act of 1934 (``Exchange Act'') to eliminate the portion of those forms that requests filers to furnish certain personally identifiable information (``PII'') of natural persons, including Social Security numbers.
2018-05-09Proposed RuleSECURITIES AND EXCHANGE COMMISSIONSecurities and Exchange CommissionForm CRS Relationship Summary; Amendments to Form ADV; Required Disclosures in Retail Communications and Restrictions on the Use of Certain Names or TitlesThe Securities and Exchange Commission (``Commission'') is proposing new and amended rules and forms under both the Investment Advisers Act of 1940 (``Advisers Act'') and the Securities Exchange Act of 1934 (``Exchange Act'') to require registered...2018-08583"https://www.govinfo.gov/content/pkg/FR-2018-05-09/pdf/2018-08583.pdfhttps://www.federalregister.gov/documents/2018/05/09/2018-08583/form-crs-relationship-summary-amendments-to-form-adv-required-disclosures-in-retail-communicationsThe Securities and Exchange Commission (``Commission'') is proposing new and amended rules and forms under both the Investment Advisers Act of 1940 (``Advisers Act'') and the Securities Exchange Act of 1934 (``Exchange Act'') to require registered investment advisers and registered broker-dealers (together, ``firms'') to provide a brief relationship summary to retail investors to inform them about the relationships and services the firm offers, the standard of conduct and the fees and costs associated with those services, specified conflicts of interest, and whether the firm and its financial professionals currently have reportable legal or disciplinary events. Retail investors would receive a relationship summary at the beginning of a relationship with a firm, and would receive updated information following a material change. The relationship summary would be subject to Commission filing and recordkeeping requirements. The Commission also is proposing two rules to reduce investor confusion in the marketplace for firm services, a new rule under the Exchange Act that would restrict broker-dealers and associated natural persons of broker- dealers, when communicating with a retail investor, from using the term ``adviser'' or ``advisor'' in specified circumstances; and new rules under the Exchange Act and Advisers Act that would require broker- dealers and investment advisers, and their associated natural persons and supervised persons, respectively, to disclose, in retail investor communications, the firm's registration status with the Commission and an associated natural person's and/or supervised person's relationship with the firm.
2018-05-09Proposed RuleSECURITIES AND EXCHANGE COMMISSIONSecurities and Exchange CommissionRegulation Best InterestWe are proposing a new rule under the Securities Exchange Act of 1934 (``Exchange Act'') establishing a standard of conduct for broker-dealers and natural persons who are associated persons of a broker-dealer when making a recommendation of any...2018-08582"https://www.govinfo.gov/content/pkg/FR-2018-05-09/pdf/2018-08582.pdfhttps://www.federalregister.gov/documents/2018/05/09/2018-08582/regulation-best-interestWe are proposing a new rule under the Securities Exchange Act of 1934 (``Exchange Act'') establishing a standard of conduct for broker-dealers and natural persons who are associated persons of a broker-dealer when making a recommendation of any securities transaction or investment strategy involving securities to a retail customer.
2018-05-09Proposed RuleSECURITIES AND EXCHANGE COMMISSIONSecurities and Exchange CommissionProposed Commission Interpretation Regarding Standard of Conduct for Investment Advisers; Request for Comment on Enhancing Investment Adviser RegulationThe Securities and Exchange Commission (the ``SEC'' or the ``Commission'') is publishing for comment a proposed interpretation of the standard of conduct for investment advisers under the Investment Advisers Act of 1940 (the ``Advisers Act'' or the...2018-08679"https://www.govinfo.gov/content/pkg/FR-2018-05-09/pdf/2018-08679.pdfhttps://www.federalregister.gov/documents/2018/05/09/2018-08679/proposed-commission-interpretation-regarding-standard-of-conduct-for-investment-advisers-request-forThe Securities and Exchange Commission (the ``SEC'' or the ``Commission'') is publishing for comment a proposed interpretation of the standard of conduct for investment advisers under the Investment Advisers Act of 1940 (the ``Advisers Act'' or the ``Act''). The Commission also is requesting comment on: Licensing and continuing education requirements for personnel of SEC- registered investment advisers; delivery of account statements to clients with investment advisory accounts; and financial responsibility requirements for SEC-registered investment advisers, including fidelity bonds.
2018-05-08Proposed RuleSECURITIES AND EXCHANGE COMMISSIONSecurities and Exchange CommissionAuditor Independence With Respect to Certain Loans or Debtor-Creditor RelationshipsThe Securities and Exchange Commission (``Commission'') is proposing to amend its auditor independence rules to refocus the analysis that must be conducted to determine whether an auditor is independent when the auditor has a lending relationship with...2018-09721"https://www.govinfo.gov/content/pkg/FR-2018-05-08/pdf/2018-09721.pdfhttps://www.federalregister.gov/documents/2018/05/08/2018-09721/auditor-independence-with-respect-to-certain-loans-or-debtor-creditor-relationshipsThe Securities and Exchange Commission (``Commission'') is proposing to amend its auditor independence rules to refocus the analysis that must be conducted to determine whether an auditor is independent when the auditor has a lending relationship with certain shareholders of an audit client at any time during an audit or professional engagement period. The proposed amendments would focus the analysis solely on beneficial ownership rather than on both record and beneficial ownership; replace the existing 10 percent bright-line shareholder ownership test with a ``significant influence'' test; add a ``known through reasonable inquiry'' standard with respect to identifying beneficial owners of the audit client's equity securities; and amend the definition of ``audit client'' for a fund under audit to exclude funds that otherwise would be considered affiliates of the audit client. The Commission is also requesting comment on certain other potential amendments to its auditor independence rules.
2018-03-26Proposed RuleSECURITIES AND EXCHANGE COMMISSIONSecurities and Exchange CommissionTransaction Fee Pilot for NMS StocksThe Securities and Exchange Commission (``Commission'' or ``SEC'') is proposing to conduct a Transaction Fee Pilot for National Market System (``NMS'') stocks to study the effects that transaction- based fees and rebates may have on, and the effects...2018-05545"https://www.govinfo.gov/content/pkg/FR-2018-03-26/pdf/2018-05545.pdfhttps://www.federalregister.gov/documents/2018/03/26/2018-05545/transaction-fee-pilot-for-nms-stocksThe Securities and Exchange Commission (``Commission'' or ``SEC'') is proposing to conduct a Transaction Fee Pilot for National Market System (``NMS'') stocks to study the effects that transaction- based fees and rebates may have on, and the effects that changes to those fees and rebates may have on, order routing behavior, execution quality, and market quality more generally. The data generated by the proposed pilot should help inform the Commission, as well as market participants and the public, about any such effects and thereby facilitate a data-driven evaluation of the need for regulatory action in this area.
2018-03-19Proposed RuleSECURITIES AND EXCHANGE COMMISSIONSecurities and Exchange CommissionInvestment Company Liquidity DisclosureThe Securities and Exchange Commission is proposing amendments to its forms designed to improve the reporting and disclosure of liquidity information by registered open-end investment companies. The Commission is proposing a new requirement that funds...2018-05511"https://www.govinfo.gov/content/pkg/FR-2018-03-19/pdf/2018-05511.pdfhttps://www.federalregister.gov/documents/2018/03/19/2018-05511/investment-company-liquidity-disclosureThe Securities and Exchange Commission is proposing amendments to its forms designed to improve the reporting and disclosure of liquidity information by registered open-end investment companies. The Commission is proposing a new requirement that funds disclose information about the operation and effectiveness of their liquidity risk management program in their annual reports to shareholders. The Commission in turn is proposing to rescind the current requirement in Form N-PORT under the Investment Company Act of 1940 that funds publicly disclose aggregate liquidity classification information about their portfolios, in light of concerns about the usefulness of that information for investors. In addition, the Commission is proposing amendments to Form N-PORT that would allow funds classifying the liquidity of their investments pursuant to their liquidity risk management programs required by rule 22e-4 under the Investment Company Act of 1940 to report on Form N-PORT multiple liquidity classification categories for a single position under certain specified circumstances. Finally, the Commission is proposing to add to Form N-PORT a new requirement that funds and other registrants report their holdings of cash and cash equivalents.
2018-03-16RuleSECURITIES AND EXCHANGE COMMISSIONSecurities and Exchange CommissionAdoption of Updated EDGAR Filer ManualThe Securities and Exchange Commission (the ``Commission'') is adopting revisions to the Electronic Data Gathering, Analysis, and Retrieval System (``EDGAR'') Filer Manual and related rules. The EDGAR system is scheduled to be upgraded on March 12, 2018.2018-05238"https://www.govinfo.gov/content/pkg/FR-2018-03-16/pdf/2018-05238.pdfhttps://www.federalregister.gov/documents/2018/03/16/2018-05238/adoption-of-updated-edgar-filer-manualThe Securities and Exchange Commission (the ``Commission'') is adopting revisions to the Electronic Data Gathering, Analysis, and Retrieval System (``EDGAR'') Filer Manual and related rules. The EDGAR system is scheduled to be upgraded on March 12, 2018.
2018-03-06RuleCOMMODITY FUTURES TRADING COMMISSIONCommodity Futures Trading CommissionAnnual Adjustment of Civil Monetary Penalties to Reflect Inflation-2018The Commodity Futures Trading Commission (Commission) is amending Rule 143.8, its rule that governs the maximum amount of civil monetary penalties, to adjust for inflation. This rule sets forth the maximum, inflation-adjusted dollar amount for civil...2018-04480"https://www.govinfo.gov/content/pkg/FR-2018-03-06/pdf/2018-04480.pdfhttps://www.federalregister.gov/documents/2018/03/06/2018-04480/annual-adjustment-of-civil-monetary-penalties-to-reflect-inflation-2018The Commodity Futures Trading Commission (Commission) is amending Rule 143.8, its rule that governs the maximum amount of civil monetary penalties, to adjust for inflation. This rule sets forth the maximum, inflation-adjusted dollar amount for civil monetary penalties (CMPs) assessable for violations of the Commodity Exchange Act (CEA) and Commission rules, regulations and orders thereunder. The rule, as amended, implements the Federal Civil Penalties Inflation Adjustment Act of 1990, as amended.
2018-02-27RuleSECURITIES AND EXCHANGE COMMISSIONSecurities and Exchange CommissionInvestment Company Liquidity Risk Management Programs; Commission Guidance for In-Kind ETFsThe Securities and Exchange Commission is adopting an interim final rule that revises the compliance date for the requirements of rule 22e-4 for classification, highly liquid investment minimum, and board approval, as well as related reporting...2018-03917"https://www.govinfo.gov/content/pkg/FR-2018-02-27/pdf/2018-03917.pdfhttps://www.federalregister.gov/documents/2018/02/27/2018-03917/investment-company-liquidity-risk-management-programs-commission-guidance-for-in-kind-etfsThe Securities and Exchange Commission is adopting an interim final rule that revises the compliance date for the requirements of rule 22e-4 for classification, highly liquid investment minimum, and board approval, as well as related reporting requirements of Part D on Form N-LIQUID and liquidity disclosures on Form N-PORT under the Investment Company Act of 1940. The revised compliance date will be June 1, 2019, for larger entities (revised from December 1, 2018) and December 1, 2019, for smaller entities (revised from June 1, 2019). The Commission is not extending the compliance date for the other provisions of rule 22e-4 and Form N-LIQUID, and liquidity-related changes to Form N-CEN--which remain December 1, 2018 for larger entities and June 1, 2019 for smaller entities. The Commission also is not extending the compliance date for the liquidity-related provisions of Form N-1A, which has already passed. Finally, the Commission is providing guidance to assist funds that will not be engaging in full portfolio classification before the revised compliance date, and In- Kind ETFs, which are not required to engage in full portfolio classification, in identifying illiquid investments for purposes of complying with the 15% illiquid investment limit.
2018-02-26RuleSECURITIES AND EXCHANGE COMMISSIONSecurities and Exchange CommissionCommission Statement and Guidance on Public Company Cybersecurity DisclosuresThe Securities and Exchange Commission (the ``Commission'') is publishing interpretive guidance to assist public companies in preparing disclosures about cybersecurity risks and incidents.2018-03858"https://www.govinfo.gov/content/pkg/FR-2018-02-26/pdf/2018-03858.pdfhttps://www.federalregister.gov/documents/2018/02/26/2018-03858/commission-statement-and-guidance-on-public-company-cybersecurity-disclosuresThe Securities and Exchange Commission (the ``Commission'') is publishing interpretive guidance to assist public companies in preparing disclosures about cybersecurity risks and incidents.
2018-02-23RuleCOMMODITY FUTURES TRADING COMMISSIONCommodity Futures Trading CommissionDefinitionsThe Commodity Futures Trading Commission (the ``Commission'') is amending its primary definitions regulation to make it more user- friendly both to industry and the public. Specifically, the Commission is amending the primary definitions regulation to...2018-03590"https://www.govinfo.gov/content/pkg/FR-2018-02-23/pdf/2018-03590.pdfhttps://www.federalregister.gov/documents/2018/02/23/2018-03590/definitionsThe Commodity Futures Trading Commission (the ``Commission'') is amending its primary definitions regulation to make it more user- friendly both to industry and the public. Specifically, the Commission is amending the primary definitions regulation to replace the complex and confusing lettering system with a simple alphabetical list; and replacing all existing cross references to any definition within the primary definitions regulation with a general reference to the revised alphabetical list, rather than to a specific lettered paragraph.
2018-01-30RuleSECURITIES AND EXCHANGE COMMISSIONSecurities and Exchange CommissionAmendments to Forms and Schedules To Remove Voluntary Provision of Social Security NumbersThis document makes a technical correction to a form amendment that was published in the Federal Register on July 1, 1997. The Commission adopted revisions to forms and schedules filed under the Securities Act of 1933, the Securities Exchange Act of...2018-01681"https://www.govinfo.gov/content/pkg/FR-2018-01-30/pdf/2018-01681.pdfhttps://www.federalregister.gov/documents/2018/01/30/2018-01681/amendments-to-forms-and-schedules-to-remove-voluntary-provision-of-social-security-numbersThis document makes a technical correction to a form amendment that was published in the Federal Register on July 1, 1997. The Commission adopted revisions to forms and schedules filed under the Securities Act of 1933, the Securities Exchange Act of 1934, related provisions of the Investment Company Act of 1940 and the Public Utility Holding Company Act of 1935, and the Trust Indenture Act of 1939, to eliminate the portion of those forms that requests filers who are natural persons to furnish their Social Security numbers. The 1997 amendment to Form MSD inadvertently omitted the removal of the second of two references to Social Security numbers in the instructions to the form.
2018-01-17RuleSECURITIES AND EXCHANGE COMMISSIONSecurities and Exchange CommissionAdoption of Updated EDGAR Filer ManualThe Securities and Exchange Commission (the ``Commission'') is adopting revisions to the Electronic Data Gathering, Analysis, and Retrieval System (``EDGAR'') Filer Manual and related rules to reflect updates to the EDGAR system. The EDGAR system is...2018-00625"https://www.govinfo.gov/content/pkg/FR-2018-01-17/pdf/2018-00625.pdfhttps://www.federalregister.gov/documents/2018/01/17/2018-00625/adoption-of-updated-edgar-filer-manualThe Securities and Exchange Commission (the ``Commission'') is adopting revisions to the Electronic Data Gathering, Analysis, and Retrieval System (``EDGAR'') Filer Manual and related rules to reflect updates to the EDGAR system. The EDGAR system is scheduled to be upgraded on December 11, 2017.
2018-01-16RuleSECURITIES AND EXCHANGE COMMISSIONSecurities and Exchange CommissionTreatment of Certain Communications Involving Security-Based Swaps That May Be Purchased Only by Eligible Contract ParticipantsWe are adopting a rule under the Securities Act of 1933 (``Securities Act'') to provide that certain communications involving security-based swaps will not be deemed to constitute ``offers'' of such security-based swaps for purposes of Section 5 of the...2018-00347"https://www.govinfo.gov/content/pkg/FR-2018-01-16/pdf/2018-00347.pdfhttps://www.federalregister.gov/documents/2018/01/16/2018-00347/treatment-of-certain-communications-involving-security-based-swaps-that-may-be-purchased-only-byWe are adopting a rule under the Securities Act of 1933 (``Securities Act'') to provide that certain communications involving security-based swaps will not be deemed to constitute ``offers'' of such security-based swaps for purposes of Section 5 of the Securities Act. The final rule covers the publication or distribution of price quotes that relate to security-based swaps that may be purchased only by persons who are eligible contract participants (``covered SBS'') and are traded or processed on or through certain trading platforms. The final rule also covers a broker, dealer, or security-based swap dealer's publication or distribution of written communications that discuss covered SBS and that meet the definition of ``research report'' in Rule 139(d) under the Securities Act and certain other conditions.
2018-01-12RuleCOMMODITY FUTURES TRADING COMMISSIONCommodity Futures Trading CommissionTechnical Amendments to Rules on Registration and Review of Exchange Disciplinary, Access Denial, or Other Adverse ActionsThe Commodity Futures Trading Commission (``CFTC'' or ``Commission'') is adopting certain amendments to its rules that, respectively, govern registration of intermediaries and relate to the Commission's review of exchange disciplinary, access denial,...2018-00467"https://www.govinfo.gov/content/pkg/FR-2018-01-12/pdf/2018-00467.pdfhttps://www.federalregister.gov/documents/2018/01/12/2018-00467/technical-amendments-to-rules-on-registration-and-review-of-exchange-disciplinary-access-denial-orThe Commodity Futures Trading Commission (``CFTC'' or ``Commission'') is adopting certain amendments to its rules that, respectively, govern registration of intermediaries and relate to the Commission's review of exchange disciplinary, access denial, or other adverse actions. Generally speaking, these amendments are technical in nature. The amendments to both areas of the rules integrate existing advisory guidance. The amendments to the rules on review of exchange disciplinary, access denial, or other adverse actions also incorporate swap execution facilities (``SEFs'') and update provisions currently applicable to designated contract markets (``DCMs''). These final rules also remove numerous outdated cross-references, and add citations to applicable parallel provisions contained in other Commission regulations pertaining to SEFs and DCMs. Additionally, the final rules address the publication of final disciplinary and access denial actions taken by the SEFs and DCMs on their exchange websites.
2018-01-12RuleCOMMODITY FUTURES TRADING COMMISSIONCommodity Futures Trading CommissionPerformance of Certain Functions by the National Futures Association With Respect to the Receipt and Processing of Exchange Disciplinary and Access Denial Action InformationThe Commodity Futures Trading Commission (``Commission'' or ``CFTC'') is updating the delegation it issued in 1999 to the National Futures Association (``NFA'') regarding the duty to receive and to process exchange disciplinary and access denial action...2018-00468"https://www.govinfo.gov/content/pkg/FR-2018-01-12/pdf/2018-00468.pdfhttps://www.federalregister.gov/documents/2018/01/12/2018-00468/performance-of-certain-functions-by-the-national-futures-association-with-respect-to-the-receipt-andThe Commodity Futures Trading Commission (``Commission'' or ``CFTC'') is updating the delegation it issued in 1999 to the National Futures Association (``NFA'') regarding the duty to receive and to process exchange disciplinary and access denial action information. The delegation is being updated to clarify, among other things, that designated contract market (``DCM'') and swap execution facility (``SEF'') disciplinary and access denial notices must be filed with the NFA instead of the Commission. The NFA will continue to serve as the official custodian of records for exchange disciplinary filings.
2018-01-11RuleSECURITIES AND EXCHANGE COMMISSIONSecurities and Exchange CommissionExemptions From Investment Adviser Registration for Advisers to Small Business Investment CompaniesWe are adopting amendments to the rule that defines a venture capital fund (rule 203(l)-1) and the rule that implements the private fund adviser exemption (rule 203(m)-1) under the Investment Advisers Act of 1940 (the ``Advisers Act'') in order to...2018-00299"https://www.govinfo.gov/content/pkg/FR-2018-01-11/pdf/2018-00299.pdfhttps://www.federalregister.gov/documents/2018/01/11/2018-00299/exemptions-from-investment-adviser-registration-for-advisers-to-small-business-investment-companiesWe are adopting amendments to the rule that defines a venture capital fund (rule 203(l)-1) and the rule that implements the private fund adviser exemption (rule 203(m)-1) under the Investment Advisers Act of 1940 (the ``Advisers Act'') in order to reflect changes made by title LXXIV, sections 74001 and 74002 of the Fixing America's Surface Transportation Act of 2015 (the ``FAST Act''), which amended sections 203(l) and 203(m) of the Advisers Act. Title LXXIV, section 74001 of the FAST Act amended the exemption from investment adviser registration for any adviser solely to one or more ``venture capital funds'' in Advisers Act section 203(l) by deeming ``small business investment companies'' to be ``venture capital funds'' for purposes of the exemption. Accordingly, we are amending the definition of a venture capital fund to include ``small business investment companies.'' Title LXXIV, section 74002 of the FAST Act amended the exemption from investment adviser registration for any adviser solely to ``private funds'' with less than $150 million in assets under management in Advisers Act section 203(m) by excluding the assets of ``small business investment companies'' when calculating ``private fund assets'' towards the registration threshold of $150 million. Accordingly, we are amending the definition of ``assets under management'' in the rule that implements the private fund adviser exemption to exclude the assets of ``small business investment companies.''
2018-01-11RuleSECURITIES AND EXCHANGE COMMISSIONSecurities and Exchange CommissionStaff Accounting Bulletin No. 117This staff accounting bulletin modifies portions of the interpretive guidance included in the Staff Accounting Bulletin Series in order to make the relevant interpretive guidance consistent with authoritative accounting guidance and Securities and...2018-00352"https://www.govinfo.gov/content/pkg/FR-2018-01-11/pdf/2018-00352.pdfhttps://www.federalregister.gov/documents/2018/01/11/2018-00352/staff-accounting-bulletin-no-117This staff accounting bulletin modifies portions of the interpretive guidance included in the Staff Accounting Bulletin Series in order to make the relevant interpretive guidance consistent with authoritative accounting guidance and Securities and Exchange Commission rules and regulations. Specifically, the staff is updating the Series in order to bring existing guidance into conformity with the Financial Accounting Standards Board Accounting Standards Codification Topic 321, Investments--Equity Securities.
2018-01-03Proposed RuleSECURITIES AND EXCHANGE COMMISSIONSecurities and Exchange CommissionFreedom of Information Act RegulationsThe Securities and Exchange Commission (``Commission'' or ``SEC'') is publishing for comment proposed amendments to the Commission's regulations under the Freedom of Information Act (``FOIA''). This rule proposes revisions to the Commission's...2017-27967"https://www.govinfo.gov/content/pkg/FR-2018-01-03/pdf/2017-27967.pdfhttps://www.federalregister.gov/documents/2018/01/03/2017-27967/freedom-of-information-act-regulationsThe Securities and Exchange Commission (``Commission'' or ``SEC'') is publishing for comment proposed amendments to the Commission's regulations under the Freedom of Information Act (``FOIA''). This rule proposes revisions to the Commission's regulations under the FOIA to reflect changes required by the FOIA Improvement Act of 2016 (``Improvement Act''); and clarify, update, and streamline the language of several procedural provisions.
2017-12-20Proposed RuleCOMMODITY FUTURES TRADING COMMISSIONCommodity Futures Trading CommissionRetail Commodity Transactions Involving Virtual CurrencyThe Commodity Futures Trading Commission (the ``Commission'' or ``CFTC'') is issuing this proposed interpretation of the term ``actual delivery'' as set forth in a certain provision of the Commodity Exchange Act (``CEA'') pursuant to the Dodd-Frank...2017-27421"https://www.govinfo.gov/content/pkg/FR-2017-12-20/pdf/2017-27421.pdfhttps://www.federalregister.gov/documents/2017/12/20/2017-27421/retail-commodity-transactions-involving-virtual-currencyThe Commodity Futures Trading Commission (the ``Commission'' or ``CFTC'') is issuing this proposed interpretation of the term ``actual delivery'' as set forth in a certain provision of the Commodity Exchange Act (``CEA'') pursuant to the Dodd-Frank Wall Street Reform and Consumer Protection Act (the ``Dodd-Frank Act''). Specifically, this proposed interpretation is being issued to inform the public of the Commission's views as to the meaning of actual delivery within the specific context of retail commodity transactions in virtual currency. The Commission requests comment on this proposed interpretation and further invites comment on specific questions related to the Commission's treatment of virtual currency transactions.
2017-12-14RuleSECURITIES AND EXCHANGE COMMISSIONSecurities and Exchange CommissionCompliance Date for Form 10-D Hyperlink RequirementsThe Securities and Exchange Commission (``Commission'') is publishing this document to inform the public that it has set a compliance date for its previously-adopted exhibit hyperlinking requirements for Form 10-Ds that require hyperlinks to any...2017-26982"https://www.govinfo.gov/content/pkg/FR-2017-12-14/pdf/2017-26982.pdfhttps://www.federalregister.gov/documents/2017/12/14/2017-26982/compliance-date-for-form-10-d-hyperlink-requirementsThe Securities and Exchange Commission (``Commission'') is publishing this document to inform the public that it has set a compliance date for its previously-adopted exhibit hyperlinking requirements for Form 10-Ds that require hyperlinks to any exhibits filed with Form ABS-EE. The Commission on March 1, 2017 required registrants that file registration statements and reports subject to the exhibit requirements under Item 601 of Regulation S-K, or that file Forms F-10 or 20-F, to include a hyperlink to each exhibit listed in the exhibit index of these filings, but deferred setting a compliance date with respect to any Form 10-D that will require hyperlinks to any exhibits filed with Form ABS-EE until the Commission announced that technical programming changes to allow issuers to include Form 10-D and Form ABS-EE in a single submission had been completed, and published a notification of the compliance date for Form 10-D in the Federal Register.
2017-12-14RuleSECURITIES AND EXCHANGE COMMISSIONSecurities and Exchange CommissionInvestment Company Reporting ModernizationThe Securities and Exchange Commission (the ``Commission'') is adopting a temporary final rule that requires funds in larger fund groups to maintain in their records the information that is required to be included in Form N-PORT, in lieu of filing...2017-26922"https://www.govinfo.gov/content/pkg/FR-2017-12-14/pdf/2017-26922.pdfhttps://www.federalregister.gov/documents/2017/12/14/2017-26922/investment-company-reporting-modernizationThe Securities and Exchange Commission (the ``Commission'') is adopting a temporary final rule that requires funds in larger fund groups to maintain in their records the information that is required to be included in Form N-PORT, in lieu of filing reports with the Commission, until April 2019. As a result, larger funds groups will be required to begin submitting reports on Form N-PORT on the Electronic Data Gathering, Analysis, and Retrieval (``EDGAR'') system by April 30, 2019, and smaller fund groups will be required to begin submitting reports on Form N-PORT by April 30, 2020. The information that funds in larger fund groups maintain in their records will be subject to examination by the Commission. In addition, the Commission is delaying the rescission of current Form N-Q and delaying the effectiveness of certain amendments to other rules and forms.
2017-11-28RuleCOMMODITY FUTURES TRADING COMMISSIONCommodity Futures Trading CommissionMargin Requirements for Uncleared Swaps for Swap Dealers and Major Swap Participants; CorrectionThe Commodity Futures Trading Commission (CFTC or Commission) is correcting a final rule published in the Federal Register on January 6, 2016. The rule, concerning margin requirements for uncleared swaps for swap dealers and major swap participants,...2017-25627"https://www.govinfo.gov/content/pkg/FR-2017-11-28/pdf/2017-25627.pdfhttps://www.federalregister.gov/documents/2017/11/28/2017-25627/margin-requirements-for-uncleared-swaps-for-swap-dealers-and-major-swap-participants-correctionThe Commodity Futures Trading Commission (CFTC or Commission) is correcting a final rule published in the Federal Register on January 6, 2016. The rule, concerning margin requirements for uncleared swaps for swap dealers and major swap participants, took effect on April 1, 2016. This correction rectifies errors in cross-references in a particular section of the final rule.
2017-11-02Proposed RuleSECURITIES AND EXCHANGE COMMISSIONSecurities and Exchange CommissionFAST Act Modernization and Simplification of Regulation S-KWe are proposing amendments based on the recommendations made in the staff's Report on Modernization and Simplification of Regulation S-K, as required by Section 72003 of the Fixing America's Surface Transportation Act. The proposed amendments are...2017-22374"https://www.govinfo.gov/content/pkg/FR-2017-11-02/pdf/2017-22374.pdfhttps://www.federalregister.gov/documents/2017/11/02/2017-22374/fast-act-modernization-and-simplification-of-regulation-s-kWe are proposing amendments based on the recommendations made in the staff's Report on Modernization and Simplification of Regulation S-K, as required by Section 72003 of the Fixing America's Surface Transportation Act. The proposed amendments are intended to modernize and simplify certain disclosure requirements in Regulation S-K, and related rules and forms, in a manner that reduces the costs and burdens on registrants while continuing to provide all material information to investors. The amendments are also intended to improve the readability and navigability of disclosure documents and discourage repetition and disclosure of immaterial information. To provide for a consistent set of rules to govern incorporation by reference and hyperlinking, we are also proposing parallel amendments to several rules and forms applicable to investment companies and investment advisers, including proposed amendments that would require certain investment company filings to be submitted in HyperText Markup Language (``HTML'') format.
2017-10-31RuleCOMMODITY FUTURES TRADING COMMISSIONCommodity Futures Trading CommissionOrder Establishing a New De Minimis Threshold Phase-In Termination DateThe Commodity Futures Trading Commission (``Commission'' or ``CFTC'') is issuing an order (``Order''), pursuant to the Commission regulation establishing the de minimis exception to the swap dealer definition, to establish December 31, 2019 as the new...2017-23660"https://www.govinfo.gov/content/pkg/FR-2017-10-31/pdf/2017-23660.pdfhttps://www.federalregister.gov/documents/2017/10/31/2017-23660/order-establishing-a-new-de-minimis-threshold-phase-in-termination-dateThe Commodity Futures Trading Commission (``Commission'' or ``CFTC'') is issuing an order (``Order''), pursuant to the Commission regulation establishing the de minimis exception to the swap dealer definition, to establish December 31, 2019 as the new de minimis threshold phase-in termination date.
2017-10-30RuleSECURITIES AND EXCHANGE COMMISSIONSecurities and Exchange CommissionCovered Securities Pursuant to Section 18 of the Securities Act of 1933The Securities and Exchange Commission (``SEC'' or ``Commission'') is adopting an amendment to Rule 146 under Section 18 of the Securities Act of 1933, as amended (``Securities Act''), to designate certain securities listed, or authorized for listing,...2017-23507"https://www.govinfo.gov/content/pkg/FR-2017-10-30/pdf/2017-23507.pdfhttps://www.federalregister.gov/documents/2017/10/30/2017-23507/covered-securities-pursuant-to-section-18-of-the-securities-act-of-1933The Securities and Exchange Commission (``SEC'' or ``Commission'') is adopting an amendment to Rule 146 under Section 18 of the Securities Act of 1933, as amended (``Securities Act''), to designate certain securities listed, or authorized for listing, on Investors Exchange LLC (``IEX'' or ``Exchange'') as covered securities for purposes of Section 18(b) of the Securities Act. Covered securities under Section 18(b) of the Securities Act are exempt from state law registration requirements. The Commission also is amending Rule 146 to reflect name changes of certain exchanges referenced in the Rule.
2017-10-02RuleSECURITIES AND EXCHANGE COMMISSIONSecurities and Exchange CommissionRegulation Crowdfunding and Regulation A Relief and Assistance for Victims of Hurricane Harvey, Hurricane Irma, and Hurricane MariaWe are adopting interim final temporary rules for issuers subject to reporting obligations pursuant to Regulation Crowdfunding and Regulation A in order to address the needs of companies directly or indirectly affected by Hurricane Harvey, Hurricane...2017-21094"https://www.govinfo.gov/content/pkg/FR-2017-10-02/pdf/2017-21094.pdfhttps://www.federalregister.gov/documents/2017/10/02/2017-21094/regulation-crowdfunding-and-regulation-a-relief-and-assistance-for-victims-of-hurricane-harveyWe are adopting interim final temporary rules for issuers subject to reporting obligations pursuant to Regulation Crowdfunding and Regulation A in order to address the needs of companies directly or indirectly affected by Hurricane Harvey, Hurricane Irma, or Hurricane Maria. The temporary rules extend the filing deadlines for specified reports and forms due pursuant to Regulation Crowdfunding and Regulation A for certain issuers.
2017-09-29RuleSECURITIES AND EXCHANGE COMMISSIONSecurities and Exchange CommissionAdoption of Updated EDGAR Filer ManualThe Securities and Exchange Commission (the ``Commission'') is adopting revisions to the Electronic Data Gathering, Analysis, and Retrieval System (``EDGAR'') Filer Manual and related rules to reflect updates to the EDGAR system. The EDGAR system is...2017-20654"https://www.govinfo.gov/content/pkg/FR-2017-09-29/pdf/2017-20654.pdfhttps://www.federalregister.gov/documents/2017/09/29/2017-20654/adoption-of-updated-edgar-filer-manualThe Securities and Exchange Commission (the ``Commission'') is adopting revisions to the Electronic Data Gathering, Analysis, and Retrieval System (``EDGAR'') Filer Manual and related rules to reflect updates to the EDGAR system. The EDGAR system is scheduled to be upgraded on September 11, 2017.
2017-09-29RuleCOMMODITY FUTURES TRADING COMMISSIONCommodity Futures Trading CommissionCommission Delegated Authority Provisions for Designated Contract Markets' System Safeguards RequirementsThe Commodity Futures Trading Commission (``CFTC'' or ``Commission'') is adopting final rules to establish a new delegation of authority to Commission staff under the Commission's system safeguards rules to notify each designated contract market...2017-20924"https://www.govinfo.gov/content/pkg/FR-2017-09-29/pdf/2017-20924.pdfhttps://www.federalregister.gov/documents/2017/09/29/2017-20924/commission-delegated-authority-provisions-for-designated-contract-markets-system-safeguardsThe Commodity Futures Trading Commission (``CFTC'' or ``Commission'') is adopting final rules to establish a new delegation of authority to Commission staff under the Commission's system safeguards rules to notify each designated contract market (``DCM'') of its percentage of the total annual trading volume among all DCMs regulated by the Commission for purposes of whether it is a covered DCM under the system safeguards rules.
2017-09-27RuleSECURITIES AND EXCHANGE COMMISSIONSecurities and Exchange CommissionCommission Guidance on Pay Ratio DisclosureThe Securities and Exchange Commission is publishing interpretive guidance to assist registrants in preparation of their pay ratio disclosures required by Item 402(u) of Regulation S-K.2017-20632"https://www.govinfo.gov/content/pkg/FR-2017-09-27/pdf/2017-20632.pdfhttps://www.federalregister.gov/documents/2017/09/27/2017-20632/commission-guidance-on-pay-ratio-disclosureThe Securities and Exchange Commission is publishing interpretive guidance to assist registrants in preparation of their pay ratio disclosures required by Item 402(u) of Regulation S-K.
2017-08-29RuleSECURITIES AND EXCHANGE COMMISSIONSecurities and Exchange CommissionUpdates to Commission Guidance Regarding Accounting for Sales of Vaccines and Bioterror Countermeasures to the Federal Government for Placement Into the Pediatric Vaccine Stockpile or the Strategic National StockpileThe Securities and Exchange Commission is publishing this interpretive release to update previously issued guidance with respect to accounting for sales of vaccines and bioterror countermeasures to the Federal Government for placement into stockpiles...2017-17914"https://www.govinfo.gov/content/pkg/FR-2017-08-29/pdf/2017-17914.pdfhttps://www.federalregister.gov/documents/2017/08/29/2017-17914/updates-to-commission-guidance-regarding-accounting-for-sales-of-vaccines-and-bioterrorThe Securities and Exchange Commission is publishing this interpretive release to update previously issued guidance with respect to accounting for sales of vaccines and bioterror countermeasures to the Federal Government for placement into stockpiles related to the Vaccines for Children Program or the Strategic National Stockpile. This update is being provided to bring existing guidance into conformity with Financial Accounting Standards Board's Accounting Standards Codification Topic 606, Revenue from Contracts with Customers. This guidance is applicable upon a registrant's adoption of Accounting Standards Codification Topic 606 and is applicable to all arrangements for which revenue is recognized in accordance with Accounting Standards Codification Topic 606.
2017-08-29RuleSECURITIES AND EXCHANGE COMMISSIONSecurities and Exchange CommissionStaff Accounting Bulletin No. 116This staff accounting bulletin modifies portions of the interpretive guidance included in the Staff Accounting Bulletin Series in order to make the relevant interpretive guidance consistent with authoritative accounting guidance and Securities and...2017-17912"https://www.govinfo.gov/content/pkg/FR-2017-08-29/pdf/2017-17912.pdfhttps://www.federalregister.gov/documents/2017/08/29/2017-17912/staff-accounting-bulletin-no-116This staff accounting bulletin modifies portions of the interpretive guidance included in the Staff Accounting Bulletin Series in order to make the relevant interpretive guidance consistent with authoritative accounting guidance and Securities and Exchange Commission rules and regulations. Specifically, the staff is updating the Series in order to bring existing guidance into conformity with the Financial Accounting Standards Board Accounting Standards Codification Topic 606, Revenue from Contracts with Customers.
2017-08-29RuleSECURITIES AND EXCHANGE COMMISSIONSecurities and Exchange CommissionCommission Guidance Regarding Revenue Recognition for Bill-and-Hold ArrangementsThe Commission is publishing this interpretive release in order to bring existing guidance into conformity with Financial Accounting Standards Board Accounting Standards Codification Topic 606, Revenue from Contracts with Customers. Upon adoption of...2017-17913"https://www.govinfo.gov/content/pkg/FR-2017-08-29/pdf/2017-17913.pdfhttps://www.federalregister.gov/documents/2017/08/29/2017-17913/commission-guidance-regarding-revenue-recognition-for-bill-and-hold-arrangementsThe Commission is publishing this interpretive release in order to bring existing guidance into conformity with Financial Accounting Standards Board Accounting Standards Codification Topic 606, Revenue from Contracts with Customers. Upon adoption of Accounting Standards Codification Topic 606, registrants should no longer rely on the guidance in Securities Exchange Act Release No. 23507 and Accounting and Auditing Enforcement Release No. 108, In the Matter of Stewart Parness, which set forth the criteria to be met in order to recognize revenue when delivery has not occurred.
2017-07-28RuleSECURITIES AND EXCHANGE COMMISSIONSecurities and Exchange CommissionAdoption of Updated EDGAR Filer ManualThe Securities and Exchange Commission (``the Commission'') is adopting revisions to the Electronic Data Gathering, Analysis, and Retrieval System (``EDGAR'') Filer Manual and related rules to reflect updates to the EDGAR system. The updates are being...2017-15862"https://www.govinfo.gov/content/pkg/FR-2017-07-28/pdf/2017-15862.pdfhttps://www.federalregister.gov/documents/2017/07/28/2017-15862/adoption-of-updated-edgar-filer-manualThe Securities and Exchange Commission (``the Commission'') is adopting revisions to the Electronic Data Gathering, Analysis, and Retrieval System (``EDGAR'') Filer Manual and related rules to reflect updates to the EDGAR system. The updates are being made primarily to reflect amendments made to several forms under the Securities Act of 1933 (``Securities Act'') and the Securities Exchange Act of 1934 (``Exchange Act'') to effectuate inflation adjustments and other technical amendments required under Titles I and III of the Jumpstart Our Business Startups (``JOBS'') Act; support recent updates to Form C and Form D; includes instructions for hyperlinking to exhibits included with certain Securities Act and Exchange Act forms and makes certain corrective changes to previously revised sections. The revised EDGAR Filer Manual also announces updates to the technical specifications for the ABS-EE schema and terminates support for US-GAAP-2015, EXCH-2015, CURRENCY-2014, and COUNTRY-2013 taxonomies. The EDGAR system is scheduled to be upgraded on July 17, 2017.
2017-07-21Proposed RuleSECURITIES AND EXCHANGE COMMISSIONSecurities and Exchange CommissionCovered Securities Pursuant to Section 18 of the Securities Act of 1933The Securities and Exchange Commission (``Commission'') proposes for comment an amendment to Rule 146 under Section 18 of the Securities Act of 1933 (``Securities Act''), as amended, to designate certain securities on Investors Exchange LLC (``IEX'' or...2017-15216"https://www.govinfo.gov/content/pkg/FR-2017-07-21/pdf/2017-15216.pdfhttps://www.federalregister.gov/documents/2017/07/21/2017-15216/covered-securities-pursuant-to-section-18-of-the-securities-act-of-1933The Securities and Exchange Commission (``Commission'') proposes for comment an amendment to Rule 146 under Section 18 of the Securities Act of 1933 (``Securities Act''), as amended, to designate certain securities on Investors Exchange LLC (``IEX'' or ``Exchange'') as covered securities for purposes of Section 18(b) of the Securities Act. Covered securities under Section 18(b) of the Securities Act are exempt from state law registration requirements.
2017-06-26RuleCOMMODITY FUTURES TRADING COMMISSIONCommodity Futures Trading CommissionCommission Delegated Authority Provisions and Technical AmendmentsThe Commodity Futures Trading Commission (the ``Commission'' or ``CFTC'') is adopting final rules to establish new and amend certain existing delegations of authority to Commission staff. The Commission is also adopting amendments to update statutory...2017-13243"https://www.govinfo.gov/content/pkg/FR-2017-06-26/pdf/2017-13243.pdfhttps://www.federalregister.gov/documents/2017/06/26/2017-13243/commission-delegated-authority-provisions-and-technical-amendmentsThe Commodity Futures Trading Commission (the ``Commission'' or ``CFTC'') is adopting final rules to establish new and amend certain existing delegations of authority to Commission staff. The Commission is also adopting amendments to update statutory authority citations and correct limited typographical and technical errors in certain rules.
2017-06-20RuleCOMMODITY FUTURES TRADING COMMISSIONCommodity Futures Trading CommissionRevisions to Freedom of Information Act RegulationsThe Commodity Futures Trading Commission (the ``Commission'') is revising certain provisions of its regulations for disclosing records under the Freedom of Information Act (``FOIA'') to comply with the FOIA Improvement Act of 2016. In addition, the...2017-12775"https://www.govinfo.gov/content/pkg/FR-2017-06-20/pdf/2017-12775.pdfhttps://www.federalregister.gov/documents/2017/06/20/2017-12775/revisions-to-freedom-of-information-act-regulationsThe Commodity Futures Trading Commission (the ``Commission'') is revising certain provisions of its regulations for disclosing records under the Freedom of Information Act (``FOIA'') to comply with the FOIA Improvement Act of 2016. In addition, the regulations would streamline the language of procedural provisions concerning initial determinations and administrative appeals. The regulations have also been updated to incorporate changes in the Commission's administrative structure, remove superfluous verbiage, and correct inaccurate text.
2017-05-30RuleCOMMODITY FUTURES TRADING COMMISSIONCommodity Futures Trading CommissionRecordkeepingThe Commodity Futures Trading Commission (the ``Commission'') is amending the recordkeeping obligations set forth in Commission regulations along with corresponding technical changes to certain provisions regarding retention of oral communications and...2017-11014"https://www.govinfo.gov/content/pkg/FR-2017-05-30/pdf/2017-11014.pdfhttps://www.federalregister.gov/documents/2017/05/30/2017-11014/recordkeepingThe Commodity Futures Trading Commission (the ``Commission'') is amending the recordkeeping obligations set forth in Commission regulations along with corresponding technical changes to certain provisions regarding retention of oral communications and record retention requirements applicable to swap dealers and major swap participants, respectively. The amendments modernize and make technology neutral the form and manner in which regulatory records must be kept, as well as rationalize the rule text for ease of understanding for those persons required to keep records pursuant to the Commodity Exchange Act (the ``CEA'' or ``Act'') and regulations promulgated by the Commission thereunder. The amendments do not alter any existing requirements regarding the types of regulatory records to be inspected, produced, and maintained set forth in other Commission regulations.
2017-05-30RuleCOMMODITY FUTURES TRADING COMMISSIONCommodity Futures Trading CommissionWhistleblower Awards ProcessThe Commodity Futures Trading Commission (``Commission'') is amending its regulations and forms to enhance the process for reviewing whistleblower claims and to make related changes to clarify staff authority to administer the whistleblower program....2017-10801"https://www.govinfo.gov/content/pkg/FR-2017-05-30/pdf/2017-10801.pdfhttps://www.federalregister.gov/documents/2017/05/30/2017-10801/whistleblower-awards-processThe Commodity Futures Trading Commission (``Commission'') is amending its regulations and forms to enhance the process for reviewing whistleblower claims and to make related changes to clarify staff authority to administer the whistleblower program. The Commission also is making appropriate rule amendments to implement its reinterpretation of the Commission's anti-retaliation authority.
2017-05-09Proposed RuleSECURITIES AND EXCHANGE COMMISSIONSecurities and Exchange CommissionAmendments to Investment Advisers Act Rules To Reflect Changes Made by the FAST ActWe are proposing to amend the definition of a venture capital fund (rule 203(l)-1) and the private fund adviser exemption (rule 203(m)-1) under the Investment Advisers Act of 1940 (the ``Advisers Act'') in order to reflect changes made by title LXXIV,...2017-09334"https://www.govinfo.gov/content/pkg/FR-2017-05-09/pdf/2017-09334.pdfhttps://www.federalregister.gov/documents/2017/05/09/2017-09334/amendments-to-investment-advisers-act-rules-to-reflect-changes-made-by-the-fast-actWe are proposing to amend the definition of a venture capital fund (rule 203(l)-1) and the private fund adviser exemption (rule 203(m)-1) under the Investment Advisers Act of 1940 (the ``Advisers Act'') in order to reflect changes made by title LXXIV, sections 74001 and 74002 of the Fixing America's Surface Transportation Act of 2015 (the ``FAST Act''), which amended sections 203(l) and 203(m) of the Advisers Act. Title LXXIV, section 74001 of the FAST Act amended the exemption from investment adviser registration for any adviser solely to one or more ``venture capital funds'' in Advisers Act section 203(l) by deeming ``small business investment companies'' to be ``venture capital funds'' for purposes of the exemption. Accordingly, we are proposing to amend the definition of a venture capital fund to include ``small business investment companies.'' Title LXXIV, section 74002 of the FAST Act amended the exemption from investment adviser registration for any adviser solely to ``private funds'' with less than $150 million in assets under management in Advisers Act section 203(m) by excluding the assets of ``small business investment companies'' when calculating ``private fund assets'' towards the registration threshold of $150 million. Accordingly, we are proposing to amend the definition of ``assets under management'' in the private fund adviser exemption to exclude the assets of ``small business investment companies.''
2017-05-09RuleSECURITIES AND EXCHANGE COMMISSIONSecurities and Exchange CommissionTechnical Amendments to Form ADV and Form ADV-WThe Securities and Exchange Commission (the ``Commission'' or ``SEC'') is making technical amendments to Form ADV under the Investment Advisers Act of 1940 (``Advisers Act'') to reflect the enactment of a Wyoming state law regulating investment...2017-09331"https://www.govinfo.gov/content/pkg/FR-2017-05-09/pdf/2017-09331.pdfhttps://www.federalregister.gov/documents/2017/05/09/2017-09331/technical-amendments-to-form-adv-and-form-adv-wThe Securities and Exchange Commission (the ``Commission'' or ``SEC'') is making technical amendments to Form ADV under the Investment Advisers Act of 1940 (``Advisers Act'') to reflect the enactment of a Wyoming state law regulating investment advisers. Form ADV is the form advisers use to register with the Commission and the state securities regulatory authorities. The Commission is also making similar amendments to Form ADV-W, the form advisers use to withdraw from registration with the Commission or the states.
2017-05-08Proposed RuleCOMMODITY FUTURES TRADING COMMISSIONCommodity Futures Trading CommissionChief Compliance Officer Duties and Annual Report Requirements for Futures Commission Merchants, Swap Dealers, and Major Swap Participants; AmendmentsThe Commodity Futures Trading Commission (``Commission'' or ``CFTC'') is proposing to amend its regulations regarding certain duties of chief compliance officers (``CCOs'') of swap dealers (``SDs''), major swap participants (``MSPs''), and futures...2017-09229"https://www.govinfo.gov/content/pkg/FR-2017-05-08/pdf/2017-09229.pdfhttps://www.federalregister.gov/documents/2017/05/08/2017-09229/chief-compliance-officer-duties-and-annual-report-requirements-for-futures-commission-merchants-swapThe Commodity Futures Trading Commission (``Commission'' or ``CFTC'') is proposing to amend its regulations regarding certain duties of chief compliance officers (``CCOs'') of swap dealers (``SDs''), major swap participants (``MSPs''), and futures commission merchants (``FCMs'') (collectively, ``Registrants''); and certain requirements for preparing and furnishing to the Commission an annual report containing an assessment of the Registrant's compliance activities.
2017-04-24Proposed RuleSECURITIES AND EXCHANGE COMMISSIONSecurities and Exchange CommissionRequest for Comment on Possible Changes to Industry Guide 3 (Statistical Disclosure by Bank Holding Companies); Extension of Comment PeriodThe Securities and Exchange Commission is extending the comment period for its request for comment seeking public input as to the disclosures called for by Industry Guide 3, Statistical Disclosure by Bank Holding Companies. The original comment period...2017-08160"https://www.govinfo.gov/content/pkg/FR-2017-04-24/pdf/2017-08160.pdfhttps://www.federalregister.gov/documents/2017/04/24/2017-08160/request-for-comment-on-possible-changes-to-industry-guide-3-statistical-disclosure-by-bank-holdingThe Securities and Exchange Commission is extending the comment period for its request for comment seeking public input as to the disclosures called for by Industry Guide 3, Statistical Disclosure by Bank Holding Companies. The original comment period is scheduled to end on May 8, 2017. The Commission is extending the time period in which to provide the Commission with comments until July 7, 2017. This action will allow interested persons additional time to analyze the issues and prepare their comments.
2017-04-12RuleSECURITIES AND EXCHANGE COMMISSIONSecurities and Exchange CommissionInflation Adjustments and Other Technical Amendments Under Titles I and III of the Jobs ActWe are adopting technical amendments to conform several rules and forms to amendments made to the Securities Act of 1933 (``Securities Act'') and the Securities Exchange Act of 1934 (``Exchange Act'') by Title I of the Jumpstart Our Business Startups...2017-06797"https://www.govinfo.gov/content/pkg/FR-2017-04-12/pdf/2017-06797.pdfhttps://www.federalregister.gov/documents/2017/04/12/2017-06797/inflation-adjustments-and-other-technical-amendments-under-titles-i-and-iii-of-the-jobs-actWe are adopting technical amendments to conform several rules and forms to amendments made to the Securities Act of 1933 (``Securities Act'') and the Securities Exchange Act of 1934 (``Exchange Act'') by Title I of the Jumpstart Our Business Startups (``JOBS'') Act. To effectuate inflation adjustments required under Title I and Title III of the JOBS Act, we are also adopting new rules that include an inflation-adjusted threshold in the definition of the term ``emerging growth company'' as well as amendments to adjust the dollar amounts in Regulation Crowdfunding.
2017-03-31RuleSECURITIES AND EXCHANGE COMMISSIONSecurities and Exchange CommissionAdoption of Updated EDGAR Filer ManualThe Securities and Exchange Commission (the Commission) is adopting revisions to the Electronic Data Gathering, Analysis, and Retrieval System (EDGAR) Filer Manual and related rules to reflect updates to the EDGAR system. The updates are being made...2017-06290"https://www.govinfo.gov/content/pkg/FR-2017-03-31/pdf/2017-06290.pdfhttps://www.federalregister.gov/documents/2017/03/31/2017-06290/adoption-of-updated-edgar-filer-manualThe Securities and Exchange Commission (the Commission) is adopting revisions to the Electronic Data Gathering, Analysis, and Retrieval System (EDGAR) Filer Manual and related rules to reflect updates to the EDGAR system. The updates are being made primarily to support the new online version of the Transfer Agent submission form types; provide for the ability for filers to submit duplicate filings for submission form type 10-D; and provide for the ability for filers to upload the notarized authentication document and the power of attorney as separate CORRESP documents when submitting a request to manually update their EDGAR filing passphrase. The EDGAR system was upgraded to support the US GAAP 2017 Taxonomy on March 6, 2016. The EDGAR system is scheduled to be upgraded to support the other functionalities on March 13, 2017.
2017-03-29RuleSECURITIES AND EXCHANGE COMMISSIONSecurities and Exchange CommissionSecurities Transaction Settlement CycleThe Securities and Exchange Commission (``Commission'') is adopting an amendment to the Settlement cycle Rule (Rule 15c6-1(a)) under the Securities Exchange Act of 1934 (``Exchange Act'') to shorten the standard settlement cycle for most broker-dealer...2017-06037"https://www.govinfo.gov/content/pkg/FR-2017-03-29/pdf/2017-06037.pdfhttps://www.federalregister.gov/documents/2017/03/29/2017-06037/securities-transaction-settlement-cycleThe Securities and Exchange Commission (``Commission'') is adopting an amendment to the Settlement cycle Rule (Rule 15c6-1(a)) under the Securities Exchange Act of 1934 (``Exchange Act'') to shorten the standard settlement cycle for most broker-dealer transactions from three business days after the trade date (``T+3'') to two business days after the trade date (``T+2'').
2017-03-17Proposed RuleSECURITIES AND EXCHANGE COMMISSIONSecurities and Exchange CommissionInline XBRL Filing of Tagged DataWe are proposing to require the use of the Inline XBRL format for the submission of operating company financial statement information and mutual fund risk/return summaries. The proposed amendments are intended to improve the data's quality, benefiting...2017-04366"https://www.govinfo.gov/content/pkg/FR-2017-03-17/pdf/2017-04366.pdfhttps://www.federalregister.gov/documents/2017/03/17/2017-04366/inline-xbrl-filing-of-tagged-dataWe are proposing to require the use of the Inline XBRL format for the submission of operating company financial statement information and mutual fund risk/return summaries. The proposed amendments are intended to improve the data's quality, benefiting investors, other market participants, and other data users, and to decrease, over time, the cost of preparing the data for submission to the Commission. The proposed amendments would also eliminate the requirement for filers to post Interactive Data Files on their Web sites and terminate the Commission's voluntary program for the submission of financial statement information interactive data that is currently available only to investment companies and certain other entities.
2017-03-17RuleSECURITIES AND EXCHANGE COMMISSIONSecurities and Exchange CommissionExhibit Hyperlinks and HTML FormatWe are adopting amendments that will require registrants that file registration statements and reports subject to the exhibit requirements under Item 601 of Regulation S-K, or that file Forms F-10 or 20-F, to include a hyperlink to each exhibit listed...2017-04365"https://www.govinfo.gov/content/pkg/FR-2017-03-17/pdf/2017-04365.pdfhttps://www.federalregister.gov/documents/2017/03/17/2017-04365/exhibit-hyperlinks-and-html-formatWe are adopting amendments that will require registrants that file registration statements and reports subject to the exhibit requirements under Item 601 of Regulation S-K, or that file Forms F-10 or 20-F, to include a hyperlink to each exhibit listed in the exhibit index of these filings. To enable the inclusion of such hyperlinks, the amendments also require that registrants submit all such filings in HyperText Markup Language (``HTML'') format.
2017-03-16Proposed RuleCOMMODITY FUTURES TRADING COMMISSIONCommodity Futures Trading CommissionCapital Requirements of Swap Dealers and Major Swap ParticipantsOn December 16, 2016, the Commodity Futures Trading Commission (Commission or CFTC) published in the Federal Register a notice of proposed rulemaking (Proposal) to adopt new regulations and to amend existing regulations to implement sections 4s(e) and...2017-05277"https://www.govinfo.gov/content/pkg/FR-2017-03-16/pdf/2017-05277.pdfhttps://www.federalregister.gov/documents/2017/03/16/2017-05277/capital-requirements-of-swap-dealers-and-major-swap-participantsOn December 16, 2016, the Commodity Futures Trading Commission (Commission or CFTC) published in the Federal Register a notice of proposed rulemaking (Proposal) to adopt new regulations and to amend existing regulations to implement sections 4s(e) and (f) of the Commodity Exchange Act (CEA), as added by section 731 of the Wall Street Reform and Consumer Protection Act (Dodd-Frank Act). Section 4s(e) requires the Commission to adopt capital requirements for swap dealers (SDs) and major swap participants (MSPs) that are not subject to capital rules of a prudential regulator. Section 4s(f) requires the Commission to adopt financial reporting and recordkeeping requirements for SDs and MSPs. The Commission also proposed to amend existing capital rules for futures commission merchants (FCMs), providing specific capital deductions for market risk and credit risk for swaps and security-based swaps entered into by an FCM. The Commission further proposed several technical amendments to the regulations. As is explained below, the Commission is extending for 60 days the comment period for the Proposal.
2017-03-15Proposed RuleSECURITIES AND EXCHANGE COMMISSIONSecurities and Exchange CommissionProposed Amendments to Municipal Securities DisclosureThe Securities and Exchange Commission (``Commission'' or ``SEC'') is publishing for comment proposed amendments to the Municipal Securities Disclosure Rule (Rule 15c2-12) under the Securities Exchange Act of 1934 (``Exchange Act'') that would amend...2017-04323"https://www.govinfo.gov/content/pkg/FR-2017-03-15/pdf/2017-04323.pdfhttps://www.federalregister.gov/documents/2017/03/15/2017-04323/proposed-amendments-to-municipal-securities-disclosureThe Securities and Exchange Commission (``Commission'' or ``SEC'') is publishing for comment proposed amendments to the Municipal Securities Disclosure Rule (Rule 15c2-12) under the Securities Exchange Act of 1934 (``Exchange Act'') that would amend the list of event notices that a broker, dealer, or municipal securities dealer (collectively, ``dealers'') acting as an underwriter in a primary offering of municipal securities must reasonably determine that an issuer or an obligated person has undertaken, in a written agreement or contract for the benefit of holders of the municipal securities, to provide to the Municipal Securities Rulemaking Board (``MSRB'').
2017-03-07Proposed RuleSECURITIES AND EXCHANGE COMMISSIONSecurities and Exchange CommissionRequest for Comment on Possible Changes to Industry Guide 3 (Statistical Disclosure by Bank Holding Companies)The Commission is publishing this request for comment to seek public input as to the disclosures called for by Industry Guide 3, Statistical Disclosure by Bank Holding Companies. The financial services industry has changed dramatically since Guide 3...2017-04329"https://www.govinfo.gov/content/pkg/FR-2017-03-07/pdf/2017-04329.pdfhttps://www.federalregister.gov/documents/2017/03/07/2017-04329/request-for-comment-on-possible-changes-to-industry-guide-3-statistical-disclosure-by-bank-holdingThe Commission is publishing this request for comment to seek public input as to the disclosures called for by Industry Guide 3, Statistical Disclosure by Bank Holding Companies. The financial services industry has changed dramatically since Guide 3 was first published. Consequently, our disclosure guidance may not in all cases reflect recent industry developments or changes in accounting standards related to financial and other reporting requirements.
2017-02-28RuleSECURITIES AND EXCHANGE COMMISSIONSecurities and Exchange CommissionExemptions To Facilitate Intrastate and Regional Securities OfferingsThis document makes a technical correction to one of the final regulations (SEC Rel. No. 33-10238) published in the Federal Register on November 21, 2016 (81 FR 83494). Specifically, the amendments to Rule 504 of Regulation D under the Securities Act...2017-03848"https://www.govinfo.gov/content/pkg/FR-2017-02-28/pdf/2017-03848.pdfhttps://www.federalregister.gov/documents/2017/02/28/2017-03848/exemptions-to-facilitate-intrastate-and-regional-securities-offeringsThis document makes a technical correction to one of the final regulations (SEC Rel. No. 33-10238) published in the Federal Register on November 21, 2016 (81 FR 83494). Specifically, the amendments to Rule 504 of Regulation D under the Securities Act of 1933 inadvertently omitted the word ``or'' from the last sentence of the rule; this correction is reflected in the text of the amendments below.
2017-02-15RuleSECURITIES AND EXCHANGE COMMISSIONSecurities and Exchange CommissionExemptions for Security-Based SwapsWe are adopting amendments to the expiration dates in our interim final rules that provide exemptions under the Securities Act of 1933, the Securities Exchange Act of 1934, and the Trust Indenture Act of 1939 for those security-based swaps that prior...2017-03121"https://www.govinfo.gov/content/pkg/FR-2017-02-15/pdf/2017-03121.pdfhttps://www.federalregister.gov/documents/2017/02/15/2017-03121/exemptions-for-security-based-swapsWe are adopting amendments to the expiration dates in our interim final rules that provide exemptions under the Securities Act of 1933, the Securities Exchange Act of 1934, and the Trust Indenture Act of 1939 for those security-based swaps that prior to July 16, 2011 were security-based swap agreements and are defined as ``securities'' under the Securities Act and the Exchange Act as of July 16, 2011 due solely to the provisions of Title VII of the Dodd-Frank Wall Street Reform and Consumer Protection Act. Under the amendments, the expiration dates in the interim final rules will be February 11, 2018.
2017-02-08RuleSECURITIES AND EXCHANGE COMMISSIONSecurities and Exchange CommissionAdoption of Updated EDGAR Filer ManualThe Securities and Exchange Commission (the Commission) is adopting revisions to the Electronic Data Gathering, Analysis, and Retrieval System (EDGAR) Filer Manual and related rules to reflect updates to the EDGAR system. The updates are being made...2017-02455"https://www.govinfo.gov/content/pkg/FR-2017-02-08/pdf/2017-02455.pdfhttps://www.federalregister.gov/documents/2017/02/08/2017-02455/adoption-of-updated-edgar-filer-manualThe Securities and Exchange Commission (the Commission) is adopting revisions to the Electronic Data Gathering, Analysis, and Retrieval System (EDGAR) Filer Manual and related rules to reflect updates to the EDGAR system. The updates are being made primarily to support an upgrade to the passphrase authentication process; and update the recommended Internet browser language for all EDGAR Web sites. The EDGAR system is scheduled to be upgraded to support the functionalities on January 30, 2017.
2017-01-26Proposed RuleCOMMODITY FUTURES TRADING COMMISSIONCommodity Futures Trading CommissionRegulation Automated TradingOn November 4, 2016, the Commodity Futures Trading Commission (``Commission'') approved a supplemental notice of proposed rulemaking for Regulation AT (``Supplemental NPRM''). The Supplemental NPRM modifies certain rules proposed in the Commission's...2017-01801"https://www.govinfo.gov/content/pkg/FR-2017-01-26/pdf/2017-01801.pdfhttps://www.federalregister.gov/documents/2017/01/26/2017-01801/regulation-automated-tradingOn November 4, 2016, the Commodity Futures Trading Commission (``Commission'') approved a supplemental notice of proposed rulemaking for Regulation AT (``Supplemental NPRM''). The Supplemental NPRM modifies certain rules proposed in the Commission's December 2015 notice of proposed rulemaking for Regulation AT. The Supplemental NPRM was published in the Federal Register on November 25, 2016, with a 90- day comment period closing on January 24, 2017. Based on the broad range of topics addressed in the Supplemental NPRM and the number of questions posed, the Commission is extending the comment period for the Supplemental NPRM through May 1, 2017.
2017-01-25Proposed RuleCOMMODITY FUTURES TRADING COMMISSIONCommodity Futures Trading CommissionProposed Amendments To Swap Data Access Provisions and Certain Other MattersPursuant to Title VII of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (``Dodd-Frank Act''), as amended by the Fixing America's Surface Transportation Act of 2015 (``FAST Act''), the Commodity Futures Trading Commission...2017-01287"https://www.govinfo.gov/content/pkg/FR-2017-01-25/pdf/2017-01287.pdfhttps://www.federalregister.gov/documents/2017/01/25/2017-01287/proposed-amendments-to-swap-data-access-provisions-and-certain-other-mattersPursuant to Title VII of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (``Dodd-Frank Act''), as amended by the Fixing America's Surface Transportation Act of 2015 (``FAST Act''), the Commodity Futures Trading Commission (``Commission'' or ``CFTC'') is proposing amendments the Commission's regulations relating to access to swap data held by Swap Data Repositories. The proposed amendments would implement pertinent provisions of the FAST Act and make associated changes to the Commission's regulations governing the grant of access to swap data to certain foreign and domestic authorities by Swap Data Repositories and to certain other regulations unrelated to such access.
2017-01-23RuleSECURITIES AND EXCHANGE COMMISSIONSecurities and Exchange CommissionAdoption of Updated EDGAR Filer ManualThe Securities and Exchange Commission (the Commission) is adopting revisions to the Electronic Data Gathering, Analysis, and Retrieval System (EDGAR) Filer Manual and related rules to reflect updates to the EDGAR system. The updates are being made...2016-32032"https://www.govinfo.gov/content/pkg/FR-2017-01-23/pdf/2016-32032.pdfhttps://www.federalregister.gov/documents/2017/01/23/2016-32032/adoption-of-updated-edgar-filer-manualThe Securities and Exchange Commission (the Commission) is adopting revisions to the Electronic Data Gathering, Analysis, and Retrieval System (EDGAR) Filer Manual and related rules to reflect updates to the EDGAR system. The updates are being made primarily to support the submission of Municipal Advisor submission form types. The EDGAR system is scheduled to be upgraded to support the other functionalities on December 12, 2016.
2017-01-23RuleCOMMODITY FUTURES TRADING COMMISSIONCommodity Futures Trading CommissionAnnual Adjustment of Civil Monetary Penalties for Inflation-2017The Commodity Futures Trading Commission (Commission) is amending its rule that governs the maximum amount of civil monetary penalties, to adjust for inflation. This rule sets forth the maximum, inflation-adjusted dollar amount for civil monetary...2017-00488"https://www.govinfo.gov/content/pkg/FR-2017-01-23/pdf/2017-00488.pdfhttps://www.federalregister.gov/documents/2017/01/23/2017-00488/annual-adjustment-of-civil-monetary-penalties-for-inflation-2017The Commodity Futures Trading Commission (Commission) is amending its rule that governs the maximum amount of civil monetary penalties, to adjust for inflation. This rule sets forth the maximum, inflation-adjusted dollar amount for civil monetary penalties (CMPs) assessable for violations of the Commodity Exchange Act (CEA) and Commission rules, regulations and orders thereunder. The rule, as amended, implements the Federal Civil Penalties Inflation Adjustment Act of 1990, as amended.
2017-01-23Proposed RuleCOMMODITY FUTURES TRADING COMMISSIONCommodity Futures Trading CommissionTechnical Amendments to Rules on Registration and Review of Exchange Disciplinary, Access Denial or Other Adverse ActionsThe Commodity Futures Trading Commission (``CFTC'' or ``Commission'') is proposing technical amendments to its regulations that govern registration and review of exchange disciplinary, access denial or other adverse actions. The amendments would...2017-01232"https://www.govinfo.gov/content/pkg/FR-2017-01-23/pdf/2017-01232.pdfhttps://www.federalregister.gov/documents/2017/01/23/2017-01232/technical-amendments-to-rules-on-registration-and-review-of-exchange-disciplinary-access-denial-orThe Commodity Futures Trading Commission (``CFTC'' or ``Commission'') is proposing technical amendments to its regulations that govern registration and review of exchange disciplinary, access denial or other adverse actions. The amendments would integrate existing advisory guidance and the amendments to part 9 would also incorporate swap execution facilities (``SEFs'') and update provisions currently applicable to designated contract markets (``DCMs''). The proposal revises existing rules to delete numerous cross-references to previously deleted regulations and adds citations to applicable parallel provisions for SEFs and DCMs. Additionally, the proposal addresses the publication of final disciplinary and access denial actions taken by the SEFs and DCMs on their exchange Web sites.
2017-01-19Proposed RuleCOMMODITY FUTURES TRADING COMMISSIONCommodity Futures Trading CommissionRecordkeepingThe Commodity Futures Trading Commission (the ``Commission'') is proposing to amend the recordkeeping obligations set forth in certain provisions of the Commission's regulations. The proposed amendments would permit recordkeepers to leverage advances...2017-01148"https://www.govinfo.gov/content/pkg/FR-2017-01-19/pdf/2017-01148.pdfhttps://www.federalregister.gov/documents/2017/01/19/2017-01148/recordkeepingThe Commodity Futures Trading Commission (the ``Commission'') is proposing to amend the recordkeeping obligations set forth in certain provisions of the Commission's regulations. The proposed amendments would permit recordkeepers to leverage advances in information technology as a means to reduce costs associated with the retention and production of paper and electronic records and to decrease the risks of cybersecurity threats, while maintaining necessary safeguards to ensure the integrity, availability, and accessibility of records required to be kept pursuant to the Commodity Exchange Act (the ``CEA'') or Commission regulations. In addition to providing recordkeepers with greater flexibility regarding the retention and production of regulatory records, the proposed amendments would remove the requirements for electronic records to be kept in their native file format and for recordkeepers to enter into an arrangement with a third-party technical consultant with respect to electronically stored information.
2017-01-18RuleSECURITIES AND EXCHANGE COMMISSIONSecurities and Exchange CommissionAdjustments to Civil Monetary Penalty AmountsThe Securities and Exchange Commission (the ``Commission'') is adopting a final rule to implement the Federal Civil Penalties Inflation Adjustment Act Improvements Act of 2015 (the ``2015 Act''), which amended the Federal Civil Penalties Inflation...2017-00421"https://www.govinfo.gov/content/pkg/FR-2017-01-18/pdf/2017-00421.pdfhttps://www.federalregister.gov/documents/2017/01/18/2017-00421/adjustments-to-civil-monetary-penalty-amountsThe Securities and Exchange Commission (the ``Commission'') is adopting a final rule to implement the Federal Civil Penalties Inflation Adjustment Act Improvements Act of 2015 (the ``2015 Act''), which amended the Federal Civil Penalties Inflation Adjustment Act of 1990 (the ``Inflation Adjustment Act''), as previously amended by the Debt Collection Improvement Act of 1996 (the ``DCIA''). The 2015 Act requires all agencies to annually adjust for inflation the civil monetary penalties that can be imposed under the statutes administered by the agency. Pursuant to this requirement, this final rule performs the first annual adjustment for inflation of the maximum amount of civil monetary penalties administered by the Commission under the Securities Act of 1933, the Securities Exchange Act of 1934, the Investment Company Act of 1940, the Investment Advisers Act of 1940, and certain penalties under the Sarbanes-Oxley Act of 2002. This adjustment will apply to all penalties imposed after the effective date of this final rule for violations after November 2, 2015. For violations that occurred on or before November 2, 2015, the Commission is reinstating the penalty amounts in the Commission's prior penalty adjustments performed under the DCIA.
2016-12-30Proposed RuleCOMMODITY FUTURES TRADING COMMISSIONCommodity Futures Trading CommissionPosition Limits for DerivativesThe Commodity Futures Trading Commission (``Commission'' or ``CFTC'') is reproposing rules to amend part 150 of the Commission's regulations concerning speculative position limits to conform to the Wall Street Transparency and Accountability Act of...2016-29483"https://www.govinfo.gov/content/pkg/FR-2016-12-30/pdf/2016-29483.pdfhttps://www.federalregister.gov/documents/2016/12/30/2016-29483/position-limits-for-derivativesThe Commodity Futures Trading Commission (``Commission'' or ``CFTC'') is reproposing rules to amend part 150 of the Commission's regulations concerning speculative position limits to conform to the Wall Street Transparency and Accountability Act of 2010 (``Dodd-Frank Act'') amendments to the Commodity Exchange Act (``CEA'' or ``Act''). The reproposal would establish speculative position limits for 25 exempt and agricultural commodity futures and option contracts, and physical commodity swaps that are ``economically equivalent'' to such contracts (as such term is used in section 4a(a)(5) of the CEA). In connection with establishing these limits, the Commission is reproposing to update some relevant definitions; revise the exemptions from speculative position limits, including for bona fide hedging; and extend and update reporting requirements for persons claiming exemption from these limits. The Commission is also reproposing appendices to part 150 that would provide guidance on risk management exemptions for commodity derivative contracts in excluded commodities permitted under the revised definition of bona fide hedging position; list core referenced futures contracts and commodities that would be substantially the same as a commodity underlying a core referenced futures contract for purposes of the definition of location basis contract; describe and analyze fourteen fact patterns that would satisfy the reproposed definition of bona fide hedging position; and present the reproposed speculative position limit levels in tabular form. In addition, the Commission proposes to update certain of its rules, guidance and acceptable practices for compliance with Designated Contract Market (``DCM'') core principle 5 and Swap Execution Facility (``SEF'') core principle 6 in respect of exchange-set speculative position limits and position accountability levels. Furthermore, the Commission is reproposing processes for DCMs and SEFs to recognize certain positions in commodity derivative contracts as non-enumerated bona fide hedges or enumerated anticipatory bona fide hedges, as well as to exempt from position limits certain spread positions, in each case subject to Commission review. Separately, the Commission is reproposing to delay for DCMs and SEFs that lack access to sufficient swap position information the requirement to establish and monitor position limits on swaps.
2016-12-28RuleSECURITIES AND EXCHANGE COMMISSIONSecurities and Exchange CommissionChanges to Exchange Act Registration Requirements To Implement Title V and Title VI of the JOBS Act; CorrectionThis document makes technical corrections to a rule that was published in the Federal Register on May 10, 2016 (81 FR 28689). The Commission adopted revisions to Rule 12g-1 under the Securities Exchange Act of 1934 (``Exchange Act'') in light of the...2016-31286"https://www.govinfo.gov/content/pkg/FR-2016-12-28/pdf/2016-31286.pdfhttps://www.federalregister.gov/documents/2016/12/28/2016-31286/changes-to-exchange-act-registration-requirements-to-implement-title-v-and-title-vi-of-the-jobs-actThis document makes technical corrections to a rule that was published in the Federal Register on May 10, 2016 (81 FR 28689). The Commission adopted revisions to Rule 12g-1 under the Securities Exchange Act of 1934 (``Exchange Act'') in light of the statutory changes made by Title V and Title VI of the Jumpstart Our Business Startups Act and Title LXXXV of the Fixing America's Surface Transportation Act. This document is being published to correct language in that rule to more precisely reflect the holder of record threshold established by Exchange Act Section 12(g)(1).
2016-12-23RuleSECURITES AND EXCHANGE COMMISSIONSecurities and Exchange CommissionConsolidated Audit TrailThe Commission is providing notice regarding temporary Rule 608T under the Securities Exchange Act of 1934. The Commission designated 12:01 a.m. on November 16, 2016, as the expiration time for Rule 608T, because after that time the rule would no...2016-30883"https://www.govinfo.gov/content/pkg/FR-2016-12-23/pdf/2016-30883.pdfhttps://www.federalregister.gov/documents/2016/12/23/2016-30883/consolidated-audit-trailThe Commission is providing notice regarding temporary Rule 608T under the Securities Exchange Act of 1934. The Commission designated 12:01 a.m. on November 16, 2016, as the expiration time for Rule 608T, because after that time the rule would no longer be necessary.
2016-12-16RuleCOMMODITY FUTURES TRADING COMMISSIONCommodity Futures Trading CommissionAggregation of PositionsThe Commodity Futures Trading Commission (``Commission'' or ``CFTC'') is issuing a final rule to amend part 150 of the Commission's regulations with respect to the policy for aggregation under the Commission's position limits regime for futures and...2016-29582"https://www.govinfo.gov/content/pkg/FR-2016-12-16/pdf/2016-29582.pdfhttps://www.federalregister.gov/documents/2016/12/16/2016-29582/aggregation-of-positionsThe Commodity Futures Trading Commission (``Commission'' or ``CFTC'') is issuing a final rule to amend part 150 of the Commission's regulations with respect to the policy for aggregation under the Commission's position limits regime for futures and option contracts on nine agricultural commodities. The Commission notes that if its proposed position limits regime for other exempt and agricultural commodity futures and options contracts and the physical commodity swaps that are economically equivalent to such contracts are finalized, these amended regulations would also apply to the position limits regime for those contracts and swaps.
2016-12-16Proposed RuleCOMMODITY FUTURES TRADING COMMISSIONCommodity Futures Trading CommissionCapital Requirements of Swap Dealers and Major Swap ParticipantsThe Commodity Futures Trading Commission (``Commission'' or ``CFTC'') is proposing to adopt new regulations and to amend existing regulations to implement sections 4s(e) and (f) of the Commodity Exchange Act (``CEA''), as added by section 731 of the...2016-29368"https://www.govinfo.gov/content/pkg/FR-2016-12-16/pdf/2016-29368.pdfhttps://www.federalregister.gov/documents/2016/12/16/2016-29368/capital-requirements-of-swap-dealers-and-major-swap-participantsThe Commodity Futures Trading Commission (``Commission'' or ``CFTC'') is proposing to adopt new regulations and to amend existing regulations to implement sections 4s(e) and (f) of the Commodity Exchange Act (``CEA''), as added by section 731 of the Wall Street Reform and Consumer Protection Act (``Dodd-Frank Act''). Section 4s(e) requires the Commission to adopt capital requirements for swap dealers (``SDs'') and major swap participants (``MSPs'') that are not subject to capital rules of a prudential regulator. Section 4s(f) requires the Commission to adopt financial reporting and recordkeeping requirements for SDs and MSPs. The Commission also is proposing to amend existing capital rules for futures commission merchants (``FCMs''), providing specific capital deductions for market risk and credit risk for swaps and security-based swaps entered into by an FCM. The Commission is further proposing several technical amendments to the regulations.
2016-11-25RuleCOMMODITY FUTURES TRADING COMMISSIONCommodity Futures Trading CommissionCommodity Pool Operator Financial ReportsThe Commodity Futures Trading Commission (Commission or CFTC) is amending certain of its regulations applicable to the financial reports that each person registered or required to be registered as a commodity pool operator (CPO) must provide for each...2016-28388"https://www.govinfo.gov/content/pkg/FR-2016-11-25/pdf/2016-28388.pdfhttps://www.federalregister.gov/documents/2016/11/25/2016-28388/commodity-pool-operator-financial-reportsThe Commodity Futures Trading Commission (Commission or CFTC) is amending certain of its regulations applicable to the financial reports that each person registered or required to be registered as a commodity pool operator (CPO) must provide for each commodity pool that it operates. These amendments: Permit the use of additional alternative generally accepted accounting principles, standards or practices; provide relief from the Annual Report audit requirement under certain circumstances; and make clear that an audited Annual Report must be distributed and submitted at least once during the life of a pool.
2016-11-25Proposed RuleCOMMODITY FUTURES TRADING COMMISSIONCommodity Futures Trading CommissionRegulation Automated TradingOn December 17, 2015, the Commodity Futures Trading Commission (``CFTC'' or ``Commission'') published in the Federal Register a notice of proposed rulemaking (``NPRM'') proposing a series of risk controls, transparency measures, and other safeguards to...2016-27250"https://www.govinfo.gov/content/pkg/FR-2016-11-25/pdf/2016-27250.pdfhttps://www.federalregister.gov/documents/2016/11/25/2016-27250/regulation-automated-tradingOn December 17, 2015, the Commodity Futures Trading Commission (``CFTC'' or ``Commission'') published in the Federal Register a notice of proposed rulemaking (``NPRM'') proposing a series of risk controls, transparency measures, and other safeguards to enhance the safety and soundness of automated trading on all designated contract markets (``DCMs'') (collectively, ``Regulation Automated Trading'' or ``Regulation AT''). Through this supplemental notice of proposed rulemaking for Regulation AT (``Supplemental NPRM''), the Commission is proposing to modify certain rules set forth in the NPRM. Any new or amended rules proposed in this Supplemental NPRM reflect only those areas where the Commission believes that additional notice and comment may be appropriate before enacting final rules. Procedurally, this Supplemental NPRM is not a replacement or withdrawal of rules proposed in the NPRM. Unless specifically amended herein, all regulatory text proposed in the NPRM remains under active consideration for adoption as final rules. The Commission welcomes public comment on all aspects of the Supplemental NPRM.
2016-11-21RuleSECURITIES AND EXCHANGE COMMISSIONSecurities and Exchange CommissionExemptions To Facilitate Intrastate and Regional Securities OfferingsWe are adopting amendments to modernize Rule 147 under the Securities Act of 1933, which provides a safe harbor for compliance with the Section 3(a)(11) exemption from registration for intrastate securities offerings. We are also establishing a new...2016-26348"https://www.govinfo.gov/content/pkg/FR-2016-11-21/pdf/2016-26348.pdfhttps://www.federalregister.gov/documents/2016/11/21/2016-26348/exemptions-to-facilitate-intrastate-and-regional-securities-offeringsWe are adopting amendments to modernize Rule 147 under the Securities Act of 1933, which provides a safe harbor for compliance with the Section 3(a)(11) exemption from registration for intrastate securities offerings. We are also establishing a new intrastate offering exemption under the Securities Act, designated Rule 147A, which will be similar to amended Rule 147, but will have no restriction on offers and will allow issuers to be incorporated or organized outside of the state in which the intrastate offering is conducted provided certain conditions are met. The amendments to Rule 147 and new Rule 147A are designed to facilitate capital formation, including through offerings relying upon intrastate crowdfunding provisions under state securities laws, while maintaining appropriate investor protections and providing state securities regulators with the flexibility to add additional investor protections they deem appropriate for offerings within their state. We also are adopting amendments to Rule 504 of Regulation D under the Securities Act to facilitate issuers' capital raising efforts and provide additional investor protections. The amendments to Rule 504 will increase the aggregate amount of securities that may be offered and sold in any twelve-month period from $1 million to $5 million and disqualify certain bad actors from participation in Rule 504 offerings. In light of these amendments to Rule 504, we are also repealing Rule 505.
2016-11-18RuleSECURITIES AND EXCHANGE COMMISSIONSecurities and Exchange CommissionInvestment Company Swing PricingThe Securities and Exchange Commission is adopting amendments to rule 22c-1 under the Investment Company Act to permit a registered open-end management investment company (``open-end fund'' or ``fund'') (except a money market fund or exchange-traded...2016-25347"https://www.govinfo.gov/content/pkg/FR-2016-11-18/pdf/2016-25347.pdfhttps://www.federalregister.gov/documents/2016/11/18/2016-25347/investment-company-swing-pricingThe Securities and Exchange Commission is adopting amendments to rule 22c-1 under the Investment Company Act to permit a registered open-end management investment company (``open-end fund'' or ``fund'') (except a money market fund or exchange-traded fund), under certain circumstances, to use ``swing pricing,'' the process of adjusting the fund's net asset value (``NAV'') per share to effectively pass on the costs stemming from shareholder purchase or redemption activity to the shareholders associated with that activity, and amendments to rule 31a- 2 to require funds to preserve certain records related to swing pricing. The Commission is also adopting amendments to Form N-1A and Regulation S-X and a new item in Form N-CEN, all of which address a fund's use of swing pricing.
2016-11-18RuleSECURITIES AND EXCHANGE COMMISSIONSecurities and Exchange CommissionInvestment Company Liquidity Risk Management ProgramsThe Securities and Exchange Commission is adopting new rules, a new form and amendments to a rule and forms designed to promote effective liquidity risk management throughout the open-end investment company industry, thereby reducing the risk that...2016-25348"https://www.govinfo.gov/content/pkg/FR-2016-11-18/pdf/2016-25348.pdfhttps://www.federalregister.gov/documents/2016/11/18/2016-25348/investment-company-liquidity-risk-management-programsThe Securities and Exchange Commission is adopting new rules, a new form and amendments to a rule and forms designed to promote effective liquidity risk management throughout the open-end investment company industry, thereby reducing the risk that funds will be unable to meet their redemption obligations and mitigating dilution of the interests of fund shareholders. The amendments also seek to enhance disclosure regarding fund liquidity and redemption practices. The Commission is adopting new rule 22e-4, which requires each registered open-end management investment company, including open-end exchange- traded funds (``ETFs'') but not including money market funds, to establish a liquidity risk management program. Rule 22e-4 also requires principal underwriters and depositors of unit investment trusts (``UITs'') to engage in a limited liquidity review. The Commission is also adopting amendments to Form N-1A regarding the disclosure of fund policies concerning the redemption of fund shares. The Commission also is adopting new rule 30b1-10 and Form N-LIQUID that generally will require a fund to confidentially notify the Commission when the fund's level of illiquid investments that are assets exceeds 15% of its net assets or when its highly liquid investments that are assets fall below its minimum for more than a specified period of time. The Commission also is adopting certain sections of Forms N-PORT and N-CEN that will require disclosure of certain information regarding the liquidity of a fund's holdings and the fund's liquidity risk management practices.
2016-11-18RuleSECURITIES AND EXCHANGE COMMISSIONSecurities and Exchange CommissionInvestment Company Reporting ModernizationThe Securities and Exchange Commission is adopting new rules and forms as well as amendments to its rules and forms to modernize the reporting and disclosure of information by registered investment companies. The Commission is adopting new Form N-PORT,...2016-25349"https://www.govinfo.gov/content/pkg/FR-2016-11-18/pdf/2016-25349.pdfhttps://www.federalregister.gov/documents/2016/11/18/2016-25349/investment-company-reporting-modernizationThe Securities and Exchange Commission is adopting new rules and forms as well as amendments to its rules and forms to modernize the reporting and disclosure of information by registered investment companies. The Commission is adopting new Form N-PORT, which will require certain registered investment companies to report information about their monthly portfolio holdings to the Commission in a structured data format. In addition, the Commission is adopting amendments to Regulation S-X, which will require standardized, enhanced disclosure about derivatives in investment company financial statements, as well as other amendments. The Commission is adopting new Form N-CEN, which will require registered investment companies, other than face-amount certificate companies, to annually report certain census-type information to the Commission in a structured data format. The Commission is adopting amendments to Forms N-1A, N-3, and N-CSR to require certain disclosures regarding securities lending activities. Finally, the Commission is rescinding current Forms N-Q and N-SAR and amending certain other rules and forms. Collectively, these amendments will, among other things, improve the information that the Commission receives from investment companies and assist the Commission, in its role as primary regulator of investment companies, to better fulfill its mission of protecting investors, maintaining fair, orderly and efficient markets, and facilitating capital formation. Investors and other potential users can also utilize this information to help investors make more informed investment decisions.
2016-11-16RuleCOMMODITY FUTURES TRADING COMMISSIONCommodity Futures Trading CommissionChief Compliance Officer Annual Report Requirements for Futures Commission Merchants, Swap Dealers, and Major Swap Participants; Amendments to Filing DatesThe Commodity Futures Trading Commission (``Commission'' or ``CFTC'') is amending its regulations regarding the timing for furnishing to the Commission the chief compliance officer (``CCO'') annual reports of futures commission merchants (``FCMs''),...2016-27525"https://www.govinfo.gov/content/pkg/FR-2016-11-16/pdf/2016-27525.pdfhttps://www.federalregister.gov/documents/2016/11/16/2016-27525/chief-compliance-officer-annual-report-requirements-for-futures-commission-merchants-swap-dealersThe Commodity Futures Trading Commission (``Commission'' or ``CFTC'') is amending its regulations regarding the timing for furnishing to the Commission the chief compliance officer (``CCO'') annual reports of futures commission merchants (``FCMs''), swap dealers (``SDs''), and major swap participants (``MSPs'') (collectively, ``Registrants''). The Commission is also amending its regulations by delegating to the Director of the Division of Swap Dealer and Intermediary Oversight (``DSIO'') authority to grant extensions to the CCO annual report filing deadline.
2016-11-10Proposed RuleSECURITIES AND EXCHANGE COMMISSIONSecurities and Exchange CommissionUniversal ProxyWe are proposing amendments to the federal proxy rules to require the use of universal proxies in all non-exempt solicitations in connection with contested elections of directors other than those involving registered investment companies and business...2016-26349"https://www.govinfo.gov/content/pkg/FR-2016-11-10/pdf/2016-26349.pdfhttps://www.federalregister.gov/documents/2016/11/10/2016-26349/universal-proxyWe are proposing amendments to the federal proxy rules to require the use of universal proxies in all non-exempt solicitations in connection with contested elections of directors other than those involving registered investment companies and business development companies. Our proposal would require the use of universal proxies that include the names of both registrant and dissident nominees and thus allow shareholders to vote by proxy in a manner that more closely resembles how they can vote in person at a shareholder meeting. We further propose amendments to the form of proxy and proxy statement disclosure requirements to specify clearly the applicable voting options and voting standards in all director elections.
2016-10-18Proposed RuleCOMMODITY FUTURES TRADING COMMISSIONCommodity Futures Trading CommissionCross-Border Application of the Registration Thresholds and External Business Conduct Standards Applicable to Swap Dealers and Major Swap ParticipantsThe Commodity Futures Trading Commission (``Commission'' or ``CFTC'') is publishing for public comment proposed rules and interpretations (``Proposed Rule'') addressing the cross-border application of certain swap provisions of the Commodity Exchange...2016-24905"https://www.govinfo.gov/content/pkg/FR-2016-10-18/pdf/2016-24905.pdfhttps://www.federalregister.gov/documents/2016/10/18/2016-24905/cross-border-application-of-the-registration-thresholds-and-external-business-conduct-standardsThe Commodity Futures Trading Commission (``Commission'' or ``CFTC'') is publishing for public comment proposed rules and interpretations (``Proposed Rule'') addressing the cross-border application of certain swap provisions of the Commodity Exchange Act (``CEA''). Specifically, the proposed rule defines key terms for purposes of applying the CEA's swap provisions to cross-border transactions and addresses the cross-border application of the registration thresholds and external business conduct standards for swap dealers and major swap participants, including the extent to which they would apply to swap transactions that are arranged, negotiated, or executed using personnel located in the United States.
2016-10-18RuleCOMMODITY FUTURES TRADING COMMISSIONCommodity Futures Trading CommissionOrder Establishing De Minimis Threshold Phase-In Termination DateWith respect to the de minimis exception to the swap dealer definition, the Commodity Futures Trading Commission (``Commission'' or ``CFTC'') is issuing an order (``Order''), pursuant to the applicable Commission regulation, to establish December 31,...2016-25143"https://www.govinfo.gov/content/pkg/FR-2016-10-18/pdf/2016-25143.pdfhttps://www.federalregister.gov/documents/2016/10/18/2016-25143/order-establishing-de-minimis-threshold-phase-in-termination-dateWith respect to the de minimis exception to the swap dealer definition, the Commodity Futures Trading Commission (``Commission'' or ``CFTC'') is issuing an order (``Order''), pursuant to the applicable Commission regulation, to establish December 31, 2018 as the de minimis threshold phase-in termination date.
2016-10-14RuleCOMMODITY FUTURES TRADING COMMISSIONCommodity Futures Trading CommissionClearing Requirement Determination Under Section 2(h) of the Commodity Exchange Act for Interest Rate SwapsThe Commodity Futures Trading Commission (Commission or CFTC) is adopting an amendment to the Commission's regulations to expand the existing clearing requirement for interest rate swaps pursuant to the pertinent section of the Commodity Exchange Act...2016-23983"https://www.govinfo.gov/content/pkg/FR-2016-10-14/pdf/2016-23983.pdfhttps://www.federalregister.gov/documents/2016/10/14/2016-23983/clearing-requirement-determination-under-section-2h-of-the-commodity-exchange-act-for-interest-rateThe Commodity Futures Trading Commission (Commission or CFTC) is adopting an amendment to the Commission's regulations to expand the existing clearing requirement for interest rate swaps pursuant to the pertinent section of the Commodity Exchange Act (CEA). The amended regulation requires that interest rate swaps denominated in certain currencies and having certain termination dates, as described herein, be submitted for clearing to a derivatives clearing organization (DCO) that is registered under the CEA (registered DCO) or a DCO that has been exempted from registration under the CEA (exempt DCO).
2016-10-13RuleSECURITIES AND EXCHANGE COMMISSIONSecurities and Exchange CommissionStandards for Covered Clearing AgenciesThe Securities and Exchange Commission (``SEC'' or ``Commission'') is adopting amendments to Rule 17Ad-22 and adding new Rule 17Ab2-2 pursuant to Section 17A of the Securities Exchange Act of 1934 (``Exchange Act'') and the Payment, Clearing, and...2016-23891"https://www.govinfo.gov/content/pkg/FR-2016-10-13/pdf/2016-23891.pdfhttps://www.federalregister.gov/documents/2016/10/13/2016-23891/standards-for-covered-clearing-agenciesThe Securities and Exchange Commission (``SEC'' or ``Commission'') is adopting amendments to Rule 17Ad-22 and adding new Rule 17Ab2-2 pursuant to Section 17A of the Securities Exchange Act of 1934 (``Exchange Act'') and the Payment, Clearing, and Settlement Supervision Act of 2010 (``Clearing Supervision Act''), enacted in Title VIII of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (``Dodd-Frank Act''). Among other things, the rules establish enhanced standards for the operation and governance of those clearing agencies registered with the Commission (``registered clearing agencies'') that meet the definition of ``covered clearing agency.''
2016-10-13Proposed RuleSECURITIES AND EXCHANGE COMMISSIONSecurities and Exchange CommissionDefinition of Covered Clearing AgencyThe Securities and Exchange Commission (``SEC'' or ``Commission'') proposes to amend the definition of ``covered clearing agency'' under Rule 17Ad-22 to mean a registered clearing agency that provides the services of a central counterparty (``CCP''),...2016-23892"https://www.govinfo.gov/content/pkg/FR-2016-10-13/pdf/2016-23892.pdfhttps://www.federalregister.gov/documents/2016/10/13/2016-23892/definition-of-covered-clearing-agencyThe Securities and Exchange Commission (``SEC'' or ``Commission'') proposes to amend the definition of ``covered clearing agency'' under Rule 17Ad-22 to mean a registered clearing agency that provides the services of a central counterparty (``CCP''), central securities depository (``CSD''), or a securities settlement system (``SSS''). The Commission also proposes a definition of ``securities settlement system'' and proposes to amend the definitions of ``central securities depository services'' to facilitate the proposed amendment to ``covered clearing agency.'' In addition, the Commission proposes to amend the definition of ``sensitivity analysis'' under Rule 17Ad-22 to expand the scope of covered clearing agencies subject to requirements thereunder. These amendments are proposed pursuant to Section 17A of the Securities Exchange Act of 1934 (``Exchange Act'') and the Payment, Clearing, and Settlement Supervision Act of 2010 (``Clearing Supervision Act''), enacted in Title VIII of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (``Dodd-Frank Act'').
2016-10-05Proposed RuleSECURITIES AND EXCHANGE COMMISSIONSecurities and Exchange CommissionAmendment to Securities Transaction Settlement CycleThe Securities and Exchange Commission (``Commission'') proposes to amend Rule 15c6-1(a) under the Securities Exchange Act of 1934 (``Exchange Act'') to shorten the standard settlement cycle for most broker-dealer transactions from three business days...2016-23890"https://www.govinfo.gov/content/pkg/FR-2016-10-05/pdf/2016-23890.pdfhttps://www.federalregister.gov/documents/2016/10/05/2016-23890/amendment-to-securities-transaction-settlement-cycleThe Securities and Exchange Commission (``Commission'') proposes to amend Rule 15c6-1(a) under the Securities Exchange Act of 1934 (``Exchange Act'') to shorten the standard settlement cycle for most broker-dealer transactions from three business days after the trade date (``T+3'') to two business days after the trade date (``T+2''). The proposed amendment is designed to reduce a number of risks, including credit risk, market risk, and liquidity risk and, as a result, reduce systemic risk for U.S. market participants.
2016-09-30RuleSECURITIES AND EXCHANGE COMMISSIONSecurities and Exchange CommissionAdoption of Updated EDGAR Filer ManualThe Securities and Exchange Commission (the Commission) is adopting revisions to the Electronic Data Gathering, Analysis, and Retrieval System (EDGAR) Filer Manual and related rules to reflect updates to the EDGAR system. The updates are being made...2016-23562"https://www.govinfo.gov/content/pkg/FR-2016-09-30/pdf/2016-23562.pdfhttps://www.federalregister.gov/documents/2016/09/30/2016-23562/adoption-of-updated-edgar-filer-manualThe Securities and Exchange Commission (the Commission) is adopting revisions to the Electronic Data Gathering, Analysis, and Retrieval System (EDGAR) Filer Manual and related rules to reflect updates to the EDGAR system. The updates are being made primarily to support the new submission form types N-MFP2 and N-MFP2/A for money market mutual funds; allow unregistered money market fund to file a report on submission form types N-CR and N-CR/A; update the date format for ABS-EE Asset Data schemas from MM/YYYY to MM-DD-YYYY for CMBS Asset Class: Item 2(c) (12), and Debt Securities Asset Class: Debt Securities, Item 5(f)(3); update the codes and descriptions referencing CMSA to reference CREFC for CMBS Asset Class Item 2(d)(28)(xii) and CMBS Asset Class Item 2(d)(28)(xiii); allow a Large Trader whose most recent Form 13H submission was a Form 13H-I (Inactive) to submit a Form 13H-T (Termination) regardless of elapsed time; and make documentation updates to Chapter 5 and Chapter 6 of the ``EDGAR Filer Manual, Volume II: EDGAR Filing'' relating to eXtensible Business Reporting Language (XBRL) format. The EDGAR system was upgraded to support the new submission form types N-MFP2 and N-MFP2/A for money market mutual funds on August 29, 2016. The EDGAR system is scheduled to be upgraded to support the other functionalities on September 19, 2016.
2016-09-29Proposed RuleSECURITIES AND EXCHANGE COMMISSIONSecurities and Exchange CommissionExtension of Comment Period for Disclosure Update and SimplificationThe Securities and Exchange Commission is extending the comment period for a proposal to amend certain of its disclosure requirements that may have become redundant, duplicative, overlapping, outdated, or superseded, in light of other Commission...2016-23489"https://www.govinfo.gov/content/pkg/FR-2016-09-29/pdf/2016-23489.pdfhttps://www.federalregister.gov/documents/2016/09/29/2016-23489/extension-of-comment-period-for-disclosure-update-and-simplificationThe Securities and Exchange Commission is extending the comment period for a proposal to amend certain of its disclosure requirements that may have become redundant, duplicative, overlapping, outdated, or superseded, in light of other Commission disclosure requirements, U.S. Generally Accepted Accounting Principles (``U.S. GAAP''), International Financial Reporting Standards (``IFRS''), or changes in the information environment [Release No. 33-10110; 34-78310; IC-32175; 81 FR 51607 (July 13, 2016)]. The release also solicits comment on certain Commission disclosure requirements that overlap with, but require information incremental to, U.S. GAAP to determine whether to retain, modify, eliminate, or refer them to the Financial Accounting Standards Board for potential incorporation into U.S. GAAP. The original comment period is scheduled to end on October 3, 2016. The Commission is extending the time period in which to provide the Commission with comments until November 2, 2016. This action will allow interested persons additional time to analyze the issues and prepare their comments.
2016-09-28RuleSECURITIES AND EXCHANGE COMMISSIONSecurities and Exchange CommissionPolitical Contributions by Certain Investment Advisers: Ban on Third-Party Solicitation; Order With Respect to FINRA Rule 2030The Securities and Exchange Commission (``Commission'' or ``SEC'') is issuing an order finding that Financial Industry Regulatory Authority (``FINRA'') rule 2030 (the ``FINRA Pay to Play Rule'') imposes substantially equivalent or more stringent...2016-23225"https://www.govinfo.gov/content/pkg/FR-2016-09-28/pdf/2016-23225.pdfhttps://www.federalregister.gov/documents/2016/09/28/2016-23225/political-contributions-by-certain-investment-advisers-ban-on-third-party-solicitation-order-withThe Securities and Exchange Commission (``Commission'' or ``SEC'') is issuing an order finding that Financial Industry Regulatory Authority (``FINRA'') rule 2030 (the ``FINRA Pay to Play Rule'') imposes substantially equivalent or more stringent restrictions on broker-dealers than rule 206(4)-5 (the ``SEC Pay to Play Rule) under the Investment Advisers Act of 1940 (the ``Advisers Act'') imposes on investment advisers and is consistent with the objectives of the SEC Pay to Play Rule.
2016-09-28RuleSECURITIES AND EXCHANGE COMMISSIONSecurities and Exchange CommissionPolitical Contributions by Certain Investment Advisers: Ban on Third-Party Solicitation; Order With Respect to MSRB Rule G-37The Securities and Exchange Commission (``Commission'' or ``SEC'') is issuing an order finding that Municipal Securities Rulemaking Board (``MSRB'') rule G-37 (the ``MSRB Pay to Play Rule'') imposes substantially equivalent or more stringent...2016-23224"https://www.govinfo.gov/content/pkg/FR-2016-09-28/pdf/2016-23224.pdfhttps://www.federalregister.gov/documents/2016/09/28/2016-23224/political-contributions-by-certain-investment-advisers-ban-on-third-party-solicitation-order-withThe Securities and Exchange Commission (``Commission'' or ``SEC'') is issuing an order finding that Municipal Securities Rulemaking Board (``MSRB'') rule G-37 (the ``MSRB Pay to Play Rule'') imposes substantially equivalent or more stringent restrictions on municipal advisors than rule 206(4)-5 (the ``SEC Pay to Play Rule) under the Investment Advisers Act of 1940 (the ``Advisers Act'') imposes on investment advisers and is consistent with the objectives of the SEC Pay to Play Rule.
2016-09-19RuleCOMMODITY FUTURES TRADING COMMISSIONCommodity Futures Trading CommissionSystem Safeguards Testing RequirementsThe Commodity Futures Trading Commission (``Commission'' or ``CFTC'') is adopting final rules amending its current system safeguards rules for designated contract markets, swap execution facilities, and swap data repositories, by enhancing and...2016-22174"https://www.govinfo.gov/content/pkg/FR-2016-09-19/pdf/2016-22174.pdfhttps://www.federalregister.gov/documents/2016/09/19/2016-22174/system-safeguards-testing-requirementsThe Commodity Futures Trading Commission (``Commission'' or ``CFTC'') is adopting final rules amending its current system safeguards rules for designated contract markets, swap execution facilities, and swap data repositories, by enhancing and clarifying current provisions relating to system safeguards risk analysis and oversight and cybersecurity testing, and adding new provisions concerning certain aspects of cybersecurity testing. The final rules clarify the Commission's current system safeguards rules for all designated contract markets, swap execution facilities, and swap data repositories by specifying and defining the types of cybersecurity testing essential to fulfilling system safeguards testing obligations. These testing types are vulnerability testing, penetration testing, controls testing, security incident response plan testing, and enterprise technology risk assessment. The final rules also clarify current rule provisions respecting: The categories of risk analysis and oversight that statutorily-required programs of system safeguards- related risk analysis and oversight must address; system safeguards- related books and records obligations; the scope of system safeguards testing; internal reporting and review of testing results; and remediation of vulnerabilities and deficiencies. In addition, the final rules adopt new provisions set forth in the Commission's Notice of Proposed Rulemaking, applicable to covered designated contract markets (as defined) and all swap data repositories, establishing minimum frequency requirements for conducting certain types of cybersecurity testing, and requiring performance of certain tests by independent contractors.
2016-09-19RuleCOMMODITY FUTURES TRADING COMMISSIONCommodity Futures Trading CommissionSystem Safeguards Testing Requirements for Derivatives Clearing OrganizationsThe Commodity Futures Trading Commission (``Commission'') is adopting enhanced requirements for testing by a derivatives clearing organization (``DCO'') of its system safeguards, as well as additional amendments to reorder and renumber certain...2016-22413"https://www.govinfo.gov/content/pkg/FR-2016-09-19/pdf/2016-22413.pdfhttps://www.federalregister.gov/documents/2016/09/19/2016-22413/system-safeguards-testing-requirements-for-derivatives-clearing-organizationsThe Commodity Futures Trading Commission (``Commission'') is adopting enhanced requirements for testing by a derivatives clearing organization (``DCO'') of its system safeguards, as well as additional amendments to reorder and renumber certain paragraphs within the regulations and make other minor changes to improve the clarity of the rule text.
2016-09-12Proposed RuleSECURITIES AND EXCHANGE COMMISSIONSecurities and Exchange CommissionExhibit Hyperlinks and HTML FormatWe are proposing amendments that would require registrants that file registration statements and periodic and current reports that are subject to the exhibit requirements under Item 601 of Regulation S- K, or that file on Forms F-10 or 20-F, to include...2016-21313"https://www.govinfo.gov/content/pkg/FR-2016-09-12/pdf/2016-21313.pdfhttps://www.federalregister.gov/documents/2016/09/12/2016-21313/exhibit-hyperlinks-and-html-formatWe are proposing amendments that would require registrants that file registration statements and periodic and current reports that are subject to the exhibit requirements under Item 601 of Regulation S- K, or that file on Forms F-10 or 20-F, to include a hyperlink to each exhibit listed in the exhibit index of these filings. To enable the inclusion of such hyperlinks, the proposed amendments would also require that registrants submit all such filings in HyperText Markup Language (``HTML'') format.
2016-09-06Proposed RuleCOMMODITY FUTURES TRADING COMMISSIONCommodity Futures Trading CommissionCommodity Pool Operator Annual ReportOn August 5, 2016, the Commodity Futures Trading Commission (Commission or CFTC) published in the Federal Register a notice of proposed rulemaking (Proposal) to amend certain of its regulations applicable to the Annual Report that each person...2016-21153"https://www.govinfo.gov/content/pkg/FR-2016-09-06/pdf/2016-21153.pdfhttps://www.federalregister.gov/documents/2016/09/06/2016-21153/commodity-pool-operator-annual-reportOn August 5, 2016, the Commodity Futures Trading Commission (Commission or CFTC) published in the Federal Register a notice of proposed rulemaking (Proposal) to amend certain of its regulations applicable to the Annual Report that each person registered or required to be registered as a commodity pool operator (CPO) must distribute for each commodity pool that it operates. As is explained below, the Commission is extending for two weeks the comment period for the Proposal.
2016-09-02Proposed RuleSECURITIES AND EXCHANGE COMMISSIONSecurities and Exchange CommissionPolitical Contributions by Certain Investment Advisers: Ban on Third-Party Solicitation; Notice of Order With Respect to MSRB Rule G-37The Securities and Exchange Commission (``Commission'' or ``SEC'') intends to issue an order pursuant to section 206 of the Investment Advisers Act of 1940 (the ``Advisers Act'') and rule 206(4)- 5 thereunder (the ``SEC Pay to Play Rule'') finding that...2016-20890"https://www.govinfo.gov/content/pkg/FR-2016-09-02/pdf/2016-20890.pdfhttps://www.federalregister.gov/documents/2016/09/02/2016-20890/political-contributions-by-certain-investment-advisers-ban-on-third-party-solicitation-notice-ofThe Securities and Exchange Commission (``Commission'' or ``SEC'') intends to issue an order pursuant to section 206 of the Investment Advisers Act of 1940 (the ``Advisers Act'') and rule 206(4)- 5 thereunder (the ``SEC Pay to Play Rule'') finding that the Municipal Securities Rulemaking Board (``MSRB'') rule G-37 (the ``MSRB Pay to Play Rule'') imposes substantially equivalent or more stringent restrictions on municipal advisors than the SEC Pay to Play Rule imposes on investment advisers and is consistent with the objectives of the SEC Pay to Play Rule.
2016-09-02Proposed RuleSECURITIES AND EXCHANGE COMMISSIONSecurities and Exchange CommissionPolitical Contributions by Certain Investment Advisers: Ban on Third-Party Solicitation; Notice of Order With Respect to FINRA Rule 2030The Securities and Exchange Commission (``Commission'' or ``SEC'') intends to issue an order pursuant to section 206 of the Investment Advisers Act of 1940 (the ``Advisers Act'') and rule 206(4)- 5 thereunder (the ``SEC Pay to Play Rule'') finding that...2016-20889"https://www.govinfo.gov/content/pkg/FR-2016-09-02/pdf/2016-20889.pdfhttps://www.federalregister.gov/documents/2016/09/02/2016-20889/political-contributions-by-certain-investment-advisers-ban-on-third-party-solicitation-notice-ofThe Securities and Exchange Commission (``Commission'' or ``SEC'') intends to issue an order pursuant to section 206 of the Investment Advisers Act of 1940 (the ``Advisers Act'') and rule 206(4)- 5 thereunder (the ``SEC Pay to Play Rule'') finding that Financial Industry Regulatory Authority (``FINRA'') rule 2030 (the ``FINRA Pay to Play Rule''), which was approved by the Commission on August 25, 2016, imposes substantially equivalent or more stringent restrictions on brokers-dealers than the SEC Pay to Play Rule imposes on investment advisers and is consistent with the objectives of the SEC Pay to Play Rule.
2016-09-02RuleSECURITIES AND EXCHANGE COMMISSIONSecurities and Exchange CommissionAccess to Data Obtained by Security-Based Swap Data RepositoriesPursuant to section 763(i) of Title VII (``Title VII'') of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (``Dodd-Frank Act''), the Securities and Exchange Commission (``Commission'') is adopting amendments to rule 13n-4 under...2016-21137"https://www.govinfo.gov/content/pkg/FR-2016-09-02/pdf/2016-21137.pdfhttps://www.federalregister.gov/documents/2016/09/02/2016-21137/access-to-data-obtained-by-security-based-swap-data-repositoriesPursuant to section 763(i) of Title VII (``Title VII'') of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (``Dodd-Frank Act''), the Securities and Exchange Commission (``Commission'') is adopting amendments to rule 13n-4 under the Securities Exchange Act of 1934 (``Exchange Act'') related to regulatory access to security-based swap data held by security-based swap data repositories. The rule amendments would implement the conditional Exchange Act requirement that security-based swap data repositories make data available to certain regulators and other authorities.
2016-09-01RuleSECURITIES AND EXCHANGE COMMISSIONSecurities and Exchange CommissionForm ADV and Investment Advisers Act RulesThe Securities and Exchange Commission (the ``Commission'' or ``SEC'') is adopting amendments to Form ADV that are designed to provide additional information regarding advisers, including information about their separately managed account business,...2016-20832"https://www.govinfo.gov/content/pkg/FR-2016-09-01/pdf/2016-20832.pdfhttps://www.federalregister.gov/documents/2016/09/01/2016-20832/form-adv-and-investment-advisers-act-rulesThe Securities and Exchange Commission (the ``Commission'' or ``SEC'') is adopting amendments to Form ADV that are designed to provide additional information regarding advisers, including information about their separately managed account business, incorporate a method for private fund adviser entities operating a single advisory business to register using a single Form ADV, and make clarifying, technical and other amendments to certain Form ADV items and instructions. The Commission also is adopting amendments to the Advisers Act books and records rule and technical amendments to several Advisers Act rules to remove transition provisions that are no longer necessary.
2016-08-31Proposed RuleSECURITIES AND EXCHANGE COMMISSIONSecurities and Exchange CommissionRequest for Comment on Subpart 400 of Regulation S-K Disclosure Requirements Relating to Management, Certain Security Holders and Corporate Governance MattersThe Commission is requesting public comment on certain disclosure requirements in Regulation S-K relating to management, certain security holders, and corporate governance matters contained in Subpart 400. This request is part of an initiative by the...2016-20906"https://www.govinfo.gov/content/pkg/FR-2016-08-31/pdf/2016-20906.pdfhttps://www.federalregister.gov/documents/2016/08/31/2016-20906/request-for-comment-on-subpart-400-of-regulation-s-k-disclosure-requirements-relating-to-managementThe Commission is requesting public comment on certain disclosure requirements in Regulation S-K relating to management, certain security holders, and corporate governance matters contained in Subpart 400. This request is part of an initiative by the Division of Corporation Finance to review the disclosure requirements in Regulation S-K to consider ways to improve them for the benefit of investors and registrants. Comments received in response to this request for comment will also inform the Commission's study on Regulation S-K, which is required by Section 72003 of the Fixing America's Surface Transportation Act (``FAST Act'').
2016-08-30Proposed RuleCOMMODITY FUTURES TRADING COMMISSIONCommodity Futures Trading CommissionWhistleblower Awards ProcessThe Commodity Futures Trading Commission (``Commission'' or ``CFTC'') is proposing to amend its regulations to enhance the process for reviewing whistleblower claims and to make related changes to clarify staff authority to administer the whistleblower...2016-20745"https://www.govinfo.gov/content/pkg/FR-2016-08-30/pdf/2016-20745.pdfhttps://www.federalregister.gov/documents/2016/08/30/2016-20745/whistleblower-awards-processThe Commodity Futures Trading Commission (``Commission'' or ``CFTC'') is proposing to amend its regulations to enhance the process for reviewing whistleblower claims and to make related changes to clarify staff authority to administer the whistleblower program. The Commission also is reinterpreting its anti-retaliation authority and proposing appropriate rule amendments to implement that authority.
2016-08-26Proposed RuleSECURITIES AND EXCHANGE COMMISSIONSecurities and Exchange CommissionExtension of Comment Period for Modernization of Property Disclosures for Mining RegistrantsThe Securities and Exchange Commission is extending the comment period for a release proposing revisions to the property disclosure requirements for mining registrants and related guidance [Release Nos. 33-10098 and 34-78086 (June 16, 2016)], published...2016-20548"https://www.govinfo.gov/content/pkg/FR-2016-08-26/pdf/2016-20548.pdfhttps://www.federalregister.gov/documents/2016/08/26/2016-20548/extension-of-comment-period-for-modernization-of-property-disclosures-for-mining-registrantsThe Securities and Exchange Commission is extending the comment period for a release proposing revisions to the property disclosure requirements for mining registrants and related guidance [Release Nos. 33-10098 and 34-78086 (June 16, 2016)], published June 27, 2016. The original comment period is scheduled to end on August 26, 2016. The Commission is extending the time period in which to provide the Commission with comments until September 26, 2016. This action will allow interested persons additional time to analyze the issues and prepare their comments.
2016-08-16RuleCOMMODITY FUTURES TRADING COMMISSIONCommodity Futures Trading CommissionFinal Response to District Court Remand Order in Securities Industry and Financial Markets Association, et al. v. United States Commodity Futures Trading CommissionThis release is the Commodity Futures Trading Commission's (``Commission'' or ``CFTC'') final response to the order of the United States District Court for the District of Columbia in Securities Industry and Financial Markets Association, et al. v....2016-18854"https://www.govinfo.gov/content/pkg/FR-2016-08-16/pdf/2016-18854.pdfhttps://www.federalregister.gov/documents/2016/08/16/2016-18854/final-response-to-district-court-remand-order-in-securities-industry-and-financial-marketsThis release is the Commodity Futures Trading Commission's (``Commission'' or ``CFTC'') final response to the order of the United States District Court for the District of Columbia in Securities Industry and Financial Markets Association, et al. v. United States Commodity Futures Trading Commission, (``SIFMA v. CFTC''), remanding eight swaps-related rulemakings to the Commission to resolve what the court held to be inadequacies in the Commission's consideration of costs and benefits, or its explanation of its consideration of costs and benefits, in those rulemakings. In this release the Commission addresses cost-benefit issues raised and suggestions for rule changes made in comments submitted in response to the Commission's Initial Response to the remand order.
2016-08-12RuleCOMMODITY FUTURES TRADING COMMISSIONCommodity Futures Trading CommissionWritten Acknowledgment of Customer Funds From Federal Reserve BanksThe Commodity Futures Trading Commission (``CFTC'' or ``Commission'') is amending its regulations to revise or repeal certain provisions related to the requirement that a derivatives clearing organization (``DCO'') obtain from a Federal Reserve Bank...2016-19211"https://www.govinfo.gov/content/pkg/FR-2016-08-12/pdf/2016-19211.pdfhttps://www.federalregister.gov/documents/2016/08/12/2016-19211/written-acknowledgment-of-customer-funds-from-federal-reserve-banksThe Commodity Futures Trading Commission (``CFTC'' or ``Commission'') is amending its regulations to revise or repeal certain provisions related to the requirement that a derivatives clearing organization (``DCO'') obtain from a Federal Reserve Bank acting as a depository for customer funds a written acknowledgment that the Federal Reserve Bank was informed that the customer funds deposited therein are those of customers and are being held in accordance with Section 4d of the Commodity Exchange Act (``CEA'').
2016-08-12Proposed RuleCOMMODITY FUTURES TRADING COMMISSIONCommodity Futures Trading CommissionChief Compliance Officer Annual Report Requirements for Futures Commission Merchants, Swap Dealers, and Major Swap Participants; Amendments to Filing DatesThe Commodity Futures Trading Commission (``Commission'' or ``CFTC'') is proposing to amend certain provisions of its regulations concerning Chief Compliance Officers (``Proposal''). The regulation that is the subject of the Proposal addresses chief...2016-19231"https://www.govinfo.gov/content/pkg/FR-2016-08-12/pdf/2016-19231.pdfhttps://www.federalregister.gov/documents/2016/08/12/2016-19231/chief-compliance-officer-annual-report-requirements-for-futures-commission-merchants-swap-dealersThe Commodity Futures Trading Commission (``Commission'' or ``CFTC'') is proposing to amend certain provisions of its regulations concerning Chief Compliance Officers (``Proposal''). The regulation that is the subject of the Proposal addresses chief compliance officers (``CCOs'') of futures commission merchants (``FCMs''), swap dealers (``SDs''), and major swap participants (``MSPs'') (collectively, ``Registrants''). The proposed amendments would: Codify existing no- action relief regarding the timing of when a Registrant must furnish its CCO annual report to the Commission; clarify filing requirements for Registrants located in a jurisdiction for which the Commission has issued a comparability determination; and delegate to the Director of the Division of Swap Dealer and Intermediary Oversight (``DSIO'') authority to grant extensions to the CCO annual report filing deadline.
2016-08-12RuleSECURITIES AND EXCHANGE COMMISSIONSecurities and Exchange CommissionRegulation SBSR-Reporting and Dissemination of Security-Based Swap InformationThe Securities and Exchange Commission (``SEC'' or ``Commission'') is adopting certain amendments to Regulation SBSR-- Reporting and Dissemination of Security-Based Swap Information (``Regulation SBSR''). Specifically, new Rule 901(a)(1) of Regulation...2016-17032"https://www.govinfo.gov/content/pkg/FR-2016-08-12/pdf/2016-17032.pdfhttps://www.federalregister.gov/documents/2016/08/12/2016-17032/regulation-sbsr-reporting-and-dissemination-of-security-based-swap-informationThe Securities and Exchange Commission (``SEC'' or ``Commission'') is adopting certain amendments to Regulation SBSR-- Reporting and Dissemination of Security-Based Swap Information (``Regulation SBSR''). Specifically, new Rule 901(a)(1) of Regulation SBSR requires a platform (i.e., a national securities exchange or security-based swap execution facility (``SB SEF'') that is registered with the Commission or exempt from registration) to report a security- based swap executed on such platform that will be submitted to clearing. New Rule 901(a)(2)(i) of Regulation SBSR requires a registered clearing agency to report any security-based swap to which it is a counterparty. The Commission is adopting certain conforming amendments to other provisions of Regulation SBSR in light of the newly adopted amendments to Rule 901(a), and an amendment that would require registered security-based swap data repositories (``SDRs'') to provide the security-based swap transaction data that they are required to publicly disseminate to the users of the information on a non-fee basis. The Commission also is adopting amendments to Rule 908(a) to extend Regulation SBSR's regulatory reporting and public dissemination requirements to additional types of cross-border security-based swaps. The Commission is offering guidance regarding the application of Regulation SBSR to prime brokerage transactions and to the allocation of cleared security-based swaps. Finally, the Commission is adopting a new compliance schedule for the portions of Regulation SBSR for which the Commission has not previously specified compliance dates.
2016-08-05Proposed RuleCOMMODITY FUTURES TRADING COMMISSIONCommodity Futures Trading CommissionCommodity Pool Operator Annual ReportThe Commodity Futures Trading Commission (Commission or CFTC) is proposing to amend certain of its regulations applicable to the Annual Report that each person registered or required to be registered as a commodity pool operator (CPO) must distribute...2016-18400"https://www.govinfo.gov/content/pkg/FR-2016-08-05/pdf/2016-18400.pdfhttps://www.federalregister.gov/documents/2016/08/05/2016-18400/commodity-pool-operator-annual-reportThe Commodity Futures Trading Commission (Commission or CFTC) is proposing to amend certain of its regulations applicable to the Annual Report that each person registered or required to be registered as a commodity pool operator (CPO) must distribute for each commodity pool that it operates (Proposal). Specifically, the Proposal addresses the use of additional alternative generally accepted accounting principles, standards or practices, and the Annual Report audit requirement where the first fiscal year of a pool consists of a period of three months or less from the date of formation of the pool.
2016-08-05Proposed RuleCOMMODITY FUTURES TRADING COMMISSIONCommodity Futures Trading CommissionExemption From Registration for Certain Foreign PersonsThe Commodity Futures Trading Commission (``Commission'') is proposing to amend one of its regulations. The proposed amendment would amend the conditions under which persons located outside the United States (``U.S.'') acting in the capacity of a...2016-18210"https://www.govinfo.gov/content/pkg/FR-2016-08-05/pdf/2016-18210.pdfhttps://www.federalregister.gov/documents/2016/08/05/2016-18210/exemption-from-registration-for-certain-foreign-personsThe Commodity Futures Trading Commission (``Commission'') is proposing to amend one of its regulations. The proposed amendment would amend the conditions under which persons located outside the United States (``U.S.'') acting in the capacity of a futures commission merchant (``FCM''), an introducing broker (``IB''), commodity trading advisor (``CTA''), or commodity pool operator (``CPO'') in connection with commodity interest transactions solely on behalf of persons located outside the U.S., or on behalf of certain international financial institutions, would qualify for an exemption from registration with the Commission.
2016-08-04Proposed RuleSECURITIES AND EXCHANGE COMMISSIONSecurities and Exchange CommissionDisclosure Update and SimplificationWe are proposing amendments to certain of our disclosure requirements that may have become redundant, duplicative, overlapping, outdated, or superseded, in light of other Commission disclosure requirements, U.S. Generally Accepted Accounting Principles...2016-16964"https://www.govinfo.gov/content/pkg/FR-2016-08-04/pdf/2016-16964.pdfhttps://www.federalregister.gov/documents/2016/08/04/2016-16964/disclosure-update-and-simplificationWe are proposing amendments to certain of our disclosure requirements that may have become redundant, duplicative, overlapping, outdated, or superseded, in light of other Commission disclosure requirements, U.S. Generally Accepted Accounting Principles (``U.S. GAAP''), International Financial Reporting Standards (``IFRS''), or changes in the information environment. We are also soliciting comment on certain Commission disclosure requirements that overlap with, but require information incremental to, U.S. GAAP to determine whether to retain, modify, eliminate, or refer them to the Financial Accounting Standards Board (``FASB'') for potential incorporation into U.S. GAAP. The proposed amendments are intended to facilitate the disclosure of information to investors, while simplifying compliance efforts, without significantly altering the total mix of information provided to investors. These proposals are part of an initiative by the Division of Corporation Finance to review disclosure requirements applicable to issuers to consider ways to improve the requirements for the benefit of investors and issuers. We are also issuing these proposals as part of our efforts to implement title LXXII, section 72002(2) of the Fixing America's Surface Transportation Act.
2016-07-29RuleSECURITIES AND EXCHANGE COMMISSIONSecurities and Exchange CommissionAmendments to the Commission's Rules of PracticeThe Securities and Exchange Commission (``Commission'') is adopting amendments to its Rules of Practice. These changes concern, among other things, the timing of hearings in administrative proceedings, depositions, summary disposition, and the contents...2016-16987"https://www.govinfo.gov/content/pkg/FR-2016-07-29/pdf/2016-16987.pdfhttps://www.federalregister.gov/documents/2016/07/29/2016-16987/amendments-to-the-commissions-rules-of-practiceThe Securities and Exchange Commission (``Commission'') is adopting amendments to its Rules of Practice. These changes concern, among other things, the timing of hearings in administrative proceedings, depositions, summary disposition, and the contents of an answer.
2016-07-27RuleSECURITIES AND EXCHANGE COMMISSIONSecurities and Exchange CommissionDisclosure of Payments by Resource Extraction IssuersWe are adopting Rule 13q-1 and an amendment to Form SD to implement Section 1504 of the Dodd-Frank Wall Street Reform and Consumer Protection Act relating to the disclosure of payments by resource extraction issuers. Rule 13q-1 was initially adopted by...2016-15676"https://www.govinfo.gov/content/pkg/FR-2016-07-27/pdf/2016-15676.pdfhttps://www.federalregister.gov/documents/2016/07/27/2016-15676/disclosure-of-payments-by-resource-extraction-issuersWe are adopting Rule 13q-1 and an amendment to Form SD to implement Section 1504 of the Dodd-Frank Wall Street Reform and Consumer Protection Act relating to the disclosure of payments by resource extraction issuers. Rule 13q-1 was initially adopted by the Commission on August 22, 2012, but it was subsequently vacated by the U.S. District Court for the District of Columbia. Section 1504 of the Dodd-Frank Act added Section 13(q) to the Securities Exchange Act of 1934, which directs the Commission to issue rules requiring resource extraction issuers to include in an annual report information relating to any payment made by the issuer, a subsidiary of the issuer, or an entity under the control of the issuer, to a foreign government or the Federal Government for the purpose of the commercial development of oil, natural gas, or minerals. Section 13(q) requires a resource extraction issuer to provide information about the type and total amount of such payments made for each project related to the commercial development of oil, natural gas, or minerals, and the type and total amount of payments made to each government. In addition, Section 13(q) requires a resource extraction issuer to provide information about those payments in an interactive data format.
2016-07-27Proposed RuleSECURITIES AND EXCHANGE COMMISSIONSecurities and Exchange CommissionDisclosure of Order Handling InformationThe Securities and Exchange Commission (``Commission'' or ``SEC'') is proposing to amend Rules 600 and 606 of Regulation National Market System (``Regulation NMS'') under the Securities Exchange Act of 1934 (``Exchange Act'') to require additional...2016-16967"https://www.govinfo.gov/content/pkg/FR-2016-07-27/pdf/2016-16967.pdfhttps://www.federalregister.gov/documents/2016/07/27/2016-16967/disclosure-of-order-handling-informationThe Securities and Exchange Commission (``Commission'' or ``SEC'') is proposing to amend Rules 600 and 606 of Regulation National Market System (``Regulation NMS'') under the Securities Exchange Act of 1934 (``Exchange Act'') to require additional disclosures by broker- dealers to customers about the routing of their orders. Specifically, with respect to institutional orders, the Commission is proposing to amend Rule 606 of Regulation NMS to require a broker-dealer, upon request of its customer, to provide specific disclosures related to the routing and execution of the customer's institutional orders for the prior six months. The Commission also is proposing to amend Rule 606 of Regulation NMS to require a broker-dealer to make publicly available aggregated information with respect to its handling of customers' institutional orders for each calendar quarter. With respect to retail orders, the Commission is proposing to make targeted enhancements to current order routing disclosures under Rule 606 by requiring limit order information to be broken down into marketable and non-marketable categories, requiring the disclosure of the net aggregate amount of any payment for order flow received, payment from any profit-sharing relationship received, transaction fees paid, and transaction rebates received by a broker-dealer from certain venues, requiring broker- dealers to describe any terms of payment for order flow arrangements and profit-sharing relationships with certain venues that may influence their order routing decisions, and eliminating the requirement to divide retail order routing information by listing market. In connection with these new requirements, the Commission is proposing to amend Rule 600 of Regulation NMS to include a number of newly defined terms which are used in the proposed amendments to Rule 606. The Commission is also proposing to amend Rules 605 and 606 of Regulation NMS to require that the public order execution and order routing reports be kept publicly available for a period of three years and to make conforming changes to Rule 607. Finally, the Commission is proposing to amend Rule 3a51-1(a) under the Exchange Act; Rule 13h- 1(a)(5) of Regulation 13D-G; Rule 105(b)(1) of Regulation M; Rules 201(a) and 204(g) of Regulation SHO; Rules 600(b), 602(a)(5), 607(a)(1), and 611(c) of Regulation NMS; and Rule 1000 of Regulation SCI, to update cross-references as a result of this proposed rule.
2016-07-27RuleSECURITIES AND EXCHANGE COMMISSIONSecurities and Exchange CommissionOrder Recognizing the Resource Extraction Payment Disclosure Requirements of the European Union, Canada and the U.S. Extractive Industries Transparency Initiative as Substantially Similar to the Requirements of Rule 13q-1 Under the Securities Exchange Act of 1934We are issuing an order recognizing the resource extraction payment disclosure requirements of the European Union, Canada and the U.S. Extractive Industries Transparency Initiative as substantially similar to the requirements of Rule 13q-1 under the...2016-15677"https://www.govinfo.gov/content/pkg/FR-2016-07-27/pdf/2016-15677.pdfhttps://www.federalregister.gov/documents/2016/07/27/2016-15677/order-recognizing-the-resource-extraction-payment-disclosure-requirements-of-the-european-unionWe are issuing an order recognizing the resource extraction payment disclosure requirements of the European Union, Canada and the U.S. Extractive Industries Transparency Initiative as substantially similar to the requirements of Rule 13q-1 under the Securities Exchange Act of 1934.
2016-07-05Proposed RuleSECURITIES AND EXCHANGE COMMISSIONSecurities and Exchange CommissionAdviser Business Continuity and Transition PlansThe Securities and Exchange Commission (``Commission'' or ``SEC'') is proposing a new rule and rule amendments under the Investment Advisers Act of 1940 (``Advisers Act''). The proposed rule would require SEC-registered investment advisers to adopt and...2016-15675"https://www.govinfo.gov/content/pkg/FR-2016-07-05/pdf/2016-15675.pdfhttps://www.federalregister.gov/documents/2016/07/05/2016-15675/adviser-business-continuity-and-transition-plansThe Securities and Exchange Commission (``Commission'' or ``SEC'') is proposing a new rule and rule amendments under the Investment Advisers Act of 1940 (``Advisers Act''). The proposed rule would require SEC-registered investment advisers to adopt and implement written business continuity and transition plans reasonably designed to address operational and other risks related to a significant disruption in the investment adviser's operations. The proposal would also amend rule 204-2 under the Advisers Act to require SEC-registered investment advisers to make and keep all business continuity and transition plans that are currently in effect or at any time within the past five years were in effect.
2016-07-01RuleSECURITIES AND EXCHANGE COMMISSIONSecurities and Exchange CommissionAdoption of Updated EDGAR Filer ManualThe Securities and Exchange Commission (the Commission) is adopting revisions to the Electronic Data Gathering, Analysis, and Retrieval System (EDGAR) Filer Manual and related rules to reflect updates to the EDGAR system. The updates are being made...2016-15510"https://www.govinfo.gov/content/pkg/FR-2016-07-01/pdf/2016-15510.pdfhttps://www.federalregister.gov/documents/2016/07/01/2016-15510/adoption-of-updated-edgar-filer-manualThe Securities and Exchange Commission (the Commission) is adopting revisions to the Electronic Data Gathering, Analysis, and Retrieval System (EDGAR) Filer Manual and related rules to reflect updates to the EDGAR system. The updates are being made primarily to support the submission of asset-backed securities (ABS) related form types by registrants whose Standard Industrial Classification (SIC) code is not 6189; terminate support for the US-GAAP-2014, EXCH-2014, COUNTRY-2012, and CURRENCY-2012 taxonomies; and allow certain filers to use Inline XBRL in their Related Official Filing, provided that the structured information satisfies all other submission requirements. The EDGAR system is scheduled to be upgraded to support these functionalities on June 13, 2016.
2016-07-01Proposed RuleSECURITIES AND EXCHANGE COMMISSIONSecurities and Exchange CommissionAmendments to Smaller Reporting Company DefinitionWe are proposing amendments to the definition of ``smaller reporting company'' as used in our rules and regulations. The proposed amendments, which would expand the number of registrants that qualify as smaller reporting companies, are intended to...2016-15674"https://www.govinfo.gov/content/pkg/FR-2016-07-01/pdf/2016-15674.pdfhttps://www.federalregister.gov/documents/2016/07/01/2016-15674/amendments-to-smaller-reporting-company-definitionWe are proposing amendments to the definition of ``smaller reporting company'' as used in our rules and regulations. The proposed amendments, which would expand the number of registrants that qualify as smaller reporting companies, are intended to promote capital formation and reduce compliance costs for smaller registrants, while maintaining investor protections. Registrants with less than $250 million in public float would qualify, as would registrants with zero public float if their revenues were below $100 million in the previous year.
2016-07-01RuleSECURITIES AND EXCHANGE COMMISSIONSecurities and Exchange CommissionAdjustments to Civil Monetary Penalty AmountsThe Securities and Exchange Commission (the ``Commission'') is adopting an interim final rule to implement the Federal Civil Penalties Inflation Adjustment Act Improvements Act of 2015, which amended the Federal Civil Penalties Inflation Adjustment Act...2016-15541"https://www.govinfo.gov/content/pkg/FR-2016-07-01/pdf/2016-15541.pdfhttps://www.federalregister.gov/documents/2016/07/01/2016-15541/adjustments-to-civil-monetary-penalty-amountsThe Securities and Exchange Commission (the ``Commission'') is adopting an interim final rule to implement the Federal Civil Penalties Inflation Adjustment Act Improvements Act of 2015, which amended the Federal Civil Penalties Inflation Adjustment Act of 1990, as previously amended by the Debt Collection Improvement Act of 1996. This interim final rule adjusts for inflation the maximum amount of civil monetary penalties under the Securities Act of 1933, the Securities Exchange Act of 1934, the Investment Company Act of 1940, the Investment Advisers Act of 1940, and certain penalties under the Sarbanes-Oxley Act of 2002.
2016-06-27Proposed RuleSECURITIES AND EXCHANGE COMMISSIONSecurities and Exchange CommissionModernization of Property Disclosures for Mining RegistrantsWe are proposing revisions to the property disclosure requirements for mining registrants, and related guidance, currently set forth in Item 102 of Regulation S-K under the Securities Act of 1933 and the Securities Exchange Act of 1934 and in Industry...2016-14632"https://www.govinfo.gov/content/pkg/FR-2016-06-27/pdf/2016-14632.pdfhttps://www.federalregister.gov/documents/2016/06/27/2016-14632/modernization-of-property-disclosures-for-mining-registrantsWe are proposing revisions to the property disclosure requirements for mining registrants, and related guidance, currently set forth in Item 102 of Regulation S-K under the Securities Act of 1933 and the Securities Exchange Act of 1934 and in Industry Guide 7. The proposed revisions are intended to provide investors with a more comprehensive understanding of a registrant's mining properties, which should help them make more informed investment decisions. The proposed revisions would also modernize the Commission's disclosure requirements and policies for mining properties by aligning them with current industry and global regulatory practices and standards. In addition, we are proposing to rescind Industry Guide 7 and include the Commission's mining property disclosure requirements in a new subpart of Regulation S-K.
2016-06-27RuleCOMMODITY FUTURES TRADING COMMISSIONCommodity Futures Trading CommissionAdjustment of Civil Monetary Penalties for InflationThe Commodity Futures Trading Commission (Commission) is amending its rule that governs the maximum amount of civil monetary penalties, to adjust for inflation. This rule sets forth the maximum, inflation-adjusted dollar amount for civil monetary...2016-15078"https://www.govinfo.gov/content/pkg/FR-2016-06-27/pdf/2016-15078.pdfhttps://www.federalregister.gov/documents/2016/06/27/2016-15078/adjustment-of-civil-monetary-penalties-for-inflationThe Commodity Futures Trading Commission (Commission) is amending its rule that governs the maximum amount of civil monetary penalties, to adjust for inflation. This rule sets forth the maximum, inflation-adjusted dollar amount for civil monetary penalties (CMPs) assessable for violations of the Commodity Exchange Act (CEA) and Commission rules, regulations and orders thereunder. The rule, as amended, implements the Federal Civil Penalties Inflation Adjustment Act of 1990, as amended.
2016-06-27RuleCOMMODITY FUTURES TRADING COMMISSIONCommodity Futures Trading CommissionAmendments to Swap Data Recordkeeping and Reporting Requirements for Cleared SwapsThe Commodity Futures Trading Commission (``Commission'' or ``CFTC'') is adopting final regulations relating to swap data reporting in connection with cleared swaps for swap data repositories (``SDRs''), derivatives clearing organizations (``DCOs''),...2016-14414"https://www.govinfo.gov/content/pkg/FR-2016-06-27/pdf/2016-14414.pdfhttps://www.federalregister.gov/documents/2016/06/27/2016-14414/amendments-to-swap-data-recordkeeping-and-reporting-requirements-for-cleared-swapsThe Commodity Futures Trading Commission (``Commission'' or ``CFTC'') is adopting final regulations relating to swap data reporting in connection with cleared swaps for swap data repositories (``SDRs''), derivatives clearing organizations (``DCOs''), designated contract markets (``DCMs''), swap execution facilities (``SEFs''), swap dealers (``SDs''), major swap participants (``MSPs''), and swap counterparties who are neither SDs nor MSPs. Commodity Exchange Act (``CEA'' or ``Act'') provisions relating to swap data recordkeeping and reporting were added by the Dodd-Frank Wall Street Reform and Consumer Protection Act (``Dodd-Frank Act''). These regulations adopt without change revisions to the Commission regulations as proposed in the Notice of Proposed Rulemaking (``NPRM'') issued August 31, 2015. These revisions clarify regulations to clearly delineate the swap data reporting requirements associated with each of the swaps involved in a cleared swap transaction. Additionally, these revisions leave the choice of SDR for each swap in a cleared swap transaction to the entity submitting the first report on such swap.
2016-06-23RuleSECURITIES AND EXCHANGE COMMISSIONSecurities and Exchange CommissionCommission Interpretation Regarding Automated Quotations Under Regulation NMSThe Securities and Exchange Commission is issuing a final interpretation with respect to the definition of automated quotation under Rule 600(b)(3) of Regulation NMS.2016-14876"https://www.govinfo.gov/content/pkg/FR-2016-06-23/pdf/2016-14876.pdfhttps://www.federalregister.gov/documents/2016/06/23/2016-14876/commission-interpretation-regarding-automated-quotations-under-regulation-nmsThe Securities and Exchange Commission is issuing a final interpretation with respect to the definition of automated quotation under Rule 600(b)(3) of Regulation NMS.
2016-06-22RuleSECURITIES AND EXCHANGE COMMISSIONSecurities and Exchange CommissionAsset-Backed Securities Disclosure and RegistrationThis release makes technical corrections to rules that were published in the Federal Register on September 24, 2014 (79 FR 57184). The Commission adopted revisions to Regulation AB and other rules governing the offering process, disclosure, and...2016-14730"https://www.govinfo.gov/content/pkg/FR-2016-06-22/pdf/2016-14730.pdfhttps://www.federalregister.gov/documents/2016/06/22/2016-14730/asset-backed-securities-disclosure-and-registrationThis release makes technical corrections to rules that were published in the Federal Register on September 24, 2014 (79 FR 57184). The Commission adopted revisions to Regulation AB and other rules governing the offering process, disclosure, and reporting for asset- backed securities. These technical amendments are being published to restore rule text that was inadvertently changed, revise outdated cross-references, and make other technical corrections.
2016-06-17RuleSECURITIES AND EXCHANGE COMMISSIONSecurities and Exchange CommissionTrade Acknowledgment and Verification of Security-Based Swap TransactionsIn accordance with Section 764(a) of Title VII of the Dodd- Frank Wall Street Reform and Consumer Protection Act of 2010 (``Dodd- Frank Act''), the Securities and Exchange Commission (``Commission'') is adopting Rules 15Fi-1 and 15Fi-2 under the...2016-13915"https://www.govinfo.gov/content/pkg/FR-2016-06-17/pdf/2016-13915.pdfhttps://www.federalregister.gov/documents/2016/06/17/2016-13915/trade-acknowledgment-and-verification-of-security-based-swap-transactionsIn accordance with Section 764(a) of Title VII of the Dodd- Frank Wall Street Reform and Consumer Protection Act of 2010 (``Dodd- Frank Act''), the Securities and Exchange Commission (``Commission'') is adopting Rules 15Fi-1 and 15Fi-2 under the Securities Exchange Act of 1934 (``Exchange Act'') requiring security-based swap dealers and major security-based swap participants to provide trade acknowledgments and to verify those trade acknowledgments in security-based swap transactions. The Commission also is amending Rule 3a71-6 under the Exchange Act to address the potential availability of substituted compliance in connection with those trade acknowledgment and verification requirements.
2016-06-16Proposed RuleCOMMODITY FUTURES TRADING COMMISSIONCommodity Futures Trading CommissionClearing Requirement Determination Under Section 2(h) of the CEA for Interest Rate SwapsThe Commodity Futures Trading Commission (Commission or CFTC) is proposing to amend the Commission's rules to establish a new clearing requirement under the pertinent section of the Commodity Exchange Act (CEA). The amended regulation would require...2016-14035"https://www.govinfo.gov/content/pkg/FR-2016-06-16/pdf/2016-14035.pdfhttps://www.federalregister.gov/documents/2016/06/16/2016-14035/clearing-requirement-determination-under-section-2h-of-the-cea-for-interest-rate-swapsThe Commodity Futures Trading Commission (Commission or CFTC) is proposing to amend the Commission's rules to establish a new clearing requirement under the pertinent section of the Commodity Exchange Act (CEA). The amended regulation would require that interest rate swaps denominated in certain currencies or having certain termination dates, as described herein, be submitted for clearing by persons required to do so under the pertinent section of the CEA to a derivatives clearing organization (DCO) that is registered under the CEA (registered DCO) or a DCO that has been exempted from registration under the CEA (exempt DCO).
2016-06-13Proposed RuleCOMMODITY FUTURES TRADING COMMISSIONCommodity Futures Trading CommissionPosition Limits for Derivatives: Certain Exemptions and GuidanceThe Commodity Futures Trading Commission (``Commission'' or ``CFTC'') is proposing revisions and additions to regulations and guidance proposed in 2013 concerning speculative position limits in response to comments received on that proposal. The...2016-12964"https://www.govinfo.gov/content/pkg/FR-2016-06-13/pdf/2016-12964.pdfhttps://www.federalregister.gov/documents/2016/06/13/2016-12964/position-limits-for-derivatives-certain-exemptions-and-guidanceThe Commodity Futures Trading Commission (``Commission'' or ``CFTC'') is proposing revisions and additions to regulations and guidance proposed in 2013 concerning speculative position limits in response to comments received on that proposal. The Commission is proposing new alternative processes for designated contract markets (``DCMs'') and swap execution facilities (``SEFs'') to recognize certain positions in commodity derivative contracts as non-enumerated bona fide hedges or enumerated anticipatory bona fide hedges, as well as to exempt from federal position limits certain spread positions, in each case subject to Commission review. In this regard, the Commission proposes to amend certain of the regulations proposed in 2013 regarding exemptions from federal position limits and exchange-set position limits to take into account these new alternative processes. In connection with these changes, the Commission proposes to further amend certain relevant definitions, including to clearly define the general definition of bona fide hedging for physical commodities under the standards in CEA section 4a(c). Separately, the Commission proposes to delay for DCMs and SEFs that lack access to sufficient swap position information the requirement to establish and monitor position limits on swaps.
2016-06-10Proposed RuleDEPARTMENT OF THE TREASURYTreasury DepartmentIncentive-Based Compensation ArrangementsThe OCC, Board, FDIC, FHFA, NCUA, and SEC (the Agencies) are seeking comment on a joint proposed rule (the proposed rule) to revise the proposed rule the Agencies published in the Federal Register on April 14, 2011, and to implement section 956 of the...2016-11788"https://www.govinfo.gov/content/pkg/FR-2016-06-10/pdf/2016-11788.pdfhttps://www.federalregister.gov/documents/2016/06/10/2016-11788/incentive-based-compensation-arrangementsThe OCC, Board, FDIC, FHFA, NCUA, and SEC (the Agencies) are seeking comment on a joint proposed rule (the proposed rule) to revise the proposed rule the Agencies published in the Federal Register on April 14, 2011, and to implement section 956 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act). Section 956 generally requires that the Agencies jointly issue regulations or guidelines: (1) Prohibiting incentive-based payment arrangements that the Agencies determine encourage inappropriate risks by certain financial institutions by providing excessive compensation or that could lead to material financial loss; and (2) requiring those financial institutions to disclose information concerning incentive- based compensation arrangements to the appropriate Federal regulator.
2016-06-09RuleSECURITIES AND EXCHANGE COMMISSIONSecurities and Exchange CommissionForm 10-K SummaryWe are adopting an interim final amendment to implement Section 72001 of the Fixing America's Surface Transportation (``FAST'') Act. The interim final amendment provides that a registrant may, at its option, include a summary in its Form 10-K provided...2016-13328"https://www.govinfo.gov/content/pkg/FR-2016-06-09/pdf/2016-13328.pdfhttps://www.federalregister.gov/documents/2016/06/09/2016-13328/form-10-k-summaryWe are adopting an interim final amendment to implement Section 72001 of the Fixing America's Surface Transportation (``FAST'') Act. The interim final amendment provides that a registrant may, at its option, include a summary in its Form 10-K provided that each item in the summary includes a cross-reference by hyperlink to the material contained in the registrant's Form 10-K to which such item relates.
2016-06-07Proposed RuleCOMMODITY FUTURES TRADING COMMISSIONCommodity Futures Trading CommissionPublic Staff Roundtable on Elements of Regulation Automated Trading; Reopening of Comment PeriodOn June 10, 2016, staff of the Commodity Futures Trading Commission (CFTC or Commission) will hold a public roundtable meeting, at which invited participants will discuss specific elements of the Commission's notice of proposed rulemaking (NPRM)...2016-13385"https://www.govinfo.gov/content/pkg/FR-2016-06-07/pdf/2016-13385.pdfhttps://www.federalregister.gov/documents/2016/06/07/2016-13385/public-staff-roundtable-on-elements-of-regulation-automated-trading-reopening-of-comment-periodOn June 10, 2016, staff of the Commodity Futures Trading Commission (CFTC or Commission) will hold a public roundtable meeting, at which invited participants will discuss specific elements of the Commission's notice of proposed rulemaking (NPRM) regarding Regulation Automated Trading (Regulation AT). The staff roundtable, which will be held at the Commission's Washington, DC, office, will commence at 9:00 a.m. and end at 4:00 p.m. Additional information, including the agenda, is available in the ``Press Room'' section of the Commission's Web site at www.cftc.gov. In conjunction with the staff roundtable on June 10, the Commission is reopening the comment period for specific elements of Regulation AT. This additional comment period is intended to accept public comments solely on the specific items in the agenda and that arise during the staff roundtable.
2016-05-31RuleCOMMODITY FUTURES TRADING COMMISSIONCommodity Futures Trading CommissionMargin Requirements for Uncleared Swaps for Swap Dealers and Major Swap Participants-Cross-Border Application of the Margin RequirementsOn January 6, 2016, the Commodity Futures Trading Commission (``Commission'' or ``CFTC'') published final regulations to implement section 4s(e) of the Commodity Exchange Act, which requires the Commission to adopt initial and variation margin...2016-12612"https://www.govinfo.gov/content/pkg/FR-2016-05-31/pdf/2016-12612.pdfhttps://www.federalregister.gov/documents/2016/05/31/2016-12612/margin-requirements-for-uncleared-swaps-for-swap-dealers-and-major-swap-participants-cross-borderOn January 6, 2016, the Commodity Futures Trading Commission (``Commission'' or ``CFTC'') published final regulations to implement section 4s(e) of the Commodity Exchange Act, which requires the Commission to adopt initial and variation margin requirements for uncleared swaps of swap dealers and major swap participants that do not have a Prudential Regulator (collectively, ``Covered Swap Entities'' or ``CSEs''). In this release, the Commission is adopting a rule to address the cross-border application of the Commission's margin requirements for CSEs' uncleared swaps.
2016-05-26RuleSECURITIES AND EXCHANGE COMMISSIONSecurities and Exchange CommissionRetail Foreign Exchange TransactionsRule 15b12-1, by its terms, will expire and no longer be effective on July 31, 2016. Interested persons should be aware that as of that date, any broker or dealer, including a broker or dealer that is also dually registered as a futures commission...2016-12390"https://www.govinfo.gov/content/pkg/FR-2016-05-26/pdf/2016-12390.pdfhttps://www.federalregister.gov/documents/2016/05/26/2016-12390/retail-foreign-exchange-transactionsRule 15b12-1, by its terms, will expire and no longer be effective on July 31, 2016. Interested persons should be aware that as of that date, any broker or dealer, including a broker or dealer that is also dually registered as a futures commission merchant (``BD/ FCM''), shall be prohibited under the Commodity Exchange Act (``CEA'') from offering or entering into a transaction described in the CEA with a person who is not an eligible contract participant (``retail forex transaction'').
2016-05-24Proposed RuleSECURITIES AND EXCHANGE COMMISSIONSecurities and Exchange CommissionPerformance-Based Investment Advisory FeesThe Securities and Exchange Commission (``Commission'') intends to issue an order that would adjust for inflation, as appropriate, dollar amount thresholds in the rule under the Investment Advisers Act of 1940 that permits investment advisers to charge...2016-12167"https://www.govinfo.gov/content/pkg/FR-2016-05-24/pdf/2016-12167.pdfhttps://www.federalregister.gov/documents/2016/05/24/2016-12167/performance-based-investment-advisory-feesThe Securities and Exchange Commission (``Commission'') intends to issue an order that would adjust for inflation, as appropriate, dollar amount thresholds in the rule under the Investment Advisers Act of 1940 that permits investment advisers to charge performance-based fees to ``qualified clients.'' Under that rule, an investment adviser may charge performance-based fees if a ``qualified client'' has a certain minimum net worth or minimum dollar amount of assets under the management of the adviser. The Commission's order would increase, to reflect inflation, the minimum net worth that a ``qualified client'' must have under the rule. The order would not increase the minimum dollar amount of assets under management.
2016-05-24RuleSECURITIES AND EXCHANGE COMMISSIONSecurities and Exchange CommissionBusiness Conduct Standards for Security-Based Swap Dealers and Major Security-Based Swap Participants; CorrectionThe Securities and Exchange Commission (``SEC'' or ``Commission'') is making a technical correction to a burden estimate for Paperwork Reduction Act purposes and a corresponding estimate in the Economic Analysis of the business conduct standards for...2016-12166"https://www.govinfo.gov/content/pkg/FR-2016-05-24/pdf/2016-12166.pdfhttps://www.federalregister.gov/documents/2016/05/24/2016-12166/business-conduct-standards-for-security-based-swap-dealers-and-major-security-based-swapThe Securities and Exchange Commission (``SEC'' or ``Commission'') is making a technical correction to a burden estimate for Paperwork Reduction Act purposes and a corresponding estimate in the Economic Analysis of the business conduct standards for security- based swap dealers and major security-based swap participants.
2016-05-19RuleSECURITIES AND EXCHANGE COMMISSIONSecurities and Exchange CommissionAdoption of Updated EDGAR Filer ManualThe Securities and Exchange Commission (the Commission) is adopting revisions to the Electronic Data Gathering, Analysis, and Retrieval System (EDGAR) Filer Manual and related rules to reflect updates to the EDGAR system. The updates are being made...2016-11764"https://www.govinfo.gov/content/pkg/FR-2016-05-19/pdf/2016-11764.pdfhttps://www.federalregister.gov/documents/2016/05/19/2016-11764/adoption-of-updated-edgar-filer-manualThe Securities and Exchange Commission (the Commission) is adopting revisions to the Electronic Data Gathering, Analysis, and Retrieval System (EDGAR) Filer Manual and related rules to reflect updates to the EDGAR system. The updates are being made primarily to support the 2016 XBRL taxonomies; add new submission form types SBSE, SBSE/A, SBSE-A, SBSE-A/A, SBSE-BD, SBSE-BD/A, SBSE-C and SBSE-W pursuant to Section 15F of the Securities Exchange Act of 1934 (the Exchange Act) and Rules 15Fb1-1 through 15Fb6-2 thereunder; add submission form types 17HACON, 17HACON/A, 17HQCON and 17HQCON/A pursuant to Rules 17h-1T and 17h-2T under the Exchange Act; and permit a value of zero in addition to the currently allowable numeric values in the ``Current Number of Employees'' field on the ``Disclosure Requirements'' screen of the Regulation Crowdfunding submission form types C, C/A and C-U. The EDGAR system was upgraded to support the new 2016 XBRL taxonomies on March 7, 2016. The EDGAR system is scheduled to be upgraded to support the other functionalities on April 25, 2016.
2016-05-13RuleSECURITIES AND EXCHANGE COMMISSIONSecurities and Exchange CommissionBusiness Conduct Standards for Security-Based Swap Dealers and Major Security-Based Swap ParticipantsIn accordance with Section 764 of Title VII (``Title VII'') of the Dodd-Frank Wall Street Reform and Consumer Protection Act (the ``Dodd-Frank Act''), the Securities and Exchange Commission (``SEC'' or ``Commission'') is adopting new rules under the...2016-10918"https://www.govinfo.gov/content/pkg/FR-2016-05-13/pdf/2016-10918.pdfhttps://www.federalregister.gov/documents/2016/05/13/2016-10918/business-conduct-standards-for-security-based-swap-dealers-and-major-security-based-swapIn accordance with Section 764 of Title VII (``Title VII'') of the Dodd-Frank Wall Street Reform and Consumer Protection Act (the ``Dodd-Frank Act''), the Securities and Exchange Commission (``SEC'' or ``Commission'') is adopting new rules under the Securities Exchange Act of 1934 (``Exchange Act'') that are intended to implement provisions of Title VII relating to business conduct standards and the designation of a chief compliance officer for security-based swap dealers and major security-based swap participants. The final rules also address the cross-border application of the rules and the availability of substituted compliance.
2016-05-10RuleSECURITIES AND EXCHANGE COMMISSIONSecurities and Exchange CommissionChanges to Exchange Act Registration Requirements To Implement Title V and Title VI of the JOBS ActWe are amending our rules in light of the statutory changes made by Title V and Title VI of the Jumpstart Our Business Startups Act (the ``JOBS Act'') and Title LXXXV of the Fixing America's Surface Transportation Act (the ``FAST Act''). The amendments...2016-10746"https://www.govinfo.gov/content/pkg/FR-2016-05-10/pdf/2016-10746.pdfhttps://www.federalregister.gov/documents/2016/05/10/2016-10746/changes-to-exchange-act-registration-requirements-to-implement-title-v-and-title-vi-of-the-jobs-actWe are amending our rules in light of the statutory changes made by Title V and Title VI of the Jumpstart Our Business Startups Act (the ``JOBS Act'') and Title LXXXV of the Fixing America's Surface Transportation Act (the ``FAST Act''). The amendments revise our rules to reflect the new, higher thresholds for registration, termination of registration and suspension of reporting that were set forth in the JOBS Act and the FAST Act. In addition, the amendments revise the definition of ``held of record'' in Rule 12g5-1 under the Securities Exchange Act of 1934 (the ``Exchange Act''), in accordance with the JOBS Act, to exclude certain securities held by persons who received them pursuant to employee compensation plans and establish a non- exclusive safe harbor for determining whether securities are ``held of record'' for purposes of registration under Exchange Act Section 12(g).
2016-05-06RuleCOMMODITY FUTURES TRADING COMMISSIONCommodity Futures Trading CommissionDefinitions of “Portfolio Reconciliation” and “Material Terms” for Purposes of Swap Portfolio ReconciliationThe Commodity Futures Trading Commission (``Commission'' or ``CFTC'') is amending its regulations in connection with the terms for which counterparties must exchange and resolve discrepancies when engaging in portfolio reconciliation.2016-10565"https://www.govinfo.gov/content/pkg/FR-2016-05-06/pdf/2016-10565.pdfhttps://www.federalregister.gov/documents/2016/05/06/2016-10565/definitions-of-portfolio-reconciliation-and-material-terms-for-purposes-of-swap-portfolioThe Commodity Futures Trading Commission (``Commission'' or ``CFTC'') is amending its regulations in connection with the terms for which counterparties must exchange and resolve discrepancies when engaging in portfolio reconciliation.
2016-04-22Proposed RuleSECURITIES AND EXCHANGE COMMISSIONSecurities and Exchange CommissionBusiness and Financial Disclosure Required by Regulation S-KThe Commission is publishing this concept release to seek public comment on modernizing certain business and financial disclosure requirements in Regulation S-K. These disclosure requirements serve as the foundation for the business and financial...2016-09056"https://www.govinfo.gov/content/pkg/FR-2016-04-22/pdf/2016-09056.pdfhttps://www.federalregister.gov/documents/2016/04/22/2016-09056/business-and-financial-disclosure-required-by-regulation-s-kThe Commission is publishing this concept release to seek public comment on modernizing certain business and financial disclosure requirements in Regulation S-K. These disclosure requirements serve as the foundation for the business and financial disclosure in registrants' periodic reports. This concept release is part of an initiative by the Division of Corporation Finance to review the disclosure requirements applicable to registrants to consider ways to improve the requirements for the benefit of investors and registrants.
2016-04-08Proposed RuleCOMMODITY FUTURES TRADING COMMISSIONCommodity Futures Trading CommissionCertain Natural Gas and Electric Power ContractsIn accordance with section 712(d)(4) of the Dodd-Frank Wall Street Reform and Consumer Protection Act (the ``Dodd-Frank Act''), the Commodity Futures Trading Commission (the ``CFTC'') and the Securities and Exchange Commission (``SEC''), after...2016-08076"https://www.govinfo.gov/content/pkg/FR-2016-04-08/pdf/2016-08076.pdfhttps://www.federalregister.gov/documents/2016/04/08/2016-08076/certain-natural-gas-and-electric-power-contractsIn accordance with section 712(d)(4) of the Dodd-Frank Wall Street Reform and Consumer Protection Act (the ``Dodd-Frank Act''), the Commodity Futures Trading Commission (the ``CFTC'') and the Securities and Exchange Commission (``SEC''), after consultation with the Board of Governors of the Federal Reserve System (``Board of Governors''), are jointly issuing the CFTC's proposed guidance on certain contracts that provide for rights and obligations with respect to electric power and natural gas. The CFTC invites public comment on all aspects of its proposed guidance.
2016-04-01RuleSECURITIES AND EXCHANGE COMMISSIONSecurities and Exchange CommissionGeneral Rules and Regulations, Securities Exchange Act of 19342016-07561"https://www.govinfo.gov/content/pkg/FR-2016-04-01/pdf/2016-07561.pdfhttps://www.federalregister.gov/documents/2016/04/01/2016-07561/general-rules-and-regulations-securities-exchange-act-of-1934
2016-04-01RuleCOMMODITY FUTURES TRADING COMMISSIONCommodity Futures Trading CommissionAlternative to Fingerprinting Requirement for Foreign Natural PersonsThe Commodity Futures Trading Commission (``Commission'' or ``CFTC'') is amending existing Commission regulations to establish an alternative to fingerprinting to evaluate the fitness of natural persons who are required to submit fingerprints under the...2016-07304"https://www.govinfo.gov/content/pkg/FR-2016-04-01/pdf/2016-07304.pdfhttps://www.federalregister.gov/documents/2016/04/01/2016-07304/alternative-to-fingerprinting-requirement-for-foreign-natural-personsThe Commodity Futures Trading Commission (``Commission'' or ``CFTC'') is amending existing Commission regulations to establish an alternative to fingerprinting to evaluate the fitness of natural persons who are required to submit fingerprints under the Commission's regulations and who have not resided in the United States since reaching 18 years of age (``Final Rule'').
2016-03-28RuleCOMMODITY FUTURES TRADING COMMISSIONCommodity Futures Trading CommissionRules of Practice2016-07017"https://www.govinfo.gov/content/pkg/FR-2016-03-28/pdf/2016-07017.pdfhttps://www.federalregister.gov/documents/2016/03/28/2016-07017/rules-of-practice
2016-03-24Proposed RuleSECURITIES AND EXCHANGE COMMISSIONSecurities and Exchange CommissionNotice of Proposed Commission Interpretation Regarding Automated Quotations Under Regulation NMSThe Securities and Exchange Commission is publishing for comment a proposed interpretation with respect to the definition of automated quotation under Rule 600(b)(3) of Regulation NMS.2016-06633"https://www.govinfo.gov/content/pkg/FR-2016-03-24/pdf/2016-06633.pdfhttps://www.federalregister.gov/documents/2016/03/24/2016-06633/notice-of-proposed-commission-interpretation-regarding-automated-quotations-under-regulation-nmsThe Securities and Exchange Commission is publishing for comment a proposed interpretation with respect to the definition of automated quotation under Rule 600(b)(3) of Regulation NMS.
2016-03-21RuleCOMMODITY FUTURES TRADING COMMISSIONCommodity Futures Trading CommissionTrade OptionsThe Commodity Futures Trading Commission (the ``Commission'' or the ``CFTC'') is issuing a final rule to amend the limited trade options exemption in the Commission's regulations, as described herein, with respect to the following subject areas:...2016-06260"https://www.govinfo.gov/content/pkg/FR-2016-03-21/pdf/2016-06260.pdfhttps://www.federalregister.gov/documents/2016/03/21/2016-06260/trade-optionsThe Commodity Futures Trading Commission (the ``Commission'' or the ``CFTC'') is issuing a final rule to amend the limited trade options exemption in the Commission's regulations, as described herein, with respect to the following subject areas: Reporting requirements for trade option counterparties that are not swap dealers or major swap participants; recordkeeping requirements for trade option counterparties that are not swap dealers or major swap participants; and certain non-substantive amendments.
2016-03-17RuleSECURITIES AND EXCHANGE COMMISSIONSecurities and Exchange CommissionSecurities Investor Protection CorporationThe Securities and Exchange Commission (``Commission'') is approving a proposed rule change filed by the Securities Investor Protection Corporation (``SIPC''). The rule change adds SIPC Rule 600, entitled ``Rules Relating to Supplemental Report of SIPC...2016-06041"https://www.govinfo.gov/content/pkg/FR-2016-03-17/pdf/2016-06041.pdfhttps://www.federalregister.gov/documents/2016/03/17/2016-06041/securities-investor-protection-corporationThe Securities and Exchange Commission (``Commission'') is approving a proposed rule change filed by the Securities Investor Protection Corporation (``SIPC''). The rule change adds SIPC Rule 600, entitled ``Rules Relating to Supplemental Report of SIPC Membership.'' Because SIPC rules have the force and effect as if promulgated by the Commission, those rules are published in Title 17 of the Code of Federal Regulations, where the rule change will be reflected.
2016-03-11RuleSECURITIES AND EXCHANGE COMMISSIONSecurities and Exchange CommissionOrganization; Conduct and Ethics; and Information and Requests2016-05581"https://www.govinfo.gov/content/pkg/FR-2016-03-11/pdf/2016-05581.pdfhttps://www.federalregister.gov/documents/2016/03/11/2016-05581/organization-conduct-and-ethics-and-information-and-requests
2016-03-11RuleSECURITIES AND EXCHANGE COMMISSIONSecurities and Exchange CommissionSecurity-Based Swap Transactions Connected With a Non-U.S. Person's Dealing Activity That Are Arranged, Negotiated, or Executed by Personnel Located in a U.S. Branch or Office or in a U.S. Branch or Office of an Agent; Security-Based Swap Dealer De Minimis ExceptionC1-2016-03178"https://www.govinfo.gov/content/pkg/FR-2016-03-11/pdf/C1-2016-03178.pdfhttps://www.federalregister.gov/documents/2016/03/11/C1-2016-03178/security-based-swap-transactions-connected-with-a-non-us-persons-dealing-activity-that-are-arranged
2016-03-11RuleCOMMODITY FUTURES TRADING COMMISSIONCommodity Futures Trading CommissionGeneral Regulations Under the Commodity Exchange Act2016-05576"https://www.govinfo.gov/content/pkg/FR-2016-03-11/pdf/2016-05576.pdfhttps://www.federalregister.gov/documents/2016/03/11/2016-05576/general-regulations-under-the-commodity-exchange-act
2016-03-11RuleCOMMODITY FUTURES TRADING COMMISSIONCommodity Futures Trading CommissionRegistration2016-05577"https://www.govinfo.gov/content/pkg/FR-2016-03-11/pdf/2016-05577.pdfhttps://www.federalregister.gov/documents/2016/03/11/2016-05577/registration
2016-03-11RuleCOMMODITY FUTURES TRADING COMMISSIONCommodity Futures Trading CommissionRegistration2016-05580"https://www.govinfo.gov/content/pkg/FR-2016-03-11/pdf/2016-05580.pdfhttps://www.federalregister.gov/documents/2016/03/11/2016-05580/registration
2016-03-02Proposed RuleFEDERAL DEPOSIT INSURANCE CORPORATIONFederal Deposit Insurance CorporationCovered Broker-Dealer Provisions Under Title II of the Dodd-Frank Wall Street Reform and Consumer Protection ActThe Agencies, in accordance with section 205(h) of the Dodd- Frank Wall Street Reform and Consumer Protection Act (``Dodd-Frank Act''), are jointly proposing a rule to implement provisions applicable to the orderly liquidation of covered brokers and...2016-03874"https://www.govinfo.gov/content/pkg/FR-2016-03-02/pdf/2016-03874.pdfhttps://www.federalregister.gov/documents/2016/03/02/2016-03874/covered-broker-dealer-provisions-under-title-ii-of-the-dodd-frank-wall-street-reform-and-consumerThe Agencies, in accordance with section 205(h) of the Dodd- Frank Wall Street Reform and Consumer Protection Act (``Dodd-Frank Act''), are jointly proposing a rule to implement provisions applicable to the orderly liquidation of covered brokers and dealers under Title II of the Dodd-Frank Act (``Title II'').
2016-02-23Proposed RuleSECURITIES AND EXCHANGE COMMISSIONSecurities and Exchange CommissionTransfer Agent Regulations; Extension of Comment PeriodThe Securities and Exchange Commission (``Commission'') is extending the comment period for the Advance Notice of Proposed Rulemaking, Concept Release and Request for Comment with respect to transfer agent regulations. The original comment period is...2016-03733"https://www.govinfo.gov/content/pkg/FR-2016-02-23/pdf/2016-03733.pdfhttps://www.federalregister.gov/documents/2016/02/23/2016-03733/transfer-agent-regulations-extension-of-comment-periodThe Securities and Exchange Commission (``Commission'') is extending the comment period for the Advance Notice of Proposed Rulemaking, Concept Release and Request for Comment with respect to transfer agent regulations. The original comment period is scheduled to end on February 29, 2016. The Commission is extending the time period in which to provide the Commission with comments by 45 days, until April 14, 2016. This action will allow interested persons additional time to analyze the issues and prepare their comments.
2016-02-19RuleSECURITIES AND EXCHANGE COMMISSIONSecurities and Exchange CommissionSecurity-Based Swap Transactions Connected With a Non-U.S. Person's Dealing Activity That Are Arranged, Negotiated, or Executed by Personnel Located in a U.S. Branch or Office or in a U.S. Branch or Office of an Agent; Security-Based Swap Dealer De Minimis ExceptionThe Securities and Exchange Commission (``SEC'' or ``Commission'') is adopting amendments to Exchange Act rules 3a71-3 and 3a71-5 that address the application of the de minimis exception to security-based swap transactions connected with a non-U.S....2016-03178"https://www.govinfo.gov/content/pkg/FR-2016-02-19/pdf/2016-03178.pdfhttps://www.federalregister.gov/documents/2016/02/19/2016-03178/security-based-swap-transactions-connected-with-a-non-us-persons-dealing-activity-that-are-arrangedThe Securities and Exchange Commission (``SEC'' or ``Commission'') is adopting amendments to Exchange Act rules 3a71-3 and 3a71-5 that address the application of the de minimis exception to security-based swap transactions connected with a non-U.S. person's security-based swap dealing activity that are arranged, negotiated, or executed by personnel of such person located in a U.S. branch or office, or by personnel of such person's agent, located in a U.S. branch or office.
2016-02-11RuleCOMMODITY FUTURES TRADING COMMISSIONCommodity Futures Trading CommissionForeign Futures and Options TransactionsThe Commodity Futures Trading Commission (``Commission'' or ``CFTC'') is granting an exemption to certain member firms designated by the Korea Exchange (``KRX'') from the application of certain of the Commission's foreign futures and option regulations...2016-02795"https://www.govinfo.gov/content/pkg/FR-2016-02-11/pdf/2016-02795.pdfhttps://www.federalregister.gov/documents/2016/02/11/2016-02795/foreign-futures-and-options-transactionsThe Commodity Futures Trading Commission (``Commission'' or ``CFTC'') is granting an exemption to certain member firms designated by the Korea Exchange (``KRX'') from the application of certain of the Commission's foreign futures and option regulations based upon substituted compliance with certain comparable regulatory and self- regulatory requirements of a foreign regulatory authority consistent with conditions specified by the Commission, as set forth herein. This Order is issued pursuant to Commission Regulation 30.10, which permits persons to file a petition with the Commission for exemption from the application of certain of the Regulations set forth in Part 30 and authorizes the Commission to grant such an exemption if such action would not be otherwise contrary to the public interest or to the purposes of the provision from which exemption is sought. The Commission notes that this Order does not pertain to any transaction in swaps, as defined in Section 1a(47) of the Commodity Exchange Act (``Act'').
2016-01-27Proposed RuleSECURITIES AND EXCHANGE COMMISSIONSecurities and Exchange CommissionExtension of Comment Period for Disclosure of Payments by Resource Extraction IssuersThe Securities and Exchange Commission is extending the comment period for a release proposing new Rule 13q-1 and an amendment to Form SD to implement Section 1504 of the Dodd-Frank Wall Street Reform and Consumer Protection Act relating to disclosure...2016-01545"https://www.govinfo.gov/content/pkg/FR-2016-01-27/pdf/2016-01545.pdfhttps://www.federalregister.gov/documents/2016/01/27/2016-01545/extension-of-comment-period-for-disclosure-of-payments-by-resource-extraction-issuersThe Securities and Exchange Commission is extending the comment period for a release proposing new Rule 13q-1 and an amendment to Form SD to implement Section 1504 of the Dodd-Frank Wall Street Reform and Consumer Protection Act relating to disclosure of payments by resource extraction issuers [Release No. 34-76620 (Dec. 11, 2015); 80 FR 80057 (Dec. 23, 2015)]. The comment period for the proposal is divided between an initial comment period and a period for reply comments. The original initial comment period is scheduled to end on January 25, 2016 and the original period for reply comments is scheduled to end on February 16, 2016. The Commission is extending the time period in which to provide the Commission with initial comments until February 16, 2016 and to provide reply comments until March 8, 2016. This action will allow interested persons additional time to analyze the issues and prepare their comments.
2016-01-21Proposed RuleSECURITIES AND EXCHANGE COMMISSIONSecurities and Exchange CommissionAccess to Data Obtained by Security-Based Swap Data Repositories and Exemption From Indemnification RequirementThe Securities and Exchange Commission (``Commission'') is reopening the comment period for proposed amendments to rule 13n-4 under the Securities Exchange Act of 1934 (``Exchange Act'') related to regulatory access to security-based swap data held by...2016-01148"https://www.govinfo.gov/content/pkg/FR-2016-01-21/pdf/2016-01148.pdfhttps://www.federalregister.gov/documents/2016/01/21/2016-01148/access-to-data-obtained-by-security-based-swap-data-repositories-and-exemption-from-indemnificationThe Securities and Exchange Commission (``Commission'') is reopening the comment period for proposed amendments to rule 13n-4 under the Securities Exchange Act of 1934 (``Exchange Act'') related to regulatory access to security-based swap data held by security-based swap data repositories. The proposed rule amendments would implement Exchange Act provisions that conditionally require that security-based swap data repositories make data available to certain regulators and other authorities. Recent legislation has modified certain underlying statutory provisions.
2016-01-19RuleSECURITIES AND EXCHANGE COMMISSIONSecurities and Exchange CommissionSimplification of Disclosure Requirements for Emerging Growth Companies and Forward Incorporation by Reference on Form S-1 for Smaller Reporting CompaniesThe Securities and Exchange Commission (``Commission'') is adopting interim final amendments to its rules and forms to implement Sections 71003 and 84001 of the Fixing America's Surface Transportation (``FAST'') Act, which require that the Commission...2016-00872"https://www.govinfo.gov/content/pkg/FR-2016-01-19/pdf/2016-00872.pdfhttps://www.federalregister.gov/documents/2016/01/19/2016-00872/simplification-of-disclosure-requirements-for-emerging-growth-companies-and-forward-incorporation-byThe Securities and Exchange Commission (``Commission'') is adopting interim final amendments to its rules and forms to implement Sections 71003 and 84001 of the Fixing America's Surface Transportation (``FAST'') Act, which require that the Commission revise Forms S-1 and F-1 to permit emerging growth companies to omit financial information for certain historical periods and revise Form S-1 to permit forward incorporation by reference for smaller reporting companies.
2016-01-12Proposed RuleCOMMODITY FUTURES TRADING COMMISSIONCommodity Futures Trading CommissionAlternative to Fingerprinting Requirement for Foreign Natural PersonsThe Commodity Futures Trading Commission (``Commission'' or ``CFTC'') is proposing to amend existing Commission regulations to establish an alternative to fingerprinting to evaluate the fitness of natural persons who are required to submit fingerprints...2016-00045"https://www.govinfo.gov/content/pkg/FR-2016-01-12/pdf/2016-00045.pdfhttps://www.federalregister.gov/documents/2016/01/12/2016-00045/alternative-to-fingerprinting-requirement-for-foreign-natural-personsThe Commodity Futures Trading Commission (``Commission'' or ``CFTC'') is proposing to amend existing Commission regulations to establish an alternative to fingerprinting to evaluate the fitness of natural persons who are required to submit fingerprints under the Commission's regulations and who have not resided in the United States since reaching 18 years of age (``Proposal'').
2016-01-06RuleCOMMODITY FUTURES TRADING COMMISSIONCommodity Futures Trading CommissionMargin Requirements for Uncleared Swaps for Swap Dealers and Major Swap ParticipantsThe 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...2015-32320"https://www.govinfo.gov/content/pkg/FR-2016-01-06/pdf/2015-32320.pdfhttps://www.federalregister.gov/documents/2016/01/06/2015-32320/margin-requirements-for-uncleared-swaps-for-swap-dealers-and-major-swap-participantsThe 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.
2016-01-04RuleSECURITIES AND EXCHANGE COMMISSIONSecurities and Exchange CommissionAdoption of Updated EDGAR Filer ManualThe Securities and Exchange Commission (the Commission) is adopting revisions to the Electronic Data Gathering, Analysis, and Retrieval System (EDGAR) Filer Manual and related rules to reflect updates to the EDGAR system. The updates are being made to...2015-32985"https://www.govinfo.gov/content/pkg/FR-2016-01-04/pdf/2015-32985.pdfhttps://www.federalregister.gov/documents/2016/01/04/2015-32985/adoption-of-updated-edgar-filer-manualThe Securities and Exchange Commission (the Commission) is adopting revisions to the Electronic Data Gathering, Analysis, and Retrieval System (EDGAR) Filer Manual and related rules to reflect updates to the EDGAR system. The updates are being made to add the submission form types X-17A-5 and X-17A-5/A for broker-dealer annual reports in electronic format; add the new submission form types C, C-W, C-U, C-U-W, C/A, C/A-W, C-AR, C-AR-W, C-AR/A, C-AR/A-W, C-TR and C-TR-W pursuant to Regulation Crowdfunding; add the new submission form types N-MFP1 and N-MFP1/A for money market mutual funds; disseminate raw and rendered eXtensible Business Reporting Language (XBRL) submissions; and update Item 1 of the Regulation A submission form types 1-A, 1-A/A, 1-A POS, DOA, and DOS/A to accept negative values in the ``Total Assets,'' ``Total Stockholders' Equity,'' and ``Total Liabilities and Equity'' fields. The EDGAR system is scheduled to be upgraded to support this functionality on December 14, 2015. On January 25, 2016, EDGAR will be updated to add new ``Funding Portal'' applicant type for filers to select when completing the process to apply for EDGAR access (New) on the EDGAR Filer Management Web site; and add the new submission form types CFPORTAL, CFPORTAL/A and CFPORTAL-W pursuant to Regulation Crowdfunding.
2015-12-31Proposed RuleSECURITIES AND EXCHANGE COMMISSIONSecurities and Exchange CommissionTransfer Agent RegulationsThe Securities and Exchange Commission (``Commission'') is publishing this Advance Notice of Proposed Rulemaking, Concept Release, and Request for Comment on Transfer Agent Regulations (``release'') to seek public comment regarding the Commission's...2015-32755"https://www.govinfo.gov/content/pkg/FR-2015-12-31/pdf/2015-32755.pdfhttps://www.federalregister.gov/documents/2015/12/31/2015-32755/transfer-agent-regulationsThe Securities and Exchange Commission (``Commission'') is publishing this Advance Notice of Proposed Rulemaking, Concept Release, and Request for Comment on Transfer Agent Regulations (``release'') to seek public comment regarding the Commission's transfer agent rules. The first transfer agent rules were adopted in 1977 and remain essentially unchanged. At the same time, transfer agents now operate in a market structure that bears little resemblance to the structure in 1977. The release, noting the importance of transfer agents within the national market structure, includes a history of transfer agent services and applicable regulations as well as an overview of current transfer agent services and activities, and requests comment on all topics. The release includes an Advance Notice of Proposed Rulemaking in specific areas, such as transfer agent registration and reporting requirements, safeguarding of funds and securities, and revision of obsolete or outdated rules, along with requests for comment, as well as a Concept Release and Request for Comment addressing additional areas of specific Commission interest, including processing of book-entry securities, broker-dealer recordkeeping for beneficial owners, transfer agents to mutual funds, and administration of issuer plans. The Commission intends to consider the public's comments in connection with any future rulemaking, and comments to the Advance Notice of Proposed Rulemaking will be used to further consider the sufficiency and scope of the rulemaking proposals described therein.
2015-12-30RuleSECURITIES AND EXCHANGE COMMISSIONSecurities and Exchange CommissionRegulation Systems Compliance and Integrity; CorrectionThe Securities and Exchange Commission (``Commission'') is making a technical correction to its rules concerning Regulation Systems Compliance and Integrity (``Regulation SCI'') under the Securities Exchange Act of 1934 (``Exchange Act'') and...2015-32646"https://www.govinfo.gov/content/pkg/FR-2015-12-30/pdf/2015-32646.pdfhttps://www.federalregister.gov/documents/2015/12/30/2015-32646/regulation-systems-compliance-and-integrity-correctionThe Securities and Exchange Commission (``Commission'') is making a technical correction to its rules concerning Regulation Systems Compliance and Integrity (``Regulation SCI'') under the Securities Exchange Act of 1934 (``Exchange Act'') and conforming amendments to Regulation ATS under the Exchange Act, which applies to certain self-regulatory organizations (including registered clearing agencies), alternative trading systems (``ATSs''), plan processors, and exempt clearing agencies (collectively, ``SCI entities'').
2015-12-28Proposed RuleSECURITIES AND EXCHANGE COMMISSIONSecurities and Exchange CommissionUse of Derivatives by Registered Investment Companies and Business Development CompaniesThe Securities and Exchange Commission (the ``Commission'' or ``SEC'') is proposing rule 18f-4, a new exemptive rule under the Investment Company Act of 1940 (the ``Investment Company Act'' or ``Act'') designed to address the investor protection...2015-31704"https://www.govinfo.gov/content/pkg/FR-2015-12-28/pdf/2015-31704.pdfhttps://www.federalregister.gov/documents/2015/12/28/2015-31704/use-of-derivatives-by-registered-investment-companies-and-business-development-companiesThe Securities and Exchange Commission (the ``Commission'' or ``SEC'') is proposing rule 18f-4, a new exemptive rule under the Investment Company Act of 1940 (the ``Investment Company Act'' or ``Act'') designed to address the investor protection purposes and concerns underlying section 18 of the Act and to provide an updated and more comprehensive approach to the regulation of funds' use of derivatives. The proposed rule would permit mutual funds, exchange- traded funds (``ETFs''), closed-end funds, and companies that have elected to be treated as business development companies (``BDCs'') under the Act (collectively, ``funds'') to enter into derivatives transactions and financial commitment transactions (as those terms are defined in the proposed rule) notwithstanding the prohibitions and restrictions on the issuance of senior securities under section 18 of the Act, provided that the funds comply with the conditions of the proposed rule. A fund that relies on the proposed rule in order to enter into derivatives transactions would be required to: comply with one of two alternative portfolio limitations designed to impose a limit on the amount of leverage the fund may obtain through derivatives transactions and other senior securities transactions; manage the risks associated with the fund's derivatives transactions by maintaining an amount of certain assets, defined in the proposed rule as ``qualifying coverage assets,'' designed to enable the fund to meet its obligations under its derivatives transactions; and, depending on the extent of its derivatives usage, establish a formalized derivatives risk management program. A fund that relies on the proposed rule in order to enter into financial commitment transactions would be required to maintain qualifying coverage assets equal in value to the fund's full obligations under those transactions. The Commission also is proposing amendments to proposed Form N-PORT and proposed Form N-CEN that would require reporting and disclosure of certain information regarding a fund's derivatives usage.
2015-12-28Proposed RuleSECURITIES AND EXCHANGE COMMISSIONSecurities and Exchange CommissionRegulation of NMS Stock Alternative Trading SystemsThe Securities and Exchange Commission is proposing to amend the regulatory requirements in Regulation ATS under the Securities Exchange Act of 1934 (``Exchange Act'') applicable to alternative trading systems (``ATSs'') that transact in National...2015-29890"https://www.govinfo.gov/content/pkg/FR-2015-12-28/pdf/2015-29890.pdfhttps://www.federalregister.gov/documents/2015/12/28/2015-29890/regulation-of-nms-stock-alternative-trading-systemsThe Securities and Exchange Commission is proposing to amend the regulatory requirements in Regulation ATS under the Securities Exchange Act of 1934 (``Exchange Act'') applicable to alternative trading systems (``ATSs'') that transact in National Market System (``NMS'') stocks (hereinafter referred to as (``NMS Stock ATSs''), including so called ``dark pools.'' First, the Commission is proposing to amend Regulation ATS to adopt Form ATS-N to provide information about the broker-dealer that operates the NMS Stock ATS (``broker- dealer operator'') and the activities of the broker-dealer operator and its affiliates in connection with the NMS Stock ATS, and to provide detailed information about the manner of operations of the ATS. Second, the Commission is proposing to make filings on Form ATS-N public by posting certain Form ATS-N filings on the Commission's internet Web site and requiring each NMS Stock ATS that has a Web site to post on the NMS Stock ATS's Web site a direct URL hyperlink to the Commission's Web site that contains the required documents. Third, the Commission is proposing to amend Regulation ATS to provide a process for the Commission to determine whether an entity qualifies for the exemption from the definition of ``exchange'' under Exchange Act Rule 3a1-1(a)(2) with regard to NMS stocks and declare an NMS Stock ATS's Form ATS-N either effective or, after notice and opportunity for hearing, ineffective. Fourth, under the proposal, the Commission could suspend, limit, or revoke the exemption from the definition of ``exchange'' after providing notice and opportunity for hearing. Fifth, the Commission is proposing to require that an ATS's safeguards and procedures to protect subscribers' confidential trading information be written. The Commission is also proposing to make conforming changes to Regulation ATS and Exchange Act Rule 3a1-1(a). Additionally, the Commission is requesting comment about, among other things, changing the requirements of the exemption from the definition of ``exchange'' pursuant to Exchange Act Rule 3a1-1(a) for ATSs that facilitate transactions in securities other than NMS stocks. Lastly, the Commission is also requesting comment regarding its consideration to amend Exchange Act Rules 600 and 606 to improve transparency around the handling and routing of institutional customer orders by broker- dealers.
2015-12-24RuleCOMMODITY FUTURES TRADING COMMISSIONCommodity Futures Trading CommissionRecords of Commodity Interest and Related Cash or Forward TransactionsThe Commodity Futures Trading Commission (the ``Commission'' or ``CFTC'') is amending Commission Regulation 1.35(a) to: Provide that all records required to be maintained under this regulation must be maintained in a form and manner which permits...2015-32416"https://www.govinfo.gov/content/pkg/FR-2015-12-24/pdf/2015-32416.pdfhttps://www.federalregister.gov/documents/2015/12/24/2015-32416/records-of-commodity-interest-and-related-cash-or-forward-transactionsThe Commodity Futures Trading Commission (the ``Commission'' or ``CFTC'') is amending Commission Regulation 1.35(a) to: Provide that all records required to be maintained under this regulation must be maintained in a form and manner which permits prompt, accurate and reliable location, access, and retrieval of any particular record, data, or information; clarify that all records, except records of oral and written communications leading to the execution of a commodity interest transaction and related cash or forward transactions, must be kept in a form and manner that allows for identification of a particular transaction; exclude members of designated contract markets (``DCMs'') and of swap execution facilities (``SEFs'') that are not registered or required to register with the Commission (``Unregistered Members'') from the requirements to keep written communications that lead to the execution of a commodity interest transaction and related cash or forward transactions, keep text messages, and keep records in a particular form and manner; and exclude commodity trading advisors (``CTAs'') from the oral recordkeeping requirement (``Final Rule'').
2015-12-23Proposed RuleSECURITIES AND EXCHANGE COMMISSIONSecurities and Exchange CommissionDisclosure of Payments by Resource Extraction IssuersWe are proposing Rule 13q-1 and an amendment to Form SD to implement Section 1504 of the Dodd-Frank Wall Street Reform and Consumer Protection Act relating to disclosure of payments by resource extraction issuers. Rule 13q-1 was initially adopted by...2015-31702"https://www.govinfo.gov/content/pkg/FR-2015-12-23/pdf/2015-31702.pdfhttps://www.federalregister.gov/documents/2015/12/23/2015-31702/disclosure-of-payments-by-resource-extraction-issuersWe are proposing Rule 13q-1 and an amendment to Form SD to implement Section 1504 of the Dodd-Frank Wall Street Reform and Consumer Protection Act relating to disclosure of payments by resource extraction issuers. Rule 13q-1 was initially adopted by the Commission on August 22, 2012, but it was subsequently vacated by the U.S. District Court for the District of Columbia. Section 1504 of the Dodd- Frank Act added Section 13(q) to the Securities Exchange Act of 1934, which directs the Commission to issue rules requiring resource extraction issuers to include in an annual report information relating to any payment made by the issuer, a subsidiary of the issuer, or an entity under the control of the issuer, to a foreign government or the Federal Government for the purpose of the commercial development of oil, natural gas, or minerals. Section 13(q) requires a resource extraction issuer to provide information about the type and total amount of such payments made for each project related to the commercial development of oil, natural gas, or minerals, and the type and total amount of payments made to each government. In addition, Section 13(q) requires a resource extraction issuer to provide information about those payments in an interactive data format.
2015-12-23Proposed RuleSECURITIES AND EXCHANGE COMMISSIONSecurities and Exchange CommissionEstablishing the Form and Manner with which Security-Based Swap Data Repositories Must Make Security-Based Swap Data Available to the CommissionThe Securities and Exchange Commission (``SEC'' or ``Commission'') is publishing for comment a proposed amendment to specify the form and manner with which security-based swap data repositories (``SDRs'') will be required to make security-based swap...2015-31703"https://www.govinfo.gov/content/pkg/FR-2015-12-23/pdf/2015-31703.pdfhttps://www.federalregister.gov/documents/2015/12/23/2015-31703/establishing-the-form-and-manner-with-which-security-based-swap-data-repositories-must-makeThe Securities and Exchange Commission (``SEC'' or ``Commission'') is publishing for comment a proposed amendment to specify the form and manner with which security-based swap data repositories (``SDRs'') will be required to make security-based swap (``SBS'') data available to the Commission under Exchange Act Rule 13n- 4(b)(5). The Commission is proposing to require SDRs to make these data available according to schemas that will be published on the Commission's Web site and that will reference the international industry standards Financial products Markup Language (``FpML'') and Financial Information eXchange Markup Language (``FIXML'').
2015-12-23Proposed RuleCOMMODITY FUTURES TRADING COMMISSIONCommodity Futures Trading CommissionSystem Safeguards Testing RequirementsThe Commodity Futures Trading Commission (``Commission'' or ``CFTC'') is amending its system safeguards rules for designated contract markets, swap execution facilities, and swap data repositories, by enhancing and clarifying existing provisions...2015-32143"https://www.govinfo.gov/content/pkg/FR-2015-12-23/pdf/2015-32143.pdfhttps://www.federalregister.gov/documents/2015/12/23/2015-32143/system-safeguards-testing-requirementsThe Commodity Futures Trading Commission (``Commission'' or ``CFTC'') is amending its system safeguards rules for designated contract markets, swap execution facilities, and swap data repositories, by enhancing and clarifying existing provisions relating to system safeguards risk analysis and oversight and cybersecurity testing, and adding new provisions concerning certain aspects of cybersecurity testing. The Commission is clarifying the existing system safeguards rules for all designated contract markets, swap execution facilities, and swap data repositories by specifying and defining the types of cybersecurity testing essential to fulfilling system safeguards testing obligations, including vulnerability testing, penetration testing, controls testing, security incident response plan testing, and enterprise technology risk assessment. The Commission is also clarifying rule provisions respecting the categories of risk analysis and oversight that statutorily-required programs of system safeguards-related risk analysis and oversight must address; system safeguards-related books and records obligations; the scope of system safeguards testing; internal reporting and review of testing results; and remediation of vulnerabilities and deficiencies. The new provisions concerning certain aspects of cybersecurity testing, applicable to covered designated markets (as defined) and all swap data repositories, include minimum frequency requirements for conducting the essential types of cybersecurity testing, and requirements for performance of certain tests by independent contractors. In this release, the Commission is also issuing an Advance Notice of Proposed Rulemaking requesting public comment concerning whether the minimum testing frequency and independent contractor testing requirements should be applied, via a future Notice of Proposed Rulemaking, to covered swap execution facilities (to be defined).
2015-12-23Proposed RuleCOMMODITY FUTURES TRADING COMMISSIONCommodity Futures Trading CommissionSystem Safeguards Testing Requirements for Derivatives Clearing OrganizationsThe Commodity Futures Trading Commission (``Commission'') is proposing enhanced requirements for a derivatives clearing organization's testing of its system safeguards, as well as additional amendments to reorder and renumber certain paragraphs within...2015-32144"https://www.govinfo.gov/content/pkg/FR-2015-12-23/pdf/2015-32144.pdfhttps://www.federalregister.gov/documents/2015/12/23/2015-32144/system-safeguards-testing-requirements-for-derivatives-clearing-organizationsThe Commodity Futures Trading Commission (``Commission'') is proposing enhanced requirements for a derivatives clearing organization's testing of its system safeguards, as well as additional amendments to reorder and renumber certain paragraphs within the regulations and make other minor changes to improve the clarity of the rule text.
2015-12-22RuleSECURITIES AND EXCHANGE COMMISSIONSecurities and Exchange CommissionCrowdfunding; CorrectionThe Securities and Exchange Commission published in the Federal Register of November 16, 2015, the final rule, Regulation Crowdfunding, under the Securities Act of 1933 and the Securities Exchange Act of 1934 to implement the requirements of Title III...2015-32106"https://www.govinfo.gov/content/pkg/FR-2015-12-22/pdf/2015-32106.pdfhttps://www.federalregister.gov/documents/2015/12/22/2015-32106/crowdfunding-correctionThe Securities and Exchange Commission published in the Federal Register of November 16, 2015, the final rule, Regulation Crowdfunding, under the Securities Act of 1933 and the Securities Exchange Act of 1934 to implement the requirements of Title III of the Jumpstart Our Business Startups Act of 2012. The effective date for subpart U, which adds Form Funding Portal, was inadvertently omitted in the DATES section of the Federal Register. This correction adds the effective date for subpart U, Form Funding Portal.
2015-12-17Proposed RuleCOMMODITY FUTURES TRADING COMMISSIONCommodity Futures Trading CommissionRegulation Automated TradingThe Commodity Futures Trading Commission (``CFTC'' or ``Commission'') is proposing a series of risk controls, transparency measures, and other safeguards to enhance the regulatory regime for automated trading on U.S. designated contract markets...2015-30533"https://www.govinfo.gov/content/pkg/FR-2015-12-17/pdf/2015-30533.pdfhttps://www.federalregister.gov/documents/2015/12/17/2015-30533/regulation-automated-tradingThe Commodity Futures Trading Commission (``CFTC'' or ``Commission'') is proposing a series of risk controls, transparency measures, and other safeguards to enhance the regulatory regime for automated trading on U.S. designated contract markets (``DCMs'') (collectively, ``Regulation AT''). The Commission's proposals build on efforts by numerous entities in recent years to promote best practices and regulatory standards for automated trading, including standards and best practices for algorithmic trading systems (``ATSs''), electronic trade matching engines, and new connectivity methods that characterize modern financial markets. In 2012 the Commission adopted rules requiring futures commission merchants (``FCMs''), swap dealers (``SDs''), and major swap participants (``MSPs'') to use automated means to screen orders for compliance with certain risk-based limits. It also adopted rules requiring certain financial risk control requirements for DCMs offering direct market access to their customers. In 2013 the Commission published an extensive Concept Release on Risk Controls and System Safeguards for Automated Trading Environments (``Concept Release''), compiling in one document a comprehensive discussion of industry practices, Commission regulations, and evolving concerns in automated trading.\1\ Now, through this notice of proposed rulemaking (``NPRM'') for Regulation AT, the Commission seeks to update Commission rules in response to the evolution from pit trading to electronic trading. In particular, the Commission is proposing to adopt a comprehensive approach to reducing risk and increasing transparency in automated trading. Proposed Regulation AT is designed to consolidate previous work by industry participants, the Commission, and fellow regulators into a unified body of law addressing automation in order placement and execution in U.S. derivatives markets. The Commission welcomes all public comments. ---------------------------------------------------------------------------
2015-11-16RuleSECURITIES AND EXCHANGE COMMISSIONSecurities and Exchange CommissionCrowdfundingThe Securities and Exchange Commission is adopting new Regulation Crowdfunding under the Securities Act of 1933 and the Securities Exchange Act of 1934 to implement the requirements of Title III of the Jumpstart Our Business Startups Act. Regulation...2015-28220"https://www.govinfo.gov/content/pkg/FR-2015-11-16/pdf/2015-28220.pdfhttps://www.federalregister.gov/documents/2015/11/16/2015-28220/crowdfundingThe Securities and Exchange Commission is adopting new Regulation Crowdfunding under the Securities Act of 1933 and the Securities Exchange Act of 1934 to implement the requirements of Title III of the Jumpstart Our Business Startups Act. Regulation Crowdfunding prescribes rules governing the offer and sale of securities under new Section 4(a)(6) of the Securities Act of 1933. Regulation Crowdfunding also provides a framework for the regulation of registered funding portals and broker-dealers that issuers are required to use as intermediaries in the offer and sale of securities in reliance on Section 4(a)(6). In addition, Regulation Crowdfunding conditionally exempts securities sold pursuant to Section 4(a)(6) from the registration requirements of Section 12(g) of the Securities Exchange Act of 1934.
2015-11-10Proposed RuleSECURITIES AND EXCHANGE COMMISSIONSecurities and Exchange CommissionExemptions To Facilitate Intrastate and Regional Securities OfferingsWe are proposing amendments to Rule 147 under the Securities Act of 1933, which currently provides a safe harbor for compliance with the Section 3(a)(11) exemption from registration for intrastate securities offerings. Our proposal would modernize the...2015-28219"https://www.govinfo.gov/content/pkg/FR-2015-11-10/pdf/2015-28219.pdfhttps://www.federalregister.gov/documents/2015/11/10/2015-28219/exemptions-to-facilitate-intrastate-and-regional-securities-offeringsWe are proposing amendments to Rule 147 under the Securities Act of 1933, which currently provides a safe harbor for compliance with the Section 3(a)(11) exemption from registration for intrastate securities offerings. Our proposal would modernize the rule and establish a new exemption to facilitate capital formation, including through offerings relying upon recently adopted intrastate crowdfunding provisions under state securities laws. The proposed amendments to the rule would eliminate the restriction on offers and ease the issuer eligibility requirements, while limiting the availability of the exemption at the federal level to issuers that comply with certain requirements of state securities laws. We further propose rule amendments to Rule 504 of Regulation D under the Securities Act to facilitate issuers' capital raising efforts and provide additional investor protections. The proposed amendments to Rule 504 would increase the aggregate amount of securities that may be offered and sold in any twelve-month period from $1 million to $5 million and disqualify certain bad actors from participation in Rule 504 offerings.
2015-11-04Proposed RuleSECURITIES AND EXCHANGE COMMISSIONSecurities and Exchange CommissionSecurities Investor Protection CorporationThe Securities Investor Protection Corporation (``SIPC'') filed proposed rules with the Securities and Exchange Commission (``Commission''). SIPC proposes to adopt the SIPC Series 600 Rules, entitled ``Rules Relating to Supplemental Report of SIPC...2015-27921"https://www.govinfo.gov/content/pkg/FR-2015-11-04/pdf/2015-27921.pdfhttps://www.federalregister.gov/documents/2015/11/04/2015-27921/securities-investor-protection-corporationThe Securities Investor Protection Corporation (``SIPC'') filed proposed rules with the Securities and Exchange Commission (``Commission''). SIPC proposes to adopt the SIPC Series 600 Rules, entitled ``Rules Relating to Supplemental Report of SIPC Membership,'' in accordance with paragraph (e)(4) of Rule 17a-5 under the Securities Exchange Act of 1934 (``Exchange Act''). The Commission is publishing the proposed rules for public comment. Because SIPC rules have the force and effect as if promulgated by the Commission, those rules are published in Title 17 of the Code of Federal Regulations.
2015-10-15Proposed RuleSECURITIES AND EXCHANGE COMMISSIONSecurities and Exchange CommissionOpen-End Fund Liquidity Risk Management Programs; Swing Pricing; Re-Opening of Comment Period for Investment Company Reporting Modernization ReleaseThe Securities and Exchange Commission is proposing a new rule and amendments to its rules and forms designed to promote effective liquidity risk management throughout the open-end fund industry, thereby reducing the risk that funds will be unable to...2015-24507"https://www.govinfo.gov/content/pkg/FR-2015-10-15/pdf/2015-24507.pdfhttps://www.federalregister.gov/documents/2015/10/15/2015-24507/open-end-fund-liquidity-risk-management-programs-swing-pricing-re-opening-of-comment-period-forThe Securities and Exchange Commission is proposing a new rule and amendments to its rules and forms designed to promote effective liquidity risk management throughout the open-end fund industry, thereby reducing the risk that funds will be unable to meet redemption obligations and mitigating dilution of the interests of fund shareholders in accordance with section 22(e) and rule 22c-1 under the Investment Company Act. The proposed amendments also seek to enhance disclosure regarding fund liquidity and redemption practices. The Commission is proposing new rule 22e-4, which would require each registered open-end fund, including open-end exchange-traded funds (``ETFs'') but not including money market funds, to establish a liquidity risk management program. The Commission also is proposing amendments to rule 22c-1 to permit a fund, under certain circumstances, to use ``swing pricing,'' the process of adjusting the net asset value of a fund's shares to effectively pass on the costs stemming from shareholder purchase or redemption activity to the shareholders associated with that activity, and amendments to rule 31a-2 to require funds to preserve certain records related to swing pricing. With respect to reporting and disclosure, the Commission is proposing amendments to Form N-1A regarding the disclosure of fund policies concerning the redemption of fund shares, and the use of swing pricing. The Commission also is proposing amendments to proposed Form N-PORT and proposed Form N-CEN that would require disclosure of certain information regarding the liquidity of a fund's holdings and the fund's liquidity risk management practices. In connection with these proposed amendments, the Commission is re-opening the comment period for Investment Company Reporting Modernization, Investment Company Act Release No. 31610 (May 20, 2015).
2015-10-13Proposed RuleSECURITIES AND EXCHANGE COMMISSIONSecurities and Exchange CommissionRequest for Comment on the Effectiveness of Financial Disclosures About Entities Other Than the RegistrantThe Securities and Exchange Commission published a document in the Federal Register of October 1, 2015, seeking public comment regarding the financial disclosure requirements in Regulation S-X for certain entities other than a registrant. The RIN was...2015-25948"https://www.govinfo.gov/content/pkg/FR-2015-10-13/pdf/2015-25948.pdfhttps://www.federalregister.gov/documents/2015/10/13/2015-25948/request-for-comment-on-the-effectiveness-of-financial-disclosures-about-entities-other-than-theThe Securities and Exchange Commission published a document in the Federal Register of October 1, 2015, seeking public comment regarding the financial disclosure requirements in Regulation S-X for certain entities other than a registrant. The RIN was omitted from this document. This correction is being published to add the RIN to that document.
2015-10-05Proposed RuleSECURITIES AND EXCHANGE COMMISSIONSecurities and Exchange CommissionAmendments to the Commission's Rules of PracticeThe Securities and Exchange Commission (``Commission'') is proposing for public comment amendments to update its Rules of Practice to, among other things, adjust the timing of hearings in administrative proceedings; allow for discovery depositions;...2015-24707"https://www.govinfo.gov/content/pkg/FR-2015-10-05/pdf/2015-24707.pdfhttps://www.federalregister.gov/documents/2015/10/05/2015-24707/amendments-to-the-commissions-rules-of-practiceThe Securities and Exchange Commission (``Commission'') is proposing for public comment amendments to update its Rules of Practice to, among other things, adjust the timing of hearings in administrative proceedings; allow for discovery depositions; clarify the rules for admitting hearsay and assertion of affirmative defenses; and make certain related amendments.
2015-10-05Proposed RuleSECURITIES AND EXCHANGE COMMISSIONSecurities and Exchange CommissionAmendments to the Commission's Rules of PracticeThe Securities and Exchange Commission (``Commission'') is proposing for public comment amendments to its Rules of Practice that would require persons involved in administrative proceedings to submit all documents and other items electronically. The...2015-24705"https://www.govinfo.gov/content/pkg/FR-2015-10-05/pdf/2015-24705.pdfhttps://www.federalregister.gov/documents/2015/10/05/2015-24705/amendments-to-the-commissions-rules-of-practiceThe Securities and Exchange Commission (``Commission'') is proposing for public comment amendments to its Rules of Practice that would require persons involved in administrative proceedings to submit all documents and other items electronically. The proposed amendments are intended to enhance the accessibility of administrative proceedings by ensuring that filings and other information concerning administrative proceedings are more readily available to the public.
2015-10-02RuleCOMMODITY FUTURES TRADING COMMISSIONCommodity Futures Trading CommissionRepeal of the Exempt Commercial Market and Exempt Board of Trade ExemptionsThe Commodity Futures Trading Commission (the ``Commission'') is taking final action to revise its regulations by removing the part 36 regulations. Those regulations implemented provisions of the Commodity Exchange Act (``CEA'') that established exempt...2015-25029"https://www.govinfo.gov/content/pkg/FR-2015-10-02/pdf/2015-25029.pdfhttps://www.federalregister.gov/documents/2015/10/02/2015-25029/repeal-of-the-exempt-commercial-market-and-exempt-board-of-trade-exemptionsThe Commodity Futures Trading Commission (the ``Commission'') is taking final action to revise its regulations by removing the part 36 regulations. Those regulations implemented provisions of the Commodity Exchange Act (``CEA'') that established exempt boards of trade and exempt commercial markets--two categories of derivatives- trading platforms that were eliminated from the CEA by the Dodd-Frank Wall Street Reform and Consumer Protection Act (the ``Dodd-Frank Act''). This action also removes various cross-references in other Commission regulations implicating exempt boards of trade and exempt commercial markets.
2015-10-02RuleSECURITIES AND EXCHANGE COMMISSIONSecurities and Exchange CommissionAdoption of Updated EDGAR Filer ManualThe Securities and Exchange Commission (the Commission) is adopting revisions to the Electronic Data Gathering, Analysis, and Retrieval System (EDGAR) Filer Manual and related rules to reflect updates to the EDGAR system. The updates are being made to...2015-24904"https://www.govinfo.gov/content/pkg/FR-2015-10-02/pdf/2015-24904.pdfhttps://www.federalregister.gov/documents/2015/10/02/2015-24904/adoption-of-updated-edgar-filer-manualThe Securities and Exchange Commission (the Commission) is adopting revisions to the Electronic Data Gathering, Analysis, and Retrieval System (EDGAR) Filer Manual and related rules to reflect updates to the EDGAR system. The updates are being made to add two new Security-based Swap Data Repository (SDR) submission form types; make available new exhibit EX-36 (Depositor Certification for shelf offerings of asset-backed securities) on EDGARLink Online for submission form types SF-3, SF-3/A, 8-K, and 8-K/A; accept Exhibit K and Exhibit L in eXtensible Business Reporting Language (XBRL) format for submission form types SDR, SDR/A, SDR-A, and SDR-W; consider valid XBRL file attachments if they contain multiple identically tagged XBRL facts; make documentation updates to Chapter 2 of the ``EDGAR Filer Manual, Volume I: General Information'' and Chapters 2, 3, and 7 of the ``EDGAR Filer Manual, Volume II: EDGAR Filing'' relating to Form NRSRO; and make formatting changes to ``EDGAR Filer Manual, Volume I: General Information'', ``EDGAR Filer Manual, Volume II: EDGAR Filing'', and ``EDGAR Filer Manual, Volume III: N-SAR Supplement'' for compliance with Section 508 of the U.S. Rehabilitation Act. The Filer Manual is also being revised to address software changes made previously in EDGAR. On July 10, 2015, Regulation A submission form types DOS, DOS/A, 1-A, 1-A/A, and 1-A POS were updated to prevent a filer from entering a response in Item 6(d) when the ``None'' option has been selected on Item 6. The EDGAR system is scheduled to be upgraded to support this functionality on September 14, 2015.
2015-10-01Proposed RuleSECURITIES AND EXCHANGE COMMISSIONSecurities and Exchange CommissionRequest for Comment on the Effectiveness of Financial Disclosures About Entities Other Than the RegistrantThe Commission is publishing this request for comment to seek public comment regarding the financial disclosure requirements in Regulation S-X for certain entities other than a registrant. These disclosure requirements require registrants to provide...2015-24875"https://www.govinfo.gov/content/pkg/FR-2015-10-01/pdf/2015-24875.pdfhttps://www.federalregister.gov/documents/2015/10/01/2015-24875/request-for-comment-on-the-effectiveness-of-financial-disclosures-about-entities-other-than-theThe Commission is publishing this request for comment to seek public comment regarding the financial disclosure requirements in Regulation S-X for certain entities other than a registrant. These disclosure requirements require registrants to provide financial information about acquired businesses, subsidiaries not consolidated and 50 percent or less owned persons, guarantors and issuers of guaranteed securities, and affiliates whose securities collateralize registered securities. This request for comment is related to an initiative by the Division of Corporation Finance to review the disclosure requirements applicable to public companies to consider ways to improve the requirements for the benefit of investors and public companies.
2015-09-29Proposed RuleCOMMODITY FUTURES TRADING COMMISSIONCommodity Futures Trading CommissionAggregation of PositionsOn November 15, 2013, the Commodity Futures Trading Commission (``Commission'' or ``CFTC'') published in the Federal Register a notice of proposed modifications to part 150 of the Commission's regulations. The modifications addressed the policy for...2015-24596"https://www.govinfo.gov/content/pkg/FR-2015-09-29/pdf/2015-24596.pdfhttps://www.federalregister.gov/documents/2015/09/29/2015-24596/aggregation-of-positionsOn November 15, 2013, the Commodity Futures Trading Commission (``Commission'' or ``CFTC'') published in the Federal Register a notice of proposed modifications to part 150 of the Commission's regulations. The modifications addressed the policy for aggregation under the Commission's position limits regime for futures and option contracts on nine agricultural commodities set forth in part 150. The Commission also noted that if the Commission's proposed position limits regime for 28 exempt and agricultural commodity futures and options contracts and the physical commodity swaps that are economically equivalent to such contracts are finalized, the proposed modifications would also apply to the position limits regime for those contracts and swaps. The Commission is now proposing a revision to its proposed modification to the aggregation provisions of part 150, which addresses when aggregation is required on the basis of ownership of a greater than 50 percent interest in another entity.
2015-09-25RuleSECURITIES AND EXCHANGE COMMISSIONSecurities and Exchange CommissionRemoval of Certain References to Credit Ratings and Amendment to the Issuer Diversification Requirement in the Money Market Fund RuleThe Securities and Exchange Commission (``Commission'') is adopting certain amendments, initially proposed in March 2011 and re- proposed in July 2014, related to the removal of credit rating references in rule 2a-7, the principal rule that governs...2015-24015"https://www.govinfo.gov/content/pkg/FR-2015-09-25/pdf/2015-24015.pdfhttps://www.federalregister.gov/documents/2015/09/25/2015-24015/removal-of-certain-references-to-credit-ratings-and-amendment-to-the-issuer-diversificationThe Securities and Exchange Commission (``Commission'') is adopting certain amendments, initially proposed in March 2011 and re- proposed in July 2014, related to the removal of credit rating references in rule 2a-7, the principal rule that governs money market funds, and Form N-MFP, the form that money market funds use to report information to the Commission each month about their portfolio holdings, under the Investment Company Act of 1940 (``Investment Company Act'' or ``Act''). The amendments will implement provisions of the Dodd-Frank Wall Street Reform and Consumer Protection Act (``Dodd- Frank Act''). In addition, the Commission is adopting amendments to rule 2a-7's issuer diversification provisions to eliminate an exclusion from these provisions that is currently available for securities subject to a guarantee issued by a non-controlled person.
2015-09-22Proposed RuleCOMMODITY FUTURES TRADING COMMISSIONCommodity Futures Trading CommissionProposal To Amend the Definition of “Material Terms” for Purposes of Swap Portfolio ReconciliationThe Commodity Futures Trading Commission (``Commission'' or ``CFTC'') proposes to amend a provision of the Commission's regulations in connection with the material terms for which counterparties must resolve discrepancies when engaging in portfolio...2015-24021"https://www.govinfo.gov/content/pkg/FR-2015-09-22/pdf/2015-24021.pdfhttps://www.federalregister.gov/documents/2015/09/22/2015-24021/proposal-to-amend-the-definition-of-material-terms-for-purposes-of-swap-portfolio-reconciliationThe Commodity Futures Trading Commission (``Commission'' or ``CFTC'') proposes to amend a provision of the Commission's regulations in connection with the material terms for which counterparties must resolve discrepancies when engaging in portfolio reconciliation.
2015-09-14RuleCOMMODITY FUTURES TRADING COMMISSIONCommodity Futures Trading CommissionMembership in a Registered Futures AssociationThe Commodity Futures Trading Commission (``Commission'' or ``CFTC'') is adopting a new rule (``Final Rule'') to require that all persons registered with the Commission as introducing brokers (``IB''), commodity pool operators (``CPO''), or commodity...2015-23046"https://www.govinfo.gov/content/pkg/FR-2015-09-14/pdf/2015-23046.pdfhttps://www.federalregister.gov/documents/2015/09/14/2015-23046/membership-in-a-registered-futures-associationThe Commodity Futures Trading Commission (``Commission'' or ``CFTC'') is adopting a new rule (``Final Rule'') to require that all persons registered with the Commission as introducing brokers (``IB''), commodity pool operators (``CPO''), or commodity trading advisors (``CTA''), subject to an exception for those persons who are exempt from registration as a CTA pursuant to a particular provision of the Commission's regulations, must, in each case, become and remain a member of at least one registered futures association (``RFA'').
2015-09-14Proposed RuleSECURITIES AND EXCHANGE COMMISSIONSecurities and Exchange CommissionAccess to Data Obtained by Security-Based Swap Data Repositories and Exemption From Indemnification RequirementPursuant to section 763(i) of Title VII (``Title VII'') of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (``Dodd-Frank Act''), the Securities and Exchange Commission (``Commission'') is proposing amendments to rule 13n-4 under...2015-22844"https://www.govinfo.gov/content/pkg/FR-2015-09-14/pdf/2015-22844.pdfhttps://www.federalregister.gov/documents/2015/09/14/2015-22844/access-to-data-obtained-by-security-based-swap-data-repositories-and-exemption-from-indemnificationPursuant to section 763(i) of Title VII (``Title VII'') of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (``Dodd-Frank Act''), the Securities and Exchange Commission (``Commission'') is proposing amendments to rule 13n-4 under the Securities Exchange Act of 1934 (``Exchange Act'') related to regulatory access to security-based swap data held by security-based swap data repositories. The proposed rule amendments would implement the conditional Exchange Act requirement that security-based swap data repositories make data available to certain regulators and other authorities, and would set forth a conditional exemption from the statutory indemnification requirement associated with that regulatory access provision.
2015-08-31Proposed RuleCOMMODITY FUTURES TRADING COMMISSIONCommodity Futures Trading CommissionAmendments to Swap Data Recordkeeping and Reporting Requirements for Cleared SwapsThe Commodity Futures Trading Commission (``Commission'' or ``CFTC'') is proposing amendments to rules relating to swap data reporting in connection with cleared swaps for swap data repositories (``SDRs''), derivatives clearing organizations...2015-21030"https://www.govinfo.gov/content/pkg/FR-2015-08-31/pdf/2015-21030.pdfhttps://www.federalregister.gov/documents/2015/08/31/2015-21030/amendments-to-swap-data-recordkeeping-and-reporting-requirements-for-cleared-swapsThe Commodity Futures Trading Commission (``Commission'' or ``CFTC'') is proposing amendments to rules relating to swap data reporting in connection with cleared swaps for swap data repositories (``SDRs''), derivatives clearing organizations (``DCOs''), designated contract markets (``DCMs''), swap execution facilities (``SEFs''), swap dealers (``SDs''), major swap participants (``MSPs''), and swap counterparties who are neither SDs nor MSPs. Commodity Exchange Act (``CEA'' or ``Act'') provisions relating to swap data recordkeeping and reporting were added by the Dodd-Frank Wall Street Reform and Consumer Protection Act (``Dodd-Frank Act''). The proposed amendments to the rules further the goals of the Dodd-Frank Act to reduce systemic risk, increase transparency and promote market integrity within the financial system.
2015-08-25Proposed RuleSECURITIES AND EXCHANGE COMMISSIONSecurities and Exchange CommissionApplications by Security-Based Swap Dealers or Major Security-Based Swap Participants for Statutorily Disqualified Associated Persons To Effect or Be Involved in Effecting Security-Based SwapsPursuant to Section 15F(b)(6) of the Securities Exchange Act of 1934 (``Exchange Act''), as added by Section 764(a) of Title VII of the Dodd-Frank Wall Street Reform and Consumer Protection Act (``Dodd- Frank Act''), the Securities and Exchange...2015-19662"https://www.govinfo.gov/content/pkg/FR-2015-08-25/pdf/2015-19662.pdfhttps://www.federalregister.gov/documents/2015/08/25/2015-19662/applications-by-security-based-swap-dealers-or-major-security-based-swap-participants-forPursuant to Section 15F(b)(6) of the Securities Exchange Act of 1934 (``Exchange Act''), as added by Section 764(a) of Title VII of the Dodd-Frank Wall Street Reform and Consumer Protection Act (``Dodd- Frank Act''), the Securities and Exchange Commission (``Commission'') is proposing Rule of Practice 194. Proposed Rule of Practice 194 would provide a process for a registered security-based swap dealer or major security-based swap participant (collectively, ``SBS Entity'') to make an application to the Commission for an order permitting an associated person who is subject to a statutory disqualification to effect or be involved in effecting security-based swaps on behalf of the SBS Entity. Proposed Rule of Practice 194 also would exclude an SBS Entity, subject to certain limitations, from the prohibition in Exchange Act Section 15F(b)(6) with respect to associated persons that are not natural persons for a period of 30 days following the associated person becoming subject to a statutory disqualification or 30 days following the person that is subject to a statutory disqualification becoming an associated person of an SBS Entity; for a period of 180 days following the filing of a complete application under proposed Rule of Practice 194 and notice if the application and notice are filed within the same 30-day time period; and for a period of 180 days following the filing of a complete application with, or initiation of a process by, the Commodity Futures Trading Commission (``CFTC''), a self-regulatory organization (``SRO'') or a registered futures association pending a final decision with respect to an application or process with respect to the associated person for the membership, association, registration or listing as a principal, where the application has been filed or process started prior to or within the same 30-day time period and a notice has been filed with the Commission within the same 30-day time period. The proposed Rule of Practice 194 also would provide, in certain circumstances, for an extension of the temporary exclusion from the prohibition in Exchange Act Section 15F(b)(6) with respect to associated persons that are not natural persons to comply with the prohibition in Section 15F(b)(6). Finally, proposed Rule of Practice 194 would provide that, subject to certain conditions, an SBS Entity may permit an associated person that is subject to a statutory disqualification to effect or be involved in effecting security-based swaps on its behalf, without making an application pursuant to the proposed rule, where the Commission, CFTC, an SRO or a registered futures association has granted a prior application or otherwise granted relief from a statutory disqualification with respect to that associated person.
2015-08-24RuleSECURITIES AND EXCHANGE COMMISSIONSecurities and Exchange CommissionAdoption of Updated EDGAR Filer ManualThe Securities and Exchange Commission (the Commission) is adopting revisions to the Electronic Data Gathering, Analysis, and Retrieval System (EDGAR) Filer Manual and related rules to reflect updates to the EDGAR system. The updates are being made...2015-20720"https://www.govinfo.gov/content/pkg/FR-2015-08-24/pdf/2015-20720.pdfhttps://www.federalregister.gov/documents/2015/08/24/2015-20720/adoption-of-updated-edgar-filer-manualThe Securities and Exchange Commission (the Commission) is adopting revisions to the Electronic Data Gathering, Analysis, and Retrieval System (EDGAR) Filer Manual and related rules to reflect updates to the EDGAR system. The updates are being made primarily to add new NRSRO submission form types for Nationally Recognized Statistical Rating Organization filers; add new applicant types for filers to select when completing the process to apply for EDGAR access (New) on the EDGAR Filer Management Web site; make a documentation only change to Chapter 3, ``Index to Forms,'' of the ``EDGAR Filer Manual, Volume II: EDGAR Filing,'' to update submission form types SF-1 and SF- 3; and make documentation only changes to ``EDGAR Filer Manual, Volume I: General Information'' for compliance with Section 508 of the U.S. Rehabilitation Act. The EDGAR system is scheduled to be upgraded to support this functionality on August 3, 2015. The Filer Manual is also being revised to address software changes made previously in EDGAR. On June 18, 2015, the Regulation A submission form types DOS, DOS/A, 1-A, 1-A/A, 1-A POS, 1-K, 1-K/A, 1-Z, and 1-Z/A in the EDGAR system were modified to display OMB information. On June 29, 2015, the Regulation A submission form types DOS, DOS/A, 1-A, 1-A/A and 1-A POS in the EDGAR system were updated to allow filers to optionally enter values in the ``Name of Class (if any),'' ``CUSIP (if any)'' and ``Name of Trading Center or Quotation Medium (if any)'' field if a value of zero was provided in the ``Units Outstanding'' field for the Common Equity, Preferred Equity, and Debt Securities; and Item 6(e) was updated to Item 6(d) on ``Item 6: Unregistered Securities Issued or Sold Within One Year'' for Regulation A submission form types DOS, DOS/A, 1-A, 1-A/ A, and 1-A POS. Additionally, Item 6(d) was updated to optionally allow a response if ``None'' is selected on ``Item 6: Unregistered Securities Issues or Sold Within One Year.''
2015-08-18RuleSECURITIES AND EXCHANGE COMMISSIONSecurities and Exchange CommissionPay Ratio DisclosureWe are adopting amendments to Item 402 of Regulation S-K to implement Section 953(b) of the Dodd-Frank Wall Street Reform and Consumer Protection Act. Section 953(b) directs the Commission to amend Item 402 of Regulation S-K to require disclosure of...2015-19600"https://www.govinfo.gov/content/pkg/FR-2015-08-18/pdf/2015-19600.pdfhttps://www.federalregister.gov/documents/2015/08/18/2015-19600/pay-ratio-disclosureWe are adopting amendments to Item 402 of Regulation S-K to implement Section 953(b) of the Dodd-Frank Wall Street Reform and Consumer Protection Act. Section 953(b) directs the Commission to amend Item 402 of Regulation S-K to require disclosure of the median of the annual total compensation of all employees of a registrant (excluding the chief executive officer), the annual total compensation of that registrant's chief executive officer, and the ratio of the median of the annual total compensation of all employees to the annual total compensation of the chief executive officer. The disclosure is required in any annual report, proxy or information statement, or registration statement that requires executive compensation disclosure pursuant to Item 402 of Regulation S-K. The disclosure requirement does not apply to emerging growth companies, smaller reporting companies, or foreign private issuers.
2015-08-14RuleSECURITIES AND EXCHANGE COMMISSIONSecurities and Exchange CommissionRegistration Process for Security-Based Swap Dealers and Major Security-Based Swap ParticipantsThe Securities and Exchange Commission (the ``Commission'') is adopting new Rules 15Fb1-1 through 15Fb6-2 and Forms SBSE, SBSE-A, SBSE-BD, SBSE-C and SBSE-W in accordance with Section 15F of the Securities Exchange Act of 1934 (the ``Exchange Act'')....2015-19661"https://www.govinfo.gov/content/pkg/FR-2015-08-14/pdf/2015-19661.pdfhttps://www.federalregister.gov/documents/2015/08/14/2015-19661/registration-process-for-security-based-swap-dealers-and-major-security-based-swap-participantsThe Securities and Exchange Commission (the ``Commission'') is adopting new Rules 15Fb1-1 through 15Fb6-2 and Forms SBSE, SBSE-A, SBSE-BD, SBSE-C and SBSE-W in accordance with Section 15F of the Securities Exchange Act of 1934 (the ``Exchange Act''). Section 15F, which was added to the Exchange Act by Section 764(a) of Title VII of the Dodd-Frank Wall Street Reform and Consumer Protection Act (``Dodd- Frank Act''), requires the Commission to issue rules to provide for the registration of security-based swap dealers (``SBS Dealers'') and major security-based swap participants (``Major SBS Participants'') (collectively, ``SBS Entities''). These new rules and forms establish a process by which SBS Entities can register (and withdraw from registration) with the Commission.
2015-08-10RuleSECURITIES AND EXCHANGE COMMISSIONSecurities and Exchange CommissionInterpretation of the SEC's Whistleblower Rules Under Section 21F of the Securities Exchange Act of 1934The Securities and Exchange Commission (Commission or SEC) is issuing this interpretive rule to clarify that, for purposes of the employment retaliation protections provided by Section 21F of the Securities Exchange Act of 1934 (``Exchange Act''), an...2015-19508"https://www.govinfo.gov/content/pkg/FR-2015-08-10/pdf/2015-19508.pdfhttps://www.federalregister.gov/documents/2015/08/10/2015-19508/interpretation-of-the-secs-whistleblower-rules-under-section-21f-of-the-securities-exchange-act-ofThe Securities and Exchange Commission (Commission or SEC) is issuing this interpretive rule to clarify that, for purposes of the employment retaliation protections provided by Section 21F of the Securities Exchange Act of 1934 (``Exchange Act''), an individual's status as a whistleblower does not depend on adherence to the reporting procedures specified in Exchange Act Rule 21F-9(a), but is determined solely by the terms of Exchange Act Rule 21F-2(b)(1).
2015-07-15RuleSECURITIES AND EXCHANGE COMMISSIONSecurities and Exchange CommissionFreedom of Information Act Regulations: Fee Schedule, Addition of Appeals Time Frame, and Miscellaneous Administrative ChangesThe Securities and Exchange Commission (``Commission'') is adopting amendments to its regulations under the Freedom of Information Act (``FOIA'') to allow the Commission to collect fees that reflect its actual costs, add an appeals time frame that will...2015-17179"https://www.govinfo.gov/content/pkg/FR-2015-07-15/pdf/2015-17179.pdfhttps://www.federalregister.gov/documents/2015/07/15/2015-17179/freedom-of-information-act-regulations-fee-schedule-addition-of-appeals-time-frame-and-miscellaneousThe Securities and Exchange Commission (``Commission'') is adopting amendments to its regulations under the Freedom of Information Act (``FOIA'') to allow the Commission to collect fees that reflect its actual costs, add an appeals time frame that will create a more practical and systematic administrative process and clarify other issues in the regulations.
2015-07-14Proposed RuleCOMMODITY FUTURES TRADING COMMISSIONCommodity Futures Trading CommissionMargin Requirements for Uncleared Swaps for Swap Dealers and Major Swap Participants-Cross-Border Application of the Margin RequirementsOn October 3, 2014, the Commission published proposed regulations to implement section 4s(e) of the Commodity Exchange Act, as added by section 731 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (``Dodd-Frank Act''). This provision...2015-16718"https://www.govinfo.gov/content/pkg/FR-2015-07-14/pdf/2015-16718.pdfhttps://www.federalregister.gov/documents/2015/07/14/2015-16718/margin-requirements-for-uncleared-swaps-for-swap-dealers-and-major-swap-participants-cross-borderOn October 3, 2014, the Commission published proposed regulations to implement section 4s(e) of the Commodity Exchange Act, as added by section 731 of 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 swap dealers (``SDs'') and major swap participants (``MSPs'') that do not have a Prudential Regulator (collectively, ``CSEs'' or ``Covered Swap Entities''). In the October 3, 2014 proposing release, the Commission also issued an Advance Notice of Proposed Rulemaking (``ANPR'') requesting public comment on the cross-border application of such margin requirements. In this release, the Commission is proposing a rule for the application of the Commission's margin requirements to cross-border transactions.
2015-07-14Proposed RuleSECURITIES AND EXCHANGE COMMISSIONSecurities and Exchange CommissionListing Standards for Recovery of Erroneously Awarded CompensationWe are proposing a new rule and rule and form amendments to implement the provisions of Section 954 of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010, which added Section 10D to the Securities Exchange Act of 1934. Section 10D...2015-16613"https://www.govinfo.gov/content/pkg/FR-2015-07-14/pdf/2015-16613.pdfhttps://www.federalregister.gov/documents/2015/07/14/2015-16613/listing-standards-for-recovery-of-erroneously-awarded-compensationWe are proposing a new rule and rule and form amendments to implement the provisions of Section 954 of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010, which added Section 10D to the Securities Exchange Act of 1934. Section 10D requires the Commission to adopt rules directing the national securities exchanges and national securities associations to prohibit the listing of any security of an issuer that is not in compliance with Section 10D's requirements for disclosure of the issuer's policy on incentive-based compensation and recovery of incentive-based compensation that is received in excess of what would have been received under an accounting restatement. The proposed rule and rule amendments would direct the national securities exchanges and national securities associations to establish listing standards that would require each issuer to develop and implement a policy providing for the recovery, under certain circumstances, of incentive-based compensation based on financial information required to be reported under the securities laws that is received by current or former executive officers, and require the disclosure of the policy. A listed issuer would be required to file the policy as an exhibit to its annual report.
2015-07-08Proposed RuleSECURITIES AND EXCHANGE COMMISSIONSecurities and Exchange CommissionPossible Revisions To Audit Committee DisclosuresThe Commission is publishing this concept release to seek public comment regarding audit committee reporting requirements, with a focus on the audit committee's reporting of its responsibilities with respect to its oversight of the independent auditor....2015-16639"https://www.govinfo.gov/content/pkg/FR-2015-07-08/pdf/2015-16639.pdfhttps://www.federalregister.gov/documents/2015/07/08/2015-16639/possible-revisions-to-audit-committee-disclosuresThe Commission is publishing this concept release to seek public comment regarding audit committee reporting requirements, with a focus on the audit committee's reporting of its responsibilities with respect to its oversight of the independent auditor. Some have expressed a view that the Commission's disclosure rules for this area may not result in disclosures about audit committees and their activities that are sufficient to help investors understand and evaluate audit committee performance, which may in turn inform those investors' investment or voting decisions. The majority of these disclosure requirements, which exist in their current form principally in Item 407 of Regulation S-K, were adopted in 1999. Since then, there have been significant changes in the role and responsibilities of audit committees arising out of, among other things, the Sarbanes-Oxley Act of 2002, enhanced listing requirements for audit committees, enhanced requirements for auditor communications with the audit committee arising out of the rules of the Public Company Accounting Oversight Board, and changes in practice, both domestically and internationally.
2015-07-02Proposed RuleSECURITIES AND EXCHANGE COMMISSIONSecurities and Exchange CommissionAmendments to Form ADV and Investment Advisers Act RulesC1-2015-12778"https://www.govinfo.gov/content/pkg/FR-2015-07-02/pdf/C1-2015-12778.pdfhttps://www.federalregister.gov/documents/2015/07/02/C1-2015-12778/amendments-to-form-adv-and-investment-advisers-act-rules
2015-07-01RuleSECURITIES AND EXCHANGE COMMISSIONSecurities and Exchange CommissionPolitical Contributions by Certain Investment Advisers: Ban on Third-Party Solicitation; Notice of Compliance DateThe Securities and Exchange Commission (``Commission'' or ``SEC'') previously set and extended the compliance date for the ban on third-party solicitation until nine months after the compliance date of a final rule adopted by the Commission by which...2015-16048"https://www.govinfo.gov/content/pkg/FR-2015-07-01/pdf/2015-16048.pdfhttps://www.federalregister.gov/documents/2015/07/01/2015-16048/political-contributions-by-certain-investment-advisers-ban-on-third-party-solicitation-notice-ofThe Securities and Exchange Commission (``Commission'' or ``SEC'') previously set and extended the compliance date for the ban on third-party solicitation until nine months after the compliance date of a final rule adopted by the Commission by which municipal advisors must register under the Securities Exchange Act of 1934 (``final municipal advisor registration rule'') and indicated that notice with respect thereto would be provided in the Federal Register. This notice of compliance date is being published to provide the notice of the compliance date.
2015-07-01RuleSECURITIES AND EXCHANGE COMMISSIONSecurities and Exchange CommissionCommission Guidance Regarding the Definition of the Terms “Spouse” and “Marriage” Following the Supreme Court's Decision in United States v. WindsorThe Securities and Exchange Commission is publishing interpretive guidance to clarify how the Commission will interpret the terms ``spouse'' and ``marriage'' in light of the Supreme Court's ruling in United States v. Windsor.2015-15506"https://www.govinfo.gov/content/pkg/FR-2015-07-01/pdf/2015-15506.pdfhttps://www.federalregister.gov/documents/2015/07/01/2015-15506/commission-guidance-regarding-the-definition-of-the-terms-spouse-and-marriage-following-the-supremeThe Securities and Exchange Commission is publishing interpretive guidance to clarify how the Commission will interpret the terms ``spouse'' and ``marriage'' in light of the Supreme Court's ruling in United States v. Windsor.
2015-07-01RuleSECURITIES AND EXCHANGE COMMISSIONSecurities and Exchange CommissionAmendments for Small and Additional Issues Exemptions Under the Securities Act (Regulation A); CorrectionThis document contains corrections to the final regulations (SEC Rel. No. 33-9741), which were published in the Federal Register of Monday, April 20, 2015 (80 FR 21806). The regulations related to Amendments for Small and Additional Issues Exemptions...2015-16045"https://www.govinfo.gov/content/pkg/FR-2015-07-01/pdf/2015-16045.pdfhttps://www.federalregister.gov/documents/2015/07/01/2015-16045/amendments-for-small-and-additional-issues-exemptions-under-the-securities-act-regulation-aThis document contains corrections to the final regulations (SEC Rel. No. 33-9741), which were published in the Federal Register of Monday, April 20, 2015 (80 FR 21806). The regulations related to Amendments for Small and Additional Issues Exemptions under the Securities Act (Regulation A).
2015-06-29RuleSECURITIES AND EXCHANGE COMMISSIONSecurities and Exchange CommissionAdoption of Updated EDGAR Filer ManualThe Securities and Exchange Commission (the Commission) is adopting revisions to the Electronic Data Gathering, Analysis, and Retrieval System (EDGAR) Filer Manual and related rules to reflect updates to the EDGAR system. The updates are being made...2015-15825"https://www.govinfo.gov/content/pkg/FR-2015-06-29/pdf/2015-15825.pdfhttps://www.federalregister.gov/documents/2015/06/29/2015-15825/adoption-of-updated-edgar-filer-manualThe Securities and Exchange Commission (the Commission) is adopting revisions to the Electronic Data Gathering, Analysis, and Retrieval System (EDGAR) Filer Manual and related rules to reflect updates to the EDGAR system. The updates are being made primarily to add new submission form types N-CR and N-CR/A for Current Report of Money Market Fund Material Events; update submission form types ABS-15G and ABS-15G/A for Asset-backed securities reporting based on Rule 15Ga- 2; no longer display OMB expiration date on submission form types 13F and 13H; no longer provide support for the 2013 US GAAP financial reporting and 2013 EXCH taxonomies; documentation only corrections to Chapter 3, ``Index to Forms,'' of the ``EDGAR Filer Manual, Volume II: EDGAR Filing,'' which include adding submission types 8-K12B and 8- K12B/A to Table 3-3, ``Securities Exchange Act--Registration and Report Submission Types Accepted by EDGAR''; and documentation only changes to ``EDGAR Filer Manual, Volume II: EDGAR Filing'' for Section 508 compliance. The EDGAR system is scheduled to be upgraded to support this functionality on June 15, 2015.
2015-06-19RuleSECURITIES AND EXCHANGE COMMISSIONSecurities and Exchange CommissionAmendments for Small and Additional Issues Exemptions Under the Securities Act (Regulation A)This document corrects the designation of a paragraph in Item 6 of Part I to Form 1-A in a final rule published in the Federal Register of April 20, 2015, regarding the Amendments for Small and Additional Issues Exemptions under the Securities Act...2015-15146"https://www.govinfo.gov/content/pkg/FR-2015-06-19/pdf/2015-15146.pdfhttps://www.federalregister.gov/documents/2015/06/19/2015-15146/amendments-for-small-and-additional-issues-exemptions-under-the-securities-act-regulation-aThis document corrects the designation of a paragraph in Item 6 of Part I to Form 1-A in a final rule published in the Federal Register of April 20, 2015, regarding the Amendments for Small and Additional Issues Exemptions under the Securities Act (Regulation A).
2015-06-12Proposed RuleSECURITIES AND EXCHANGE COMMISSIONSecurities and Exchange CommissionAmendments to Form ADV and Investment Advisers Act RulesThe Securities and Exchange Commission is proposing amendments to Form ADV that are designed to provide additional information regarding advisers, including information about their separately managed account business; incorporate a method for private...2015-12778"https://www.govinfo.gov/content/pkg/FR-2015-06-12/pdf/2015-12778.pdfhttps://www.federalregister.gov/documents/2015/06/12/2015-12778/amendments-to-form-adv-and-investment-advisers-act-rulesThe Securities and Exchange Commission is proposing amendments to Form ADV that are designed to provide additional information regarding advisers, including information about their separately managed account business; incorporate a method for private fund adviser entities operating a single advisory business to register using a single Form ADV; and make clarifying, technical and other amendments to certain Form ADV items and instructions. The Commission also is proposing amendments to the Advisers Act books and records rule and technical amendments to several Advisers Act rules to remove transition provisions that are no longer necessary.
2015-06-12Proposed RuleSECURITIES AND EXCHANGE COMMISSIONSecurities and Exchange CommissionInvestment Company Reporting ModernizationThe Securities and Exchange Commission is proposing new rules and forms as well as amendments to its rules and forms to modernize the reporting and disclosure of information by registered investment companies. The Commission is proposing new Form...2015-12779"https://www.govinfo.gov/content/pkg/FR-2015-06-12/pdf/2015-12779.pdfhttps://www.federalregister.gov/documents/2015/06/12/2015-12779/investment-company-reporting-modernizationThe Securities and Exchange Commission is proposing new rules and forms as well as amendments to its rules and forms to modernize the reporting and disclosure of information by registered investment companies. The Commission is proposing new Form N-PORT, which would require certain registered investment companies to report information about their monthly portfolio holdings to the Commission in a structured data format. In addition, the Commission is proposing amendments to Regulation S-X, which would require standardized, enhanced disclosure about derivatives in investment company financial statements, as well as other amendments. The Commission is also proposing new rule 30e-3, which would permit but not require registered investment companies to transmit periodic reports to their shareholders by making the reports accessible on a Web site and satisfying certain other conditions. The Commission is proposing new Form N-CEN, which would require registered investment companies, other than face amount certificate companies, to annually report certain census-type information to the Commission in a structured data format. Finally, the Commission is proposing to rescind current Forms N-Q and N-SAR and to amend certain other rules and forms. Collectively, these amendments would, among other things, improve the information that the Commission receives from investment companies and assist the Commission, in its role as primary regulator of investment companies, to better fulfill its mission of protecting investors, maintaining fair, orderly and efficient markets, and facilitating capital formation. Investors and other potential users could also utilize this information to help investors make more informed investment decisions.
2015-06-10RuleCOMMODITY FUTURES TRADING COMMISSIONCommodity Futures Trading CommissionProceedings Before the Commodity Futures Trading Commission; Rules Relating to Suspension or Disbarment From Appearance and PracticeThe Commodity Futures Trading Commission (``Commission'' or ``CFTC'') amends its regulations to clarify the standard used for determining when an accountant has engaged in ``unethical or improper professional conduct''--grounds for a temporary or...2015-14159"https://www.govinfo.gov/content/pkg/FR-2015-06-10/pdf/2015-14159.pdfhttps://www.federalregister.gov/documents/2015/06/10/2015-14159/proceedings-before-the-commodity-futures-trading-commission-rules-relating-to-suspension-orThe Commodity Futures Trading Commission (``Commission'' or ``CFTC'') amends its regulations to clarify the standard used for determining when an accountant has engaged in ``unethical or improper professional conduct''--grounds for a temporary or permanent denial of the privilege to practice before the Commission. The amendment enhances transparency by codifying the standard used in Commission adjudications of accountant conduct under the Commission's regulations.
2015-06-04RuleSECURITIES AND EXCHANGE COMMISSIONSecurities and Exchange CommissionAmendments for Small and Additional Issues Exemptions Under the Securities Act (Regulation A)This document corrects an instruction for the authority to part 200 in a final rule published in the Federal Register of April 20, 2015 regarding the Amendments for Small and Additional Issues Exemptions under the Securities Act (Regulation A).2015-13627"https://www.govinfo.gov/content/pkg/FR-2015-06-04/pdf/2015-13627.pdfhttps://www.federalregister.gov/documents/2015/06/04/2015-13627/amendments-for-small-and-additional-issues-exemptions-under-the-securities-act-regulation-aThis document corrects an instruction for the authority to part 200 in a final rule published in the Federal Register of April 20, 2015 regarding the Amendments for Small and Additional Issues Exemptions under the Securities Act (Regulation A).
2015-06-02Proposed RuleCOMMODITY FUTURES TRADING COMMISSIONCommodity Futures Trading CommissionTrade OptionsOn May 7, 2015, the Commodity Futures Trading Commission (``Commission'' or ``CFTC'') published in the Federal Register a notice of proposed rulemaking (the ``Trade Options Proposal'') to amend the limited trade option exemption in part 32 of its...2015-13347"https://www.govinfo.gov/content/pkg/FR-2015-06-02/pdf/2015-13347.pdfhttps://www.federalregister.gov/documents/2015/06/02/2015-13347/trade-optionsOn May 7, 2015, the Commodity Futures Trading Commission (``Commission'' or ``CFTC'') published in the Federal Register a notice of proposed rulemaking (the ``Trade Options Proposal'') to amend the limited trade option exemption in part 32 of its regulations. The Commission is extending the comment period for the Trade Options Proposal in light of the Commission's recent interpretation concerning forward contracts with embedded volumetric optionality.
2015-05-26RuleSECURITIES AND EXCHANGE COMMISSIONSecurities and Exchange CommissionAdoption of Updated EDGAR Filer ManualThe Securities and Exchange Commission (the Commission) is adopting revisions to the Electronic Data Gathering, Analysis, and Retrieval System (EDGAR) Filer Manual and related rules to reflect updates to the EDGAR system. The updates are being made...2015-12566"https://www.govinfo.gov/content/pkg/FR-2015-05-26/pdf/2015-12566.pdfhttps://www.federalregister.gov/documents/2015/05/26/2015-12566/adoption-of-updated-edgar-filer-manualThe Securities and Exchange Commission (the Commission) is adopting revisions to the Electronic Data Gathering, Analysis, and Retrieval System (EDGAR) Filer Manual and related rules to reflect updates to the EDGAR system. The updates are being made primarily to support the submission form types for Regulation A. The EDGAR system is scheduled to be upgraded to support this functionality on May 11, 2015.
2015-05-13Proposed RuleSECURITIES AND EXCHANGE COMMISSIONSecurities and Exchange CommissionApplication of Certain Title VII Requirements to Security-Based Swap Transactions Connected With a Non-U.S. Person's Dealing Activity That Are Arranged, Negotiated, or Executed by Personnel Located in a U.S. Branch or Office or in a U.S. Branch or Office of an AgentThe Securities and Exchange Commission (``SEC'' or ``Commission'') is publishing for comment proposed amendments and a re- proposed rule to address the application of certain provisions of the Securities Exchange Act of 1934 (``Exchange Act'') that...2015-10382"https://www.govinfo.gov/content/pkg/FR-2015-05-13/pdf/2015-10382.pdfhttps://www.federalregister.gov/documents/2015/05/13/2015-10382/application-of-certain-title-vii-requirements-to-security-based-swap-transactions-connected-with-aThe Securities and Exchange Commission (``SEC'' or ``Commission'') is publishing for comment proposed amendments and a re- proposed rule to address the application of certain provisions of the Securities Exchange Act of 1934 (``Exchange Act'') that were added by Subtitle B of Title VII of the Dodd-Frank Wall Street Reform and Consumer Protection Act (``Dodd-Frank Act'') to cross-border security- based swap activities. The Commission is proposing amendments to Exchange Act rules 3a71-3 and 3a71-5 that would address the application of the de minimis exception to security-based swap transactions connected with a non-U.S. person's security-based swap dealing activity that are arranged, negotiated, or executed by personnel of such person located in a U.S. branch or office, or by personnel of such person's agent, located in a U.S. branch or office. The Commission is also re- proposing Exchange Act rule 3a71-3(c) and proposing certain amendments to Exchange Act rule 3a71-3(a) to address the applicability of external business conduct requirements to the U.S. business and foreign business of registered security-based swap dealers. The Commission also is proposing amendments to Regulation SBSR to apply the regulatory reporting and public dissemination requirements to transactions that are arranged, negotiated, or executed by personnel of non-U.S. persons, or personnel of such non-U.S. persons' agents, that are located in the United States and to transactions effected by or through a registered broker-dealer (including a registered security-based swap execution facility), along with certain related issues, including requiring registered broker-dealers (including registered security-based swap execution facilities) to report certain transactions that are effected by or through the registered broker-dealer.
2015-05-07Proposed RuleCOMMODITY FUTURES TRADING COMMISSIONCommodity Futures Trading CommissionTrade OptionsThe Commodity Futures Trading Commission (the ``Commission'' or the ``CFTC'') is proposing to amend the trade option exemption in its regulations, as described herein, in the following subject areas: Reporting requirements for trade option...2015-11020"https://www.govinfo.gov/content/pkg/FR-2015-05-07/pdf/2015-11020.pdfhttps://www.federalregister.gov/documents/2015/05/07/2015-11020/trade-optionsThe Commodity Futures Trading Commission (the ``Commission'' or the ``CFTC'') is proposing to amend the trade option exemption in its regulations, as described herein, in the following subject areas: Reporting requirements for trade option counterparties that are not swap dealers or major swap participants; recordkeeping requirements for trade option counterparties that are not swap dealers or major swap participants; and certain non-substantive amendments.
2015-05-07Proposed RuleSECURITIES AND EXCHANGE COMMISSIONSecurities and Exchange CommissionPay Versus PerformanceWe are proposing amendments to Item 402 of Regulation S-K to implement Section 14(i) of the Securities Exchange Act of 1934 (the ``Exchange Act''), as added by Section 953(a) of the Dodd-Frank Wall Street Reform and Consumer Protection Act (the...2015-10429"https://www.govinfo.gov/content/pkg/FR-2015-05-07/pdf/2015-10429.pdfhttps://www.federalregister.gov/documents/2015/05/07/2015-10429/pay-versus-performanceWe are proposing amendments to Item 402 of Regulation S-K to implement Section 14(i) of the Securities Exchange Act of 1934 (the ``Exchange Act''), as added by Section 953(a) of the Dodd-Frank Wall Street Reform and Consumer Protection Act (the ``Dodd-Frank Act''). Section 14(i) directs the Commission to adopt rules requiring registrants to disclose in a clear manner the relationship between executive compensation actually paid and the financial performance of the registrant. The proposed disclosure would be required in proxy or information statements in which executive compensation disclosure pursuant to Item 402 of Regulation S-K is required. The proposed disclosure requirements would not apply to emerging growth companies or foreign private issuers.
2015-04-20RuleSECURITIES AND EXCHANGE COMMISSIONSecurities and Exchange CommissionAmendments for Small and Additional Issues Exemptions Under the Securities Act (Regulation A)We are adopting amendments to Regulation A and other rules and forms to implement Section 401 of the Jumpstart Our Business Startups (JOBS) Act. Section 401 of the JOBS Act added Section 3(b)(2) to the Securities Act of 1933, which directs the...2015-07305"https://www.govinfo.gov/content/pkg/FR-2015-04-20/pdf/2015-07305.pdfhttps://www.federalregister.gov/documents/2015/04/20/2015-07305/amendments-for-small-and-additional-issues-exemptions-under-the-securities-act-regulation-aWe are adopting amendments to Regulation A and other rules and forms to implement Section 401 of the Jumpstart Our Business Startups (JOBS) Act. Section 401 of the JOBS Act added Section 3(b)(2) to the Securities Act of 1933, which directs the Commission to adopt rules exempting from the registration requirements of the Securities Act offerings of up to $50 million of securities annually. The final rules include issuer eligibility requirements, content and filing requirements for offering statements, and ongoing reporting requirements for issuers in Regulation A offerings.
2015-04-20RuleSECURITIES AND EXCHANGE COMMISSIONSecurities and Exchange CommissionAdoption of Updated EDGAR Filer ManualThe Securities and Exchange Commission (the Commission) is adopting revisions to the Electronic Data Gathering, Analysis, and Retrieval System (EDGAR) Filer Manual and related rules to reflect updates to the EDGAR system. The updates are being made...2015-08982"https://www.govinfo.gov/content/pkg/FR-2015-04-20/pdf/2015-08982.pdfhttps://www.federalregister.gov/documents/2015/04/20/2015-08982/adoption-of-updated-edgar-filer-manualThe Securities and Exchange Commission (the Commission) is adopting revisions to the Electronic Data Gathering, Analysis, and Retrieval System (EDGAR) Filer Manual and related rules to reflect updates to the EDGAR system. The updates are being made primarily to support the 2015 US GAAP financial reporting and 2015 EXCH taxonomies; add new form types for registration of Security-based swap data repositories (SDR); revise the Form ID Application Confirmation screen; remove references to the Paper Form ID; and revise Item 1 on submission form type MA-A. The EDGAR system was upgraded to support the new 2015 taxonomies and revised MA-A form functionalities on March 9, 2015. The EDGAR system is scheduled to be upgraded to support the other functionalities on April 13, 2015.
2015-04-02Proposed RuleSECURITIES AND EXCHANGE COMMISSIONSecurities and Exchange CommissionExemption for Certain Exchange MembersThe Securities and Exchange Commission (``Commission'') is proposing to amend Rule 15b9-1 (``Rule'') under the Securities Exchange Act of 1934 (``Act'' or ``Exchange Act''), which exempts certain brokers or dealers from membership in a registered...2015-07293"https://www.govinfo.gov/content/pkg/FR-2015-04-02/pdf/2015-07293.pdfhttps://www.federalregister.gov/documents/2015/04/02/2015-07293/exemption-for-certain-exchange-membersThe Securities and Exchange Commission (``Commission'') is proposing to amend Rule 15b9-1 (``Rule'') under the Securities Exchange Act of 1934 (``Act'' or ``Exchange Act''), which exempts certain brokers or dealers from membership in a registered national securities association (``Association''). The proposed amendments would replace the current gross income allowance in the Rule with a narrower exemption from Association membership for a broker or dealer that carries no customer accounts and effects transactions on a national securities exchange. The proposed amendments would create an exemption for a dealer that effects transactions off the exchange of which it is a member solely for the purpose of hedging the risks of its floor-based activity, or a broker or dealer that effects transactions off the exchange resulting from orders that are routed by a national securities exchange of which it is a member, to prevent trade-throughs consistent with the provisions of Rule 611 of Regulation NMS.
2015-03-25Proposed RuleCOMMODITY FUTURES TRADING COMMISSIONCommodity Futures Trading CommissionPosition Limits for Derivatives and Aggregation of Positions; CorrectionThis is a correction to the preamble of a document published by the Commodity Futures Trading Commission (``Commission'') in the Federal Register of February 25, 2015, regarding the reopening of the comment periods for proposed rulemakings to establish...2015-06688"https://www.govinfo.gov/content/pkg/FR-2015-03-25/pdf/2015-06688.pdfhttps://www.federalregister.gov/documents/2015/03/25/2015-06688/position-limits-for-derivatives-and-aggregation-of-positions-correctionThis is a correction to the preamble of a document published by the Commodity Futures Trading Commission (``Commission'') in the Federal Register of February 25, 2015, regarding the reopening of the comment periods for proposed rulemakings to establish speculative position limits for 28 exempt and agricultural commodity futures and options contracts and the physical commodity swaps that are economically equivalent to such contracts (the ``Position Limits Proposal'') and to amend existing regulations setting out the Commission's policy for aggregation under its position limits regime (the ``Aggregation Proposal''). This correction clarifies the closing date for the reopened comment periods, which was inadvertently set to fall on a non-business day.
2015-03-25RuleCOMMODITY FUTURES TRADING COMMISSIONCommodity Futures Trading CommissionForeign Futures and Options TransactionsThe Commodity Futures Trading Commission (Commission or CFTC) is granting an exemption to certain firms designated by the Hong Kong Securities and Futures Commission (HKSFC) from the application of certain of the Commission's foreign futures and option...2015-06687"https://www.govinfo.gov/content/pkg/FR-2015-03-25/pdf/2015-06687.pdfhttps://www.federalregister.gov/documents/2015/03/25/2015-06687/foreign-futures-and-options-transactionsThe Commodity Futures Trading Commission (Commission or CFTC) is granting an exemption to certain firms designated by the Hong Kong Securities and Futures Commission (HKSFC) from the application of certain of the Commission's foreign futures and option regulations based upon substituted compliance with certain comparable regulatory and self-regulatory requirements of a foreign regulatory authority consistent with conditions specified by the Commission, as set forth herein. This Order is issued pursuant to Commission Regulation 30.10, which permits persons to file a petition with the Commission for exemption from the application of certain of the Regulations set forth in Part 30 and authorizes the Commission to grant such an exemption if such action would not be otherwise contrary to the public interest or to the purposes of the provision from which exemption is sought. The Commission notes that the relief granted by this Order is not applicable to any licensed corporation subject to joint oversight by the Hong Kong Monetary Authority (HKMA) and the HKSFC, or to any registered institution subject to oversight solely by the HKMA. Further, this Order does not pertain to any transaction in swaps, as defined in Section 1a(47) of the Commodity Exchange Act.
2015-03-24RuleCOMMODITY FUTURES TRADING COMMISSIONCommodity Futures Trading CommissionResidual Interest Deadline for Futures Commission MerchantsThe Commodity Futures Trading Commission (``Commission'' or ``CFTC'') is amending its regulations to remove the December 31, 2018 automatic termination date for the phased-in compliance schedule for futures commission merchants (``FCMs'') and provides...2015-06548"https://www.govinfo.gov/content/pkg/FR-2015-03-24/pdf/2015-06548.pdfhttps://www.federalregister.gov/documents/2015/03/24/2015-06548/residual-interest-deadline-for-futures-commission-merchantsThe Commodity Futures Trading Commission (``Commission'' or ``CFTC'') is amending its regulations to remove the December 31, 2018 automatic termination date for the phased-in compliance schedule for futures commission merchants (``FCMs'') and provides assurance that the residual interest deadline, as defined in the regulations (``Residual Interest Deadline''), will only be revised through a separate Commission rulemaking.
2015-03-19RuleSECURITIES AND EXCHANGE COMMISSIONSecurities and Exchange CommissionSecurity-Based Swap Data Repository Registration, Duties, and Core PrinciplesPursuant to Section 763(i) of Title VII (``Title VII'') of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (``Dodd-Frank Act''), the Securities and Exchange Commission (``Commission'') is adopting new rules under the Securities...2015-03127"https://www.govinfo.gov/content/pkg/FR-2015-03-19/pdf/2015-03127.pdfhttps://www.federalregister.gov/documents/2015/03/19/2015-03127/security-based-swap-data-repository-registration-duties-and-core-principlesPursuant to Section 763(i) of Title VII (``Title VII'') of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (``Dodd-Frank Act''), the Securities and Exchange Commission (``Commission'') is adopting new rules under the Securities Exchange Act of 1934 (``Exchange Act'') governing the security-based swap data repository (``SDR'') registration process, duties, and core principles. The Commission is also adopting a new registration form. Additionally, the Commission is amending several of its existing rules and regulations in order to accommodate SDRs. First, the Commission is amending Regulation S-T and Exchange Act Rule 24b-2 to clarify that all filings by SDRs, including any confidential portion, and their requests for confidential treatment must be filed electronically. Second, the Commission is amending Regulation S-T by, among other things, adding a new rule that specifically applies to the electronic filing of SDRs' financial reports.
2015-03-19RuleSECURITIES AND EXCHANGE COMMISSIONSecurities and Exchange CommissionRegulation SBSR-Reporting and Dissemination of Security-Based Swap InformationIn accordance with Section 763 and Section 766 of Title VII (``Title VII'') of the Dodd-Frank Wall Street Reform and Consumer Protection Act (the ``Dodd-Frank Act''), the Securities and Exchange Commission (``SEC'' or ``Commission'') is adopting...2015-03124"https://www.govinfo.gov/content/pkg/FR-2015-03-19/pdf/2015-03124.pdfhttps://www.federalregister.gov/documents/2015/03/19/2015-03124/regulation-sbsr-reporting-and-dissemination-of-security-based-swap-informationIn accordance with Section 763 and Section 766 of Title VII (``Title VII'') of the Dodd-Frank Wall Street Reform and Consumer Protection Act (the ``Dodd-Frank Act''), the Securities and Exchange Commission (``SEC'' or ``Commission'') is adopting Regulation SBSR-- Reporting and Dissemination of Security-Based Swap Information (``Regulation SBSR'') under the Securities Exchange Act of 1934 (``Exchange Act''). Regulation SBSR provides for the reporting of security-based swap information to registered security-based swap data repositories (``registered SDRs'') or the Commission, and the public dissemination of security-based swap transaction, volume, and pricing information by registered SDRs. Registered SDRs are required to establish and maintain certain policies and procedures regarding how transaction data are reported and disseminated, and participants of registered SDRs that are registered security-based swap dealers or registered major security-based swap participants are required to establish and maintain policies and procedures that are reasonably designed to ensure that they comply with applicable reporting obligations. Regulation SBSR contains provisions that address the application of the regulatory reporting and public dissemination requirements to cross-border security-based swap activity as well as provisions for permitting market participants to satisfy these requirements through substituted compliance. Finally, Regulation SBSR will require a registered SDR to register with the Commission as a securities information processor.
2015-03-19Proposed RuleSECURITIES AND EXCHANGE COMMISSIONSecurities and Exchange CommissionRegulation SBSR-Reporting and Dissemination of Security-Based Swap InformationThe Securities and Exchange Commission (``SEC'' or ``Commission'') is proposing certain new rules and rule amendments to Regulation SBSR--Reporting and Dissemination of Security-Based Swap Information (``Regulation SBSR''). Specifically, proposed Rule...2015-03125"https://www.govinfo.gov/content/pkg/FR-2015-03-19/pdf/2015-03125.pdfhttps://www.federalregister.gov/documents/2015/03/19/2015-03125/regulation-sbsr-reporting-and-dissemination-of-security-based-swap-informationThe Securities and Exchange Commission (``SEC'' or ``Commission'') is proposing certain new rules and rule amendments to Regulation SBSR--Reporting and Dissemination of Security-Based Swap Information (``Regulation SBSR''). Specifically, proposed Rule 901(a)(1) of Regulation SBSR would require a platform (i.e., a national securities exchange or security-based swap execution facility (``SB SEF'') that is registered with the Commission or exempt from registration) to report to a registered security-based swap data repository (``registered SDR'') a security-based swap executed on such platform that will be submitted to clearing. Proposed Rule 901(a)(2)(i) of Regulation SBSR would require a registered clearing agency to report to a registered SDR any security-based swap to which it is a counterparty. The Commission also is proposing certain conforming changes to other provisions of Regulation SBSR in light the proposed amendments to Rule 901(a), and a new rule that would prohibit registered SDRs from charging fees for or imposing usage restrictions on the users of the security-based swap transaction data that they are required to publicly disseminate. In addition, the Commission is explaining the application of Regulation SBSR to prime brokerage transactions and proposing guidance for the reporting and public dissemination of allocations of cleared security-based swaps. Finally, the Commission is proposing a new compliance schedule for the portions of Regulation SBSR for which the Commission has not specified a compliance date.
2015-03-10RuleCOMMODITY FUTURES TRADING COMMISSIONCommodity Futures Trading CommissionInitial Response to District Court Remand Order in Securities Industry and Financial Markets Association, et al. v. United States Commodity Futures Trading CommissionThis release is the Commodity Futures Trading Commission's (``Commission'' or ``CFTC'') initial response to the order of the United States District Court for the District of Columbia in Securities Industry and Financial Markets Association, et al. v....2015-05413"https://www.govinfo.gov/content/pkg/FR-2015-03-10/pdf/2015-05413.pdfhttps://www.federalregister.gov/documents/2015/03/10/2015-05413/initial-response-to-district-court-remand-order-in-securities-industry-and-financial-marketsThis release is the Commodity Futures Trading Commission's (``Commission'' or ``CFTC'') initial response to the order of the United States District Court for the District of Columbia in Securities Industry and Financial Markets Association, et al. v. United States Commodity Futures Trading Commission remanding eight swaps-related rulemakings to the Commission to address what the court held to be inadequacies in the Commission's consideration of costs and benefits, or its explanation of its consideration of costs and benefits, in those rulemakings. In this release, the Commission: supplements the preambles to the remanded rulemakings by clarifying that the costs and benefits identified therein applied both to domestic swaps activities and activities outside the United States that are subject to the Commission's swaps rules by operation of section 2(i) of the Commodity Exchange Act (``CEA''); and solicits comments on whether there are cross-border costs or benefits associated with the remanded rules that differ from those associated with activities within the United States. Following its review of the comments, the Commission will publish a further response to the District Court remand order which would include any supplementation of or changes to its consideration of the costs and benefits of the relevant rules as set forth in the rule preambles. The Commission will also consider whether to amend any of these rules in light of information developed in this process.
2015-02-25Proposed RuleCOMMODITY FUTURES TRADING COMMISSIONCommodity Futures Trading CommissionPosition Limits for Derivatives and Aggregation of PositionsOn December 12, 2013, the Commodity Futures Trading Commission (``Commission'') published in the Federal Register a notice of proposed rulemaking (the ``Position Limits Proposal'') to establish speculative position limits for 28 exempt and agricultural...2015-03834"https://www.govinfo.gov/content/pkg/FR-2015-02-25/pdf/2015-03834.pdfhttps://www.federalregister.gov/documents/2015/02/25/2015-03834/position-limits-for-derivatives-and-aggregation-of-positionsOn December 12, 2013, the Commodity Futures Trading Commission (``Commission'') published in the Federal Register a notice of proposed rulemaking (the ``Position Limits Proposal'') to establish speculative position limits for 28 exempt and agricultural commodity futures and options contracts and the physical commodity swaps that are economically equivalent to such contracts. On November 15, 2013, the Commission published in the Federal Register a notice of proposed rulemaking (the ``Aggregation Proposal'') to amend existing regulations setting out the Commission's policy for aggregation under its position limits regime. The Commission's Energy and Environmental Markets Advisory Committee has scheduled a public meeting to be held on February 26, 2015, which will consider, among other matters, exemptions for bona fide hedging positions. In conjunction with the meeting of the Commission's Energy and Environmental Markets Advisory Committee, the Commission will post an agenda and associated materials, if any, on the Commission's Web site; additionally, access to a video webcast of the meeting will be added to the Web site. In addition, and in connection with the meeting, the Commission is providing counts of the unique persons over percentages of the 28 proposed position limit levels (currently provided in Table 11 of the Position Limits Proposal based on counts from the period of January 1, 2011, to December 31, 2012 period) in a new table, Table 11a, based on counts from the period of January 1, 2013, to December 31, 2014. To provide commenters with a sufficient period of time to respond to questions raised and points made at the Energy and Environmental Markets Committee meeting, as well as to provide an opportunity to comment on Table 11a, the Commission will reopen the comment periods for an additional 30 days. The Commission is providing notice that comments may be made on the issues addressed at the meeting or in the associated materials posted to the Commission's Web site, as they pertain to energy commodities. Furthermore, comments may be made on Table 11a, showing counts of the unique persons over percentages of the 28 proposed position limit levels based on counts from the period of January 1, 2013, to December 31, 2014.
2015-02-17Proposed RuleSECURITIES AND EXCHANGE COMMISSIONSecurities and Exchange CommissionDisclosure of Hedging by Employees, Officers and DirectorsWe are proposing amendments to our rules to implement Section 955 of the Dodd-Frank Wall Street Reform and Consumer Protection Act, which requires annual meeting proxy statement disclosure of whether employees or members of the board of directors are...2015-02948"https://www.govinfo.gov/content/pkg/FR-2015-02-17/pdf/2015-02948.pdfhttps://www.federalregister.gov/documents/2015/02/17/2015-02948/disclosure-of-hedging-by-employees-officers-and-directorsWe are proposing amendments to our rules to implement Section 955 of the Dodd-Frank Wall Street Reform and Consumer Protection Act, which requires annual meeting proxy statement disclosure of whether employees or members of the board of directors are permitted to engage in transactions to hedge or offset any decrease in the market value of equity securities granted to the employee or board member as compensation, or held directly or indirectly by the employee or board member. The proposed disclosure would be required in a proxy statement or information statement relating to an election of directors, whether by vote of security holders at a meeting or an action authorized by written consent.
2015-02-09RuleSECURITIES AND EXCHANGE COMMISSIONSecurities and Exchange CommissionRescission of Outdated Rules and Forms, and Amendments To Correct ReferencesThe Securities and Exchange Commission (``SEC'' or ``Commission'') is making technical amendments to update control numbers assigned to information collection requirements of the Commission by the Office of Management and Budget pursuant to the...2015-02465"https://www.govinfo.gov/content/pkg/FR-2015-02-09/pdf/2015-02465.pdfhttps://www.federalregister.gov/documents/2015/02/09/2015-02465/rescission-of-outdated-rules-and-forms-and-amendments-to-correct-referencesThe Securities and Exchange Commission (``SEC'' or ``Commission'') is making technical amendments to update control numbers assigned to information collection requirements of the Commission by the Office of Management and Budget pursuant to the Paperwork Reduction Act of 1980.
2015-02-06RuleSECURITIES AND EXCHANGE COMMISSIONSecurities and Exchange CommissionAsset-Backed Securities Disclosure and RegistrationThis release makes technical corrections to rules that were published in the Federal Register on September 24, 2014. The Commission adopted revisions to Regulation AB and other rules governing the offering process, disclosure, and reporting for...2015-02425"https://www.govinfo.gov/content/pkg/FR-2015-02-06/pdf/2015-02425.pdfhttps://www.federalregister.gov/documents/2015/02/06/2015-02425/asset-backed-securities-disclosure-and-registrationThis release makes technical corrections to rules that were published in the Federal Register on September 24, 2014. The Commission adopted revisions to Regulation AB and other rules governing the offering process, disclosure, and reporting for asset-backed securities. These technical amendments are being published to reinstate language that was inadvertently removed and make other technical corrections.
2015-01-05Proposed RuleCOMMODITY FUTURES TRADING COMMISSIONCommodity Futures Trading CommissionPosition Limits for Derivatives and Aggregation of PositionsOn December 12, 2013, the Commodity Futures Trading Commission (``Commission'') published in the Federal Register a notice of proposed rulemaking (the ``Position Limits Proposal'') to establish speculative position limits for 28 exempt and agricultural...2014-30831"https://www.govinfo.gov/content/pkg/FR-2015-01-05/pdf/2014-30831.pdfhttps://www.federalregister.gov/documents/2015/01/05/2014-30831/position-limits-for-derivatives-and-aggregation-of-positionsOn December 12, 2013, the Commodity Futures Trading Commission (``Commission'') published in the Federal Register a notice of proposed rulemaking (the ``Position Limits Proposal'') to establish speculative position limits for 28 exempt and agricultural commodity futures and options contracts and the physical commodity swaps that are economically equivalent to such contracts. On November 15, 2013, the Commission published in the Federal Register a notice of proposed rulemaking (the ``Aggregation Proposal'') to amend existing regulations setting out the Commission's policy for aggregation under its position limits regime. On December 9, 2014, the Commission's Agricultural Advisory Committee held a public meeting that considered, among other matters, deliverable supply and exemptions for bona fide hedging positions. In conjunction with the meeting of the Commission's Agricultural Advisory Committee, the Commission posted questions and presentation materials on the Commission's Web site; additionally, access to a video webcast of the meeting has been added to the Web site. To provide commenters with a sufficient period of time to respond to questions raised and points made at the Agricultural Advisory Committee meeting, the Commission reopened the comment periods for an additional 45 days, from December 9, 2014 to January 22, 2015. The Commission is providing notice and clarification that, in addition to commenting on the agenda issues noted in the December 4, 2014, Federal Register release providing notice of the re-opened comment period, comments may be made on the issues addressed at the meeting or in the associated materials posted to the Commission's Web site, as they pertain to agricultural commodities.
2014-12-30Proposed RuleSECURITIES AND EXCHANGE COMMISSIONSecurities and Exchange CommissionChanges to Exchange Act Registration Requirements To Implement Title V and Title VI of the Jobs ActWe are proposing amendments to our rules to implement Title V and Title VI of the Jumpstart Our Business Startups Act (the ``JOBS Act''). The proposed amendments would revise rules adopted under Section 12(g) of the Securities Exchange Act of 1934 (the...2014-30136"https://www.govinfo.gov/content/pkg/FR-2014-12-30/pdf/2014-30136.pdfhttps://www.federalregister.gov/documents/2014/12/30/2014-30136/changes-to-exchange-act-registration-requirements-to-implement-title-v-and-title-vi-of-the-jobs-actWe are proposing amendments to our rules to implement Title V and Title VI of the Jumpstart Our Business Startups Act (the ``JOBS Act''). The proposed amendments would revise rules adopted under Section 12(g) of the Securities Exchange Act of 1934 (the ``Exchange Act'') to reflect the new, higher thresholds for registration, termination of registration and suspension of reporting that were set forth in the JOBS Act. The proposed rules also would apply the thresholds specified for banks and bank holding companies to savings and loan holding companies. In addition, the proposed amendments would revise the definition of ``held of record'' in Exchange Act Rule 12g5-1, in accordance with the JOBS Act, to exclude certain securities held by persons who received them pursuant to employee compensation plans and establish a non-exclusive safe harbor for determining whether securities are ``held of record'' for purposes of registration under Exchange Act Section 12(g).
2014-12-24RuleDEPARTMENT OF THE TREASURYTreasury DepartmentCredit Risk RetentionThe OCC, Board, FDIC, Commission, FHFA, and HUD (the agencies) are adopting a joint final rule (the rule, or the final rule) to implement the credit risk retention requirements of section 15G of the Securities Exchange Act of 1934, as added by section...2014-29256"https://www.govinfo.gov/content/pkg/FR-2014-12-24/pdf/2014-29256.pdfhttps://www.federalregister.gov/documents/2014/12/24/2014-29256/credit-risk-retentionThe OCC, Board, FDIC, Commission, FHFA, and HUD (the agencies) are adopting a joint final rule (the rule, or the final rule) to implement the credit risk retention requirements of section 15G of the Securities Exchange Act of 1934, as added by section 941 of the Dodd- Frank Wall Street Reform and Consumer Protection Act (the Act or Dodd- Frank Act). Section 15G generally requires the securitizer of asset- backed securities to retain not less than 5 percent of the credit risk of the assets collateralizing the asset-backed securities. Section 15G includes a variety of exemptions from these requirements, including an exemption for asset-backed securities that are collateralized exclusively by residential mortgages that qualify as ``qualified residential mortgages,'' as such term is defined by the agencies by rule.
2014-12-23RuleSECURITIES AND EXCHANGE COMMISSIONSecurities and Exchange CommissionAdoption of Updated EDGAR Filer ManualThe Securities and Exchange Commission (the Commission) is adopting revisions to the Electronic Data Gathering, Analysis, and Retrieval System (EDGAR) Filer Manual and related rules to reflect updates to the EDGAR system. The updates are being made...2014-30041"https://www.govinfo.gov/content/pkg/FR-2014-12-23/pdf/2014-30041.pdfhttps://www.federalregister.gov/documents/2014/12/23/2014-30041/adoption-of-updated-edgar-filer-manualThe Securities and Exchange Commission (the Commission) is adopting revisions to the Electronic Data Gathering, Analysis, and Retrieval System (EDGAR) Filer Manual and related rules to reflect updates to the EDGAR system. The updates are being made primarily to make available a new exhibit type EX-1.01 and disallow Exhibit type EX- 1.02 on EDGARLink Online for submission form types SD and SD/A, to implement the ``Calendar Year Ending'' value validation rule for form type 13H-A, to require Transfer Agents with file numbers in the range 085-15000 to 085-19999 to select ``Comptroller of the Currency'' as the registrant's appropriate regulatory agency on Form TA-2 and its amendment, and to update the EDGAR Portal to include a new option, ``Do you need more information?'' that links to the `Guidance for Filers and FAQs' section on the SEC's Public Web site (www.sec.gov). The EDGAR system is scheduled to be upgraded to support this functionality on December 15, 2014.
2014-12-23RuleSECURITIES AND EXCHANGE COMMISSIONSecurities and Exchange CommissionTemporary Rule Regarding Principal Trades With Certain Advisory ClientsThe Securities and Exchange Commission is amending rule 206(3)-3T under the Investment Advisers Act of 1940, a temporary rule that establishes an alternative means for investment advisers that are registered with the Commission as broker-dealers to...2014-29975"https://www.govinfo.gov/content/pkg/FR-2014-12-23/pdf/2014-29975.pdfhttps://www.federalregister.gov/documents/2014/12/23/2014-29975/temporary-rule-regarding-principal-trades-with-certain-advisory-clientsThe Securities and Exchange Commission is amending rule 206(3)-3T under the Investment Advisers Act of 1940, a temporary rule that establishes an alternative means for investment advisers that are registered with the Commission as broker-dealers to meet the requirements of section 206(3) of the Investment Advisers Act when they act in a principal capacity in transactions with certain of their advisory clients. The amendment extends the date on which rule 206(3)- 3T will sunset from December 31, 2014 to December 31, 2016.
2014-12-10RuleDEPARTMENT OF THE TREASURYTreasury DepartmentGovernment Securities Act Regulations: Large Position Reporting RulesThe Department of the Treasury (Treasury) is amending its rules for reporting large positions in certain Treasury securities. The large position reporting rules are issued under the Government Securities Act (GSA) for the purposes of monitoring the...2014-28734"https://www.govinfo.gov/content/pkg/FR-2014-12-10/pdf/2014-28734.pdfhttps://www.federalregister.gov/documents/2014/12/10/2014-28734/government-securities-act-regulations-large-position-reporting-rulesThe Department of the Treasury (Treasury) is amending its rules for reporting large positions in certain Treasury securities. The large position reporting rules are issued under the Government Securities Act (GSA) for the purposes of monitoring the impact in the Treasury securities market of concentrations of positions in Treasury securities and otherwise assisting the Securities and Exchange Commission (SEC) in enforcing the GSA. In addition, the large position reports provide Treasury with information to better understand supply and demand dynamics in certain Treasury securities. These amendments are designed to improve the information available to Treasury and simplify the reporting process for many entities subject to the large position reporting rules.
2014-12-05RuleSECURITIES AND EXCHANGE COMMISSIONSecurities and Exchange CommissionRegulation Systems Compliance and IntegrityThe Securities and Exchange Commission (``Commission'') is adopting new Regulation Systems Compliance and Integrity (``Regulation SCI'') under the Securities Exchange Act of 1934 (``Exchange Act'') and conforming amendments to Regulation ATS under the...2014-27767"https://www.govinfo.gov/content/pkg/FR-2014-12-05/pdf/2014-27767.pdfhttps://www.federalregister.gov/documents/2014/12/05/2014-27767/regulation-systems-compliance-and-integrityThe Securities and Exchange Commission (``Commission'') is adopting new Regulation Systems Compliance and Integrity (``Regulation SCI'') under the Securities Exchange Act of 1934 (``Exchange Act'') and conforming amendments to Regulation ATS under the Exchange Act. Regulation SCI will apply to certain self-regulatory organizations (including registered clearing agencies), alternative trading systems (``ATSs''), plan processors, and exempt clearing agencies (collectively, ``SCI entities''), and will require these SCI entities to comply with requirements with respect to the automated systems central to the performance of their regulated activities.
2014-12-04Proposed RuleCOMMODITY FUTURES TRADING COMMISSIONCommodity Futures Trading CommissionPosition Limits for Derivatives and Aggregation of PositionsOn December 12, 2013, the Commodity Futures Trading Commission (``Commission'') published in the Federal Register a notice of proposed rulemaking (the ``Position Limits Proposal'') to establish speculative position limits for 28 exempt and agricultural...2014-28482"https://www.govinfo.gov/content/pkg/FR-2014-12-04/pdf/2014-28482.pdfhttps://www.federalregister.gov/documents/2014/12/04/2014-28482/position-limits-for-derivatives-and-aggregation-of-positionsOn December 12, 2013, the Commodity Futures Trading Commission (``Commission'') published in the Federal Register a notice of proposed rulemaking (the ``Position Limits Proposal'') to establish speculative position limits for 28 exempt and agricultural commodity futures and options contracts and the physical commodity swaps that are economically equivalent to such contracts. On November 15, 2013, the Commission published in the Federal Register a notice of proposed rulemaking (the ``Aggregation Proposal'') to amend existing regulations setting out the Commission's policy for aggregation under its position limits regime. The Commission's Agricultural Advisory Committee has scheduled a public meeting to be held on December 9, 2014, which will consider, among other matters, deliverable supply and exemptions for bona fide hedging positions. To provide commenters with a sufficient period of time to respond to questions raised and points made at the Agricultural Advisory Committee meeting, the Commission is reopening the comment periods for an additional 45 days. Comments should be limited to the following issues as they pertain to agricultural commodities: Hedges of a physical commodity by a commercial enterprise; and the process for estimating deliverable supplies used in the setting of spot month limits.
2014-11-21RuleSECURITIES AND EXCHANGE COMMISSIONSecurities and Exchange CommissionStaff Accounting Bulletin No. 115This staff accounting bulletin rescinds portions of the interpretive guidance included in the Staff Accounting Bulletin Series in order to make the relevant interpretive guidance consistent with authoritative accounting guidance and Securities and...2014-27618"https://www.govinfo.gov/content/pkg/FR-2014-11-21/pdf/2014-27618.pdfhttps://www.federalregister.gov/documents/2014/11/21/2014-27618/staff-accounting-bulletin-no-115This staff accounting bulletin rescinds portions of the interpretive guidance included in the Staff Accounting Bulletin Series in order to make the relevant interpretive guidance consistent with authoritative accounting guidance and Securities and Exchange Commission rules and regulations. Specifically, the staff is updating the Series in order to bring existing guidance into conformity with a recent consensus of the Financial Accounting Standards Board Emerging Issues Task Force, Accounting Standards Update No. 2014-17--Business Combinations (Topic 805): Pushdown Accounting (a consensus of the FASB Emerging Issues Task Force).
2014-11-20Proposed RuleCOMMODITY FUTURES TRADING COMMISSIONCommodity Futures Trading CommissionForward Contracts With Embedded Volumetric OptionalityIn accordance with section 712(d)(4) of the Dodd-Frank Wall Street Reform and Consumer Protection Act (the ``Dodd-Frank Act''), the Commodity Futures Trading Commission (the ``CFTC'') and the Securities and Exchange Commission (``SEC''), after...2014-27285"https://www.govinfo.gov/content/pkg/FR-2014-11-20/pdf/2014-27285.pdfhttps://www.federalregister.gov/documents/2014/11/20/2014-27285/forward-contracts-with-embedded-volumetric-optionalityIn accordance with section 712(d)(4) of the Dodd-Frank Wall Street Reform and Consumer Protection Act (the ``Dodd-Frank Act''), the Commodity Futures Trading Commission (the ``CFTC'') and the Securities and Exchange Commission (``SEC''), after consultation with the Board of Governors of the Federal Reserve System (``Board of Governors''), are jointly issuing the CFTC's proposed clarification of its interpretation concerning forward contracts with embedded volumetric optionality. The CFTC invites public comment on all aspects of its proposed interpretation.
2014-11-14Proposed RuleCOMMODITY FUTURES TRADING COMMISSIONCommodity Futures Trading CommissionResidual Interest Deadline for Futures Commission MerchantsThe Commodity Futures Trading Commission (``Commission'' or ``CFTC'') is proposing to revise the Residual Interest Deadline in Commission Rule 1.22. The amendment would remove the December 31, 2018 termination date for the phased-in compliance schedule...2014-26978"https://www.govinfo.gov/content/pkg/FR-2014-11-14/pdf/2014-26978.pdfhttps://www.federalregister.gov/documents/2014/11/14/2014-26978/residual-interest-deadline-for-futures-commission-merchantsThe Commodity Futures Trading Commission (``Commission'' or ``CFTC'') is proposing to revise the Residual Interest Deadline in Commission Rule 1.22. The amendment would remove the December 31, 2018 termination date for the phased-in compliance schedule for futures commission merchants (``FCMs'') and provide assurance that the Residual Interest Deadline would only be revised through a separate Commission rulemaking.
2014-11-14Proposed RuleCOMMODITY FUTURES TRADING COMMISSIONCommodity Futures Trading CommissionRecords of Commodity Interest and Related Cash or Forward TransactionsThe Commodity Futures Trading Commission (the ``Commission'' or ``CFTC'') is proposing to amend Commission Rule 1.35(a) (the ``Proposal'') to: provide that all records required to be maintained under this regulation must be searchable; clarify that all...2014-26983"https://www.govinfo.gov/content/pkg/FR-2014-11-14/pdf/2014-26983.pdfhttps://www.federalregister.gov/documents/2014/11/14/2014-26983/records-of-commodity-interest-and-related-cash-or-forward-transactionsThe Commodity Futures Trading Commission (the ``Commission'' or ``CFTC'') is proposing to amend Commission Rule 1.35(a) (the ``Proposal'') to: provide that all records required to be maintained under this regulation must be searchable; clarify that all records be kept in a form and manner that allows for identification of a particular transaction, except that records of oral and written communications leading to the execution of a transaction in a commodity interest and related cash or forward transactions are not required to be kept in a form and manner that allows for identification of a particular transaction; exclude unregistered members of designated contract markets (``DCMs'') and swap execution facilities (``SEFs'') from the requirements to retain text messages and to maintain records in a particular form and manner; and exclude commodity trading advisors (``CTAs'') from the oral recordkeeping requirement.
2014-11-10RuleSECURITIES AND EXCHANGE COMMISSIONSecurities and Exchange CommissionAsset-Backed Securities Disclosure and Registration; CorrectionWe are making technical corrections to rules that were published in the Federal Register on September 24, 2014 (79 FR 57184). The Commission adopted revisions to Regulation AB and other rules governing the offering process, disclosure, and reporting...2014-26504"https://www.govinfo.gov/content/pkg/FR-2014-11-10/pdf/2014-26504.pdfhttps://www.federalregister.gov/documents/2014/11/10/2014-26504/asset-backed-securities-disclosure-and-registration-correctionWe are making technical corrections to rules that were published in the Federal Register on September 24, 2014 (79 FR 57184). The Commission adopted revisions to Regulation AB and other rules governing the offering process, disclosure, and reporting for asset- backed securities.
2014-10-29RuleSECURITIES AND EXCHANGE COMMISSIONSecurities and Exchange CommissionAdoption of Updated EDGAR Filer ManualThe Securities and Exchange Commission (the Commission) is adopting revisions to the Electronic Data Gathering, Analysis, and Retrieval System (EDGAR) Filer Manual and related rules to reflect updates to the EDGAR system. The updates are being made...2014-25536"https://www.govinfo.gov/content/pkg/FR-2014-10-29/pdf/2014-25536.pdfhttps://www.federalregister.gov/documents/2014/10/29/2014-25536/adoption-of-updated-edgar-filer-manualThe Securities and Exchange Commission (the Commission) is adopting revisions to the Electronic Data Gathering, Analysis, and Retrieval System (EDGAR) Filer Manual and related rules to reflect updates to the EDGAR system. The updates are being made primarily to support the revision of the disclosure, reporting and offering process for asset-backed securities (ABS) to enhance transparency and better protect investors in the securitization market; system upgrade to be compatible with Internet Explorer (IE) version 8.0; revision of the N- SAR system requirements. The EDGAR system is scheduled to be upgraded to support this functionality on October 20, 2014.
2014-10-23Proposed RuleCOMMODITY FUTURES TRADING COMMISSIONCommodity Futures Trading CommissionProceedings Before the Commodity Futures Trading Commission; Rules Relating to Suspension or Disbarment From Appearance and PracticeThe Commodity Futures Trading Commission (``Commission'') is proposing to amend part 14 of its regulations, under which the Commission may deny, temporarily or permanently, the privilege of certain persons to appear or practice before it. The amendment...2014-25194"https://www.govinfo.gov/content/pkg/FR-2014-10-23/pdf/2014-25194.pdfhttps://www.federalregister.gov/documents/2014/10/23/2014-25194/proceedings-before-the-commodity-futures-trading-commission-rules-relating-to-suspension-orThe Commodity Futures Trading Commission (``Commission'') is proposing to amend part 14 of its regulations, under which the Commission may deny, temporarily or permanently, the privilege of certain persons to appear or practice before it. The amendment clarifies the Commission's standard for determining when an accountant has engaged in ``unethical or improper professional conduct'' which has been established as a basis for denying the accountant the privilege of appearing or practicing before the Commission.
2014-10-14RuleSECURITIES AND EXCHANGE COMMISSIONSecurities and Exchange CommissionNationally Recognized Statistical Rating Organizations; CorrectionThe Securities and Exchange Commission (``Commission'') is correcting a final rule that appeared in the Federal Register of September 15, 2014 (79 FR 55078). The rule applies to credit rating agencies registered with the Commission as nationally...2014-24300"https://www.govinfo.gov/content/pkg/FR-2014-10-14/pdf/2014-24300.pdfhttps://www.federalregister.gov/documents/2014/10/14/2014-24300/nationally-recognized-statistical-rating-organizations-correctionThe Securities and Exchange Commission (``Commission'') is correcting a final rule that appeared in the Federal Register of September 15, 2014 (79 FR 55078). The rule applies to credit rating agencies registered with the Commission as nationally recognized statistical rating organizations (``NRSROs''), providers of third-party due diligence services for asset-backed securities, and issuers and underwriters of asset-backed securities.\1\ ---------------------------------------------------------------------------
2014-10-03Proposed RuleCOMMODITY FUTURES TRADING COMMISSIONCommodity Futures Trading CommissionMargin Requirements for Uncleared Swaps for Swap Dealers and Major Swap ParticipantsThe Commodity Futures Trading Commission (``Commission'' or ``CFTC'') is proposing regulations to implement section 4s(e) of the Commodity Exchange Act (``CEA''), as added by section 731 of the Dodd- Frank Wall Street Reform and Consumer Protection Act...2014-22962"https://www.govinfo.gov/content/pkg/FR-2014-10-03/pdf/2014-22962.pdfhttps://www.federalregister.gov/documents/2014/10/03/2014-22962/margin-requirements-for-uncleared-swaps-for-swap-dealers-and-major-swap-participantsThe Commodity Futures Trading Commission (``Commission'' or ``CFTC'') is proposing regulations to implement section 4s(e) of the Commodity Exchange Act (``CEA''), as added by section 731 of 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 proposed 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. In this release, the Commission is also issuing an Advance Notice of Proposed Rulemaking requesting public comment on the cross- border application of such margin requirements. The Commission is not proposing rules on this topic at this time. It is seeking public comment on several potential alternative approaches.
2014-10-01RuleSECURITIES AND EXCHANGE COMMISSIONSecurities and Exchange CommissionDelegation of Authority to the Chief Financial OfficerThe Securities and Exchange Commission (``Commission'') is amending its rules to delegate to the Chief Financial Officer the authority granted to the Commission by Section 21F(g)(4) of the Securities and Exchange Act of 1934 (``Exchange Act'') to...2014-23394"https://www.govinfo.gov/content/pkg/FR-2014-10-01/pdf/2014-23394.pdfhttps://www.federalregister.gov/documents/2014/10/01/2014-23394/delegation-of-authority-to-the-chief-financial-officerThe Securities and Exchange Commission (``Commission'') is amending its rules to delegate to the Chief Financial Officer the authority granted to the Commission by Section 21F(g)(4) of the Securities and Exchange Act of 1934 (``Exchange Act'') to request that the Secretary of the Treasury invest the portion of the Commission's whistleblower reward fund that, in its discretion, is not required to meet the current needs of the fund, and determine the maturities for those investments suitable to the needs of the fund. These changes are intended to streamline the operation of the Commission by delegating to staff certain routine financial responsibilities.
2014-09-30RuleSECURITIES AND EXCHANGE COMMISSIONSecurities and Exchange CommissionAsset-Backed Securities Disclosure and RegistrationC1-2014-21375"https://www.govinfo.gov/content/pkg/FR-2014-09-30/pdf/C1-2014-21375.pdfhttps://www.federalregister.gov/documents/2014/09/30/C1-2014-21375/asset-backed-securities-disclosure-and-registration
2014-09-26RuleCOMMODITY FUTURES TRADING COMMISSIONCommodity Futures Trading CommissionExclusion of Utility Operations-Related Swaps With Utility Special Entities From De Minimis Threshold for Swaps With Special EntitiesThe Commodity Futures Trading Commission (Commission or CFTC) is amending its regulations (Amendments) in order to permit a person to exclude utility operations-related swaps entered into with utility special entities in calculating the aggregate gross...2014-22966"https://www.govinfo.gov/content/pkg/FR-2014-09-26/pdf/2014-22966.pdfhttps://www.federalregister.gov/documents/2014/09/26/2014-22966/exclusion-of-utility-operations-related-swaps-with-utility-special-entities-from-de-minimisThe Commodity Futures Trading Commission (Commission or CFTC) is amending its regulations (Amendments) in order to permit a person to exclude utility operations-related swaps entered into with utility special entities in calculating the aggregate gross notional amount of the person's swap positions, solely for purposes of the de minimis exception applicable to swaps with special entities.
2014-09-24RuleSECURITIES AND EXCHANGE COMMISSIONSecurities and Exchange CommissionAsset-Backed Securities Disclosure and RegistrationWe are adopting significant revisions to Regulation AB and other rules governing the offering process, disclosure, and reporting for asset-backed securities (``ABS''). The final rules require that, with some exceptions, prospectuses for public...2014-21375"https://www.govinfo.gov/content/pkg/FR-2014-09-24/pdf/2014-21375.pdfhttps://www.federalregister.gov/documents/2014/09/24/2014-21375/asset-backed-securities-disclosure-and-registrationWe are adopting significant revisions to Regulation AB and other rules governing the offering process, disclosure, and reporting for asset-backed securities (``ABS''). The final rules require that, with some exceptions, prospectuses for public offerings under the Securities Act of 1933 (``Securities Act'') and ongoing reports under the Securities Exchange Act of 1934 (``Exchange Act'') of asset-backed securities backed by real estate related assets, auto related assets, or backed by debt securities, including resecuritizations, contain specified asset-level information about each of the assets in the pool. The asset-level information is required to be provided according to specified standards and in a tagged data format using eXtensible Markup Language (``XML''). We also are adopting rules to revise filing deadlines for ABS offerings to provide investors with more time to consider transaction-specific information, including information about the pool assets. We are also adopting new registration forms tailored to ABS offerings. The final rules also repeal the credit ratings references in shelf eligibility criteria for ABS issuers and establish new shelf eligibility criteria.
2014-09-15RuleSECURITIES AND EXCHANGE COMMISSIONSecurities and Exchange CommissionNationally Recognized Statistical Rating OrganizationsIn accordance with the Dodd-Frank Wall Street Reform and Consumer Protection Act (``Dodd-Frank Act'') and to enhance oversight, the Securities and Exchange Commission (``Commission'') is: adopting amendments to existing rules and new rules that apply...2014-20890"https://www.govinfo.gov/content/pkg/FR-2014-09-15/pdf/2014-20890.pdfhttps://www.federalregister.gov/documents/2014/09/15/2014-20890/nationally-recognized-statistical-rating-organizationsIn accordance with the Dodd-Frank Wall Street Reform and Consumer Protection Act (``Dodd-Frank Act'') and to enhance oversight, the Securities and Exchange Commission (``Commission'') is: adopting amendments to existing rules and new rules that apply to credit rating agencies registered with the Commission as nationally recognized statistical rating organizations (``NRSROs''); adopting a new rule and form that apply to providers of third-party due diligence services for asset-backed securities; and adopting amendments to existing rules and a new rule that implement a requirement added by the Dodd-Frank Act that issuers and underwriters of asset-backed securities make publicly available the findings and conclusions of any third-party due diligence report obtained by the issuer or underwriter. The Commission also is adopting certain technical amendments to existing rules.
2014-09-11Proposed RuleSECURITIES AND EXCHANGE COMMISSIONSecurities and Exchange CommissionTreatment of Certain Communications Involving Security-Based Swaps That May Be Purchased Only by Eligible Contract ParticipantsWe are proposing a rule under the Securities Act of 1933 to provide that certain communications involving security-based swaps that may be purchased only by eligible contract participants will not be deemed for purposes of Section 5 of the Securities...2014-21676"https://www.govinfo.gov/content/pkg/FR-2014-09-11/pdf/2014-21676.pdfhttps://www.federalregister.gov/documents/2014/09/11/2014-21676/treatment-of-certain-communications-involving-security-based-swaps-that-may-be-purchased-only-byWe are proposing a rule under the Securities Act of 1933 to provide that certain communications involving security-based swaps that may be purchased only by eligible contract participants will not be deemed for purposes of Section 5 of the Securities Act to constitute offers of such security-based swaps or any guarantees of such security- based swaps that are securities. Under the proposed rule, the publication or distribution of price quotes relating to security-based swaps that may be purchased only by persons who are eligible contract participants and are traded or processed on or through a facility that either is registered as a national securities exchange or as a security-based swap execution facility, or is exempt from registration as a security-based swap execution facility pursuant to a rule, regulation, or order of the Commission, would not be deemed to constitute an offer, an offer to sell, or a solicitation of an offer to buy or purchase such security-based swaps or any guarantees of such security-based swaps that are securities for purposes of Section 5 of the Securities Act.
2014-09-02Proposed RuleSECURITIES AND EXCHANGE COMMISSIONSecurities and Exchange CommissionRemoval of Certain References to Credit Ratings and Amendment to the Issuer Diversification Requirement in the Money Market Fund Rule; CorrectionOn August 14, 2014, the Securities and Exchange Commission (``Commission'') published a document in the Federal Register (79 FR 47986). The document contained an incorrect RIN. The Commission is publishing this document to correct that RIN.2014-20731"https://www.govinfo.gov/content/pkg/FR-2014-09-02/pdf/2014-20731.pdfhttps://www.federalregister.gov/documents/2014/09/02/2014-20731/removal-of-certain-references-to-credit-ratings-and-amendment-to-the-issuer-diversificationOn August 14, 2014, the Securities and Exchange Commission (``Commission'') published a document in the Federal Register (79 FR 47986). The document contained an incorrect RIN. The Commission is publishing this document to correct that RIN.
2014-08-19RuleSECURITIES AND EXCHANGE COMMISSIONSecurities and Exchange CommissionApplication of “Security-Based Swap Dealer” and “Major Security-Based Swap Participant” Definitions to Cross-Border Security-Based Swap Activities; RepublicationC1-2014-15337"https://www.govinfo.gov/content/pkg/FR-2014-08-19/pdf/C1-2014-15337.pdfhttps://www.federalregister.gov/documents/2014/08/19/C1-2014-15337/application-of-security-based-swap-dealer-and-major-security-based-swap-participant-definitions-to
2014-08-18Proposed RuleSECURITIES AND EXCHANGE COMMISSIONSecurities and Exchange CommissionTemporary Rule Regarding Principal Trades With Certain Advisory ClientsThe Securities and Exchange Commission is proposing to amend rule 206(3)-3T under the Investment Advisers Act of 1940, a temporary rule that establishes an alternative means for investment advisers that are registered with the Commission as...2014-19421"https://www.govinfo.gov/content/pkg/FR-2014-08-18/pdf/2014-19421.pdfhttps://www.federalregister.gov/documents/2014/08/18/2014-19421/temporary-rule-regarding-principal-trades-with-certain-advisory-clientsThe Securities and Exchange Commission is proposing to amend rule 206(3)-3T under the Investment Advisers Act of 1940, a temporary rule that establishes an alternative means for investment advisers that are registered with the Commission as broker-dealers to meet the requirements of section 206(3) of the Investment Advisers Act when they act in a principal capacity in transactions with certain of their advisory clients. The amendment would extend the date on which rule 206(3)-3T will sunset from December 31, 2014 to December 31, 2016.
2014-08-14RuleSECURITIES AND EXCHANGE COMMISSIONSecurities and Exchange CommissionMoney Market Fund Reform; Amendments to Form PFThe Securities and Exchange Commission (``Commission'' or ``SEC'') is adopting amendments to the rules that govern money market mutual funds (or ``money market funds'') under the Investment Company Act of 1940 (``Investment Company Act'' or ``Act'')....2014-17747"https://www.govinfo.gov/content/pkg/FR-2014-08-14/pdf/2014-17747.pdfhttps://www.federalregister.gov/documents/2014/08/14/2014-17747/money-market-fund-reform-amendments-to-form-pfThe Securities and Exchange Commission (``Commission'' or ``SEC'') is adopting amendments to the rules that govern money market mutual funds (or ``money market funds'') under the Investment Company Act of 1940 (``Investment Company Act'' or ``Act''). The amendments are designed to address money market funds' susceptibility to heavy redemptions in times of stress, improve their ability to manage and mitigate potential contagion from such redemptions, and increase the transparency of their risks, while preserving, as much as possible, their benefits. The SEC is removing the valuation exemption that permitted institutional non-government money market funds (whose investors historically have made the heaviest redemptions in times of stress) to maintain a stable net asset value per share (``NAV''), and is requiring those funds to sell and redeem shares based on the current market-based value of the securities in their underlying portfolios rounded to the fourth decimal place (e.g., $1.0000), i.e., transact at a ``floating'' NAV. The SEC also is adopting amendments that will give the boards of directors of money market funds new tools to stem heavy redemptions by giving them discretion to impose a liquidity fee if a fund's weekly liquidity level falls below the required regulatory threshold, and giving them discretion to suspend redemptions temporarily, i.e., to ``gate'' funds, under the same circumstances. These amendments will require all non-government money market funds to impose a liquidity fee if the fund's weekly liquidity level falls below a designated threshold, unless the fund's board determines that imposing such a fee is not in the best interests of the fund. In addition, the SEC is adopting amendments designed to make money market funds more resilient by increasing the diversification of their portfolios, enhancing their stress testing, and improving transparency by requiring money market funds to report additional information to the SEC and to investors. Finally, the amendments require investment advisers to certain large unregistered liquidity funds, which can have many of the same economic features as money market funds, to provide additional information about those funds to the SEC.
2014-08-14Proposed RuleSECURITIES AND EXCHANGE COMMISSIONSecurities and Exchange CommissionRemoval of Certain References to Credit Ratings and Amendment to the Issuer Diversification Requirement in the Money Market Fund RuleThe Securities and Exchange Commission (``SEC'' or ``Commission'') is re-proposing certain amendments, initially proposed in March 2011, related to the removal of credit rating references in rule 2a-7, the principal rule that governs money market...2014-17746"https://www.govinfo.gov/content/pkg/FR-2014-08-14/pdf/2014-17746.pdfhttps://www.federalregister.gov/documents/2014/08/14/2014-17746/removal-of-certain-references-to-credit-ratings-and-amendment-to-the-issuer-diversificationThe Securities and Exchange Commission (``SEC'' or ``Commission'') is re-proposing certain amendments, initially proposed in March 2011, related to the removal of credit rating references in rule 2a-7, the principal rule that governs money market funds, and Form N-MFP, the form that money market funds use to report information to the Commission each month about their portfolio holdings, under the Investment Company Act of 1940 (``Investment Company Act'' or ``Act''). The re-proposed amendments would implement provisions of the Dodd-Frank Wall Street Reform and Consumer Protection Act (``Dodd-Frank Act''). We are issuing this re-proposal in consideration of comments received on our March 2011 proposal. In addition, we are proposing to amend rule 2a-7's issuer diversification provisions to eliminate an exclusion from these provisions that is currently available for securities subject to a guarantee issued by a non-controlled person.
2014-08-12RuleSECURITIES AND EXCHANGE COMMISSIONSecurities and Exchange CommissionApplication of “Security-Based Swap Dealer” and “Major Security-Based Swap Participant” Definitions to Cross-Border Security-Based Swap Activities; RepublicationThe Securities and Exchange Commission (``SEC'' or ``Commission'') is adopting rules and providing guidance to address the application of certain provisions of the Securities Exchange Act of 1934 (``Exchange Act'') that were added by Subtitle B of...R1-2014-15337"https://www.govinfo.gov/content/pkg/FR-2014-08-12/pdf/R1-2014-15337.pdfhttps://www.federalregister.gov/documents/2014/08/12/R1-2014-15337/application-of-security-based-swap-dealer-and-major-security-based-swap-participant-definitions-toThe Securities and Exchange Commission (``SEC'' or ``Commission'') is adopting rules and providing guidance to address the application of certain provisions of the Securities Exchange Act of 1934 (``Exchange Act'') that were added by Subtitle B of Title VII of the Dodd-Frank Wall Street Reform and Consumer Protection Act (``Dodd- Frank Act''), to cross-border security-based swap activities. These rules and guidance in large part focus on the application of the Title VII definitions of ``security-based swap dealer'' and ``major security- based swap participant'' in the cross-border context. The Commission also is adopting a procedural rule related to the submission of applications for substituted compliance. In addition, the Commission is adopting a rule addressing the scope of our authority, with respect to enforcement proceedings, under section 929P of the Dodd-Frank Act.
2014-07-30RuleCOMMODITY FUTURES TRADING COMMISSIONCommodity Futures Trading CommissionEnhancing Protections Afforded Customers and Customer Funds Held by Futures Commission Merchants and Derivatives Clearing Organizations; CorrectionThe Commodity Futures Trading Commission (``CFTC'') is correcting final rules published in the Federal Register of November 14, 2013 (``final rules''). Those rules, which adopted new regulations and amended existing regulations requiring enhanced...2014-17934"https://www.govinfo.gov/content/pkg/FR-2014-07-30/pdf/2014-17934.pdfhttps://www.federalregister.gov/documents/2014/07/30/2014-17934/enhancing-protections-afforded-customers-and-customer-funds-held-by-futures-commission-merchants-andThe Commodity Futures Trading Commission (``CFTC'') is correcting final rules published in the Federal Register of November 14, 2013 (``final rules''). Those rules, which adopted new regulations and amended existing regulations requiring enhanced customer protections, risk management programs, internal monitoring and controls, capital and liquidity standards, customer disclosures, and auditing and examination programs for futures commission merchants, took effect on January 13, 2014. This correction amends erroneous cross-references found in three sections of the final rules. Additionally, this correction amends one section of the final rules to insert language that was in the proposed rulemaking, and which was stated as being adopted in the preamble to the final rules, but was erroneously omitted from the final rule text.
2014-07-15RuleCOMMODITY FUTURES TRADING COMMISSIONCommodity Futures Trading CommissionSwap Dealer and Major Swap Participant Recordkeeping, Reporting, and Duties Rules; Futures Commission Merchant and Introducing Broker Conflicts of Interest Rules; and Chief Compliance Officer Rules for Swap Dealers, Major Swap Participants, and Futures Commission Merchants; CorrectionThis document contains corrections to final regulations, which were published in the Federal Register of Tuesday, April 3, 2012. The regulations are related to the risk management programs of swap dealers and major swap participants.2014-16583"https://www.govinfo.gov/content/pkg/FR-2014-07-15/pdf/2014-16583.pdfhttps://www.federalregister.gov/documents/2014/07/15/2014-16583/swap-dealer-and-major-swap-participant-recordkeeping-reporting-and-duties-rules-futures-commissionThis document contains corrections to final regulations, which were published in the Federal Register of Tuesday, April 3, 2012. The regulations are related to the risk management programs of swap dealers and major swap participants.
2014-07-09RuleSECURITIES AND EXCHANGE COMMISSIONSecurities and Exchange CommissionApplication of “Security-Based Swap Dealer” and “Major Security-Based Swap Participant” Definitions to Cross-Border Security-Based Swap ActivitiesThe Securities and Exchange Commission (``SEC'' or ``Commission'') is adopting rules and providing guidance to address the application of certain provisions of the Securities Exchange Act of 1934 (``Exchange Act'') that were added by Subtitle B of...2014-15337"https://www.govinfo.gov/content/pkg/FR-2014-07-09/pdf/2014-15337.pdfhttps://www.federalregister.gov/documents/2014/07/09/2014-15337/application-of-security-based-swap-dealer-and-major-security-based-swap-participant-definitions-toThe Securities and Exchange Commission (``SEC'' or ``Commission'') is adopting rules and providing guidance to address the application of certain provisions of the Securities Exchange Act of 1934 (``Exchange Act'') that were added by Subtitle B of Title VII of the Dodd-Frank Wall Street Reform and Consumer Protection Act (``Dodd- Frank Act''), to cross-border security-based swap activities. These rules and guidance in large part focus on the application of the Title VII definitions of ``security-based swap dealer'' and ``major security- based swap participant'' in the cross-border context. The Commission also is adopting a procedural rule related to the submission of applications for substituted compliance. In addition, the Commission is adopting a rule addressing the scope of our authority, with respect to enforcement proceedings, under section 929P of the Dodd-Frank Act.
2014-07-08RuleDEPARTMENT OF THE TREASURYTreasury DepartmentGovernment Securities Act Regulations; Replacement of References to Credit Ratings and Technical AmendmentsThe Department of the Treasury (Treasury) is issuing in final form an amendment to the regulations issued under the Government Securities Act of 1986, as amended (GSA), to replace references to credit ratings in the regulations with alternative...2014-15731"https://www.govinfo.gov/content/pkg/FR-2014-07-08/pdf/2014-15731.pdfhttps://www.federalregister.gov/documents/2014/07/08/2014-15731/government-securities-act-regulations-replacement-of-references-to-credit-ratings-and-technicalThe Department of the Treasury (Treasury) is issuing in final form an amendment to the regulations issued under the Government Securities Act of 1986, as amended (GSA), to replace references to credit ratings in the regulations with alternative requirements. Section 939A of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act) requires Federal agencies to remove from their applicable regulations any reference to or requirement of reliance on credit ratings and to substitute a standard of creditworthiness as the agency determines appropriate for such regulations. This final rule amendment provides a substitute standard of creditworthiness for use in the liquid capital rule required by GSA regulations. It also contains several non-substantive, technical amendments to Treasury's GSA regulations to update certain information or to delete certain requirements that are no longer applicable.
2014-07-08RuleSECURITIES AND EXCHANGE COMMISSIONSecurities and Exchange CommissionRemoval of Certain References to Credit Ratings Under the Securities Exchange Act of 1934The Securities and Exchange Commission published a document in the Federal Register of January 8, 2014 that contained an incorrect instruction. This correction is being published to correct instruction 5.b in that document.2014-15841"https://www.govinfo.gov/content/pkg/FR-2014-07-08/pdf/2014-15841.pdfhttps://www.federalregister.gov/documents/2014/07/08/2014-15841/removal-of-certain-references-to-credit-ratings-under-the-securities-exchange-act-of-1934The Securities and Exchange Commission published a document in the Federal Register of January 8, 2014 that contained an incorrect instruction. This correction is being published to correct instruction 5.b in that document.
2014-07-03Proposed RuleCOMMODITY FUTURES TRADING COMMISSIONCommodity Futures Trading CommissionPosition Limits for Derivatives and Aggregation of PositionsOn December 12, 2013, the Commodity Futures Trading Commission (``Commission'') published in the Federal Register a notice of proposed rulemaking (the ``Position Limits Proposal'') to establish speculative position limits for 28 exempt and agricultural...2014-15618"https://www.govinfo.gov/content/pkg/FR-2014-07-03/pdf/2014-15618.pdfhttps://www.federalregister.gov/documents/2014/07/03/2014-15618/position-limits-for-derivatives-and-aggregation-of-positionsOn December 12, 2013, the Commodity Futures Trading Commission (``Commission'') published in the Federal Register a notice of proposed rulemaking (the ``Position Limits Proposal'') to establish speculative position limits for 28 exempt and agricultural commodity futures and options contracts and the physical commodity swaps that are economically equivalent to such contracts. On November 15, 2013, the Commission published in the Federal Register a notice of proposed rulemaking (the ``Aggregation Proposal'') to amend existing regulations setting out the Commission's policy for aggregation under its position limits regime. In addition, the Commission directed staff to hold a public roundtable on June 19, 2014, to consider certain issues regarding position limits for physical commodity derivatives. In order to provide interested parties with an opportunity to comment on the issues to be discussed at the roundtable, the Commission published notice in the Federal Register on May 29, 2014, that the comment periods for the Position Limits Proposal and the Aggregation Proposal were reopened, starting June 12, 2014 (one week before the roundtable) and ending July 3, 2014 (two weeks following the roundtable). To provide commenters with a sufficient period of time to respond to questions raised and points made at the roundtable, the Commission is now further extending the comment period. Comments should be limited to the issues of hedges of a physical commodity by a commercial enterprise, including gross hedging, cross-commodity hedging, anticipatory hedging, and the process for obtaining a non-enumerated exemption; the setting of spot month limits in physical-delivery and cash-settled contracts and a conditional spot-month limit exemption; the setting of non-spot limits for wheat contracts; the aggregation exemption for certain ownership interests of greater than 50 percent in an owned entity; and aggregation based on substantially identical trading strategies.
2014-06-27Proposed RuleSECURITIES AND EXCHANGE COMMISSIONSecurities and Exchange CommissionFreedom of Information Act Regulations: Fee Schedule, Addition of Appeal Time Frame, and Miscellaneous Administrative ChangesThe Securities and Exchange Commission (``Commission'' or ``SEC'') is publishing for comment proposed amendments to the Commission's regulations under the Freedom of Information Act (``FOIA'') to allow the Commission to collect fees that reflect its...2014-14979"https://www.govinfo.gov/content/pkg/FR-2014-06-27/pdf/2014-14979.pdfhttps://www.federalregister.gov/documents/2014/06/27/2014-14979/freedom-of-information-act-regulations-fee-schedule-addition-of-appeal-time-frame-and-miscellaneousThe Securities and Exchange Commission (``Commission'' or ``SEC'') is publishing for comment proposed amendments to the Commission's regulations under the Freedom of Information Act (``FOIA'') to allow the Commission to collect fees that reflect its actual costs, add an appeals time frame that will create a more practical and systematic administrative process and clarify other issues in the regulations. The proposed amendments provide a formula for fees charged to FOIA requesters; incorporate a time frame in which a FOIA requester must file an appeal in the event a request or a portion thereof is denied; allow for submission of FOIA appeals by email or facsimile; and allow the Office of FOIA Services to issue responses to FOIA requests indicating that no records were located.
2014-06-20RuleSECURITIES AND EXCHANGE COMMISSIONSecurities and Exchange CommissionAdoption of Updated EDGAR Filer ManualThe Securities and Exchange Commission (the Commission) is adopting revisions to the Electronic Data Gathering, Analysis, and Retrieval System (EDGAR) Filer Manual and related rules to reflect updates to the EDGAR system. The revisions are being made...2014-14417"https://www.govinfo.gov/content/pkg/FR-2014-06-20/pdf/2014-14417.pdfhttps://www.federalregister.gov/documents/2014/06/20/2014-14417/adoption-of-updated-edgar-filer-manualThe Securities and Exchange Commission (the Commission) is adopting revisions to the Electronic Data Gathering, Analysis, and Retrieval System (EDGAR) Filer Manual and related rules to reflect updates to the EDGAR system. The revisions are being made primarily to support the US GAAP 2014 Taxonomy, validate the filings containing EX- 101 XBRL documents, update the Public Validation Criteria validation in EX-101.INS documents, change the ABS Asset Class value ``Corporate Debt'' for ABS-15G and ABS-15G/A to ``Debt Securities,'' disseminate unofficial PDF copies of COVER and CORRESP attachments to EDGARLink Online submissions at the discretion of the SEC, update the Frequently Asked Questions (FAQ) screens, and revise the N-SAR system requirements. The EDGAR system is scheduled to be upgraded to support this functionality on June 16, 2014.
2014-06-10Proposed RuleDEPARTMENT OF THE TREASURYTreasury DepartmentGovernment Securities Act Regulations: Large Position Reporting RulesThe Department of the Treasury (Treasury) is issuing this notice of proposed rulemaking to solicit public comment on proposed amendments to Treasury's rules for reporting large positions in certain Treasury securities. The large position reporting...2014-13482"https://www.govinfo.gov/content/pkg/FR-2014-06-10/pdf/2014-13482.pdfhttps://www.federalregister.gov/documents/2014/06/10/2014-13482/government-securities-act-regulations-large-position-reporting-rulesThe Department of the Treasury (Treasury) is issuing this notice of proposed rulemaking to solicit public comment on proposed amendments to Treasury's rules for reporting large positions in certain Treasury securities. The large position reporting rules are issued under the Government Securities Act (GSA) for the purposes of monitoring the impact in the Treasury securities market of concentrations of positions in Treasury securities and otherwise assisting the Securities and Exchange Commission (SEC) in enforcing the GSA. In addition, the large position reports provide Treasury with information to better understand supply and demand dynamics in certain Treasury securities. The proposed amendments are designed to improve the information available to Treasury and simplify the reporting process for many entities subject to the large position reporting rules.
2014-06-02Proposed RuleCOMMODITY FUTURES TRADING COMMISSIONCommodity Futures Trading CommissionExclusion of Utility Operations-Related Swaps With Utility Special Entities From De Minimis Threshold for Swaps With Special EntitiesThe Commodity Futures Trading Commission (Commission or CFTC) is proposing to amend its regulations (Proposal) to permit a person to exclude utility operations-related swaps with utility special entities in calculating the aggregate gross notional...2014-12469"https://www.govinfo.gov/content/pkg/FR-2014-06-02/pdf/2014-12469.pdfhttps://www.federalregister.gov/documents/2014/06/02/2014-12469/exclusion-of-utility-operations-related-swaps-with-utility-special-entities-from-de-minimisThe Commodity Futures Trading Commission (Commission or CFTC) is proposing to amend its regulations (Proposal) to permit a person to exclude utility operations-related swaps with utility special entities in calculating the aggregate gross notional amount of the person's swap positions solely for purposes of the de minimis exception applicable to swaps with special entities.
2014-05-29Proposed RuleCOMMODITY FUTURES TRADING COMMISSIONCommodity Futures Trading CommissionPosition Limits for Derivatives and Aggregation of PositionsOn December 12, 2013, the Commodity Futures Trading Commission (``Commission'') published in the Federal Register a notice of proposed rulemaking (the ``Position Limits Proposal'') to establish speculative position limits for 28 exempt and agricultural...2014-12427"https://www.govinfo.gov/content/pkg/FR-2014-05-29/pdf/2014-12427.pdfhttps://www.federalregister.gov/documents/2014/05/29/2014-12427/position-limits-for-derivatives-and-aggregation-of-positionsOn December 12, 2013, the Commodity Futures Trading Commission (``Commission'') published in the Federal Register a notice of proposed rulemaking (the ``Position Limits Proposal'') to establish speculative position limits for 28 exempt and agricultural commodity futures and options contracts and the physical commodity swaps that are economically equivalent to such contracts. On November 15, 2013, the Commission published in the Federal Register a notice of proposed rulemaking (the ``Aggregation Proposal'') to amend existing regulations setting out the Commission's policy for aggregation under its position limits regime. The Commission has directed staff to hold a public roundtable on June 19, 2014, to consider certain issues regarding position limits for physical commodity derivatives. In order to provide interested parties with an opportunity to comment on the issues to be discussed at the roundtable, the Commission will reopen the comment periods for the Position Limits Proposal and the Aggregation Proposal for a three-week period starting June 12, 2014 (one week before the roundtable) and ending July 3, 2014 (two weeks following the roundtable). Comments should be limited to the issues of hedges of a physical commodity by a commercial enterprise, including gross hedging, cross- commodity hedging, anticipatory hedging, and the process for obtaining a non-enumerated exemption; the setting of spot month limits in physical-delivery and cash-settled contracts and a conditional spot- month limit exemption; the setting of non-spot limits for wheat contracts; the aggregation exemption for certain ownership interests of greater than 50 percent in an owned entity; and aggregation based on substantially identical trading strategies.
2014-05-22Proposed RuleSECURITIES AND EXCHANGE COMMISSIONSecurities and Exchange CommissionStandards for Covered Clearing AgenciesThe Securities and Exchange Commission (``SEC'' or ``Commission'') proposes to amend Rule 17Ad-22 and add Rule 17Ab2-2 pursuant to Section 17A of the Securities Exchange Act of 1934 (``Exchange Act'') and the Payment, Clearing, and Settlement...R1-2014-05806"https://www.govinfo.gov/content/pkg/FR-2014-05-22/pdf/R1-2014-05806.pdfhttps://www.federalregister.gov/documents/2014/05/22/R1-2014-05806/standards-for-covered-clearing-agenciesThe Securities and Exchange Commission (``SEC'' or ``Commission'') proposes to amend Rule 17Ad-22 and add Rule 17Ab2-2 pursuant to Section 17A of the Securities Exchange Act of 1934 (``Exchange Act'') and the Payment, Clearing, and Settlement Supervision Act of 2010 (``Clearing Supervision Act''), adopted in Title VIII of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (``Dodd-Frank Act''). Among other things, the proposed rules would establish standards for the operation and governance of certain types of registered clearing agencies that meet the definition of a ``covered clearing agency.''
2014-05-12RuleCOMMODITY FUTURES TRADING COMMISSIONCommodity Futures Trading CommissionEnhancing Protections Afforded Customers and Customer Funds Held by Futures Commission Merchants and Derivatives Clearing Organizations; CorrectionThe Commodity Futures Trading Commission (``Commission'' or ``CFTC'') is correcting final rules published in the Federal Register of November 14, 2013 (78 FR 68506). Those rules, 17 CFR Parts 1, 3, 22, 30, and 140, took effect on January 13, 2014. This...2014-10650"https://www.govinfo.gov/content/pkg/FR-2014-05-12/pdf/2014-10650.pdfhttps://www.federalregister.gov/documents/2014/05/12/2014-10650/enhancing-protections-afforded-customers-and-customer-funds-held-by-futures-commission-merchants-andThe Commodity Futures Trading Commission (``Commission'' or ``CFTC'') is correcting final rules published in the Federal Register of November 14, 2013 (78 FR 68506). Those rules, 17 CFR Parts 1, 3, 22, 30, and 140, took effect on January 13, 2014. This correction amends Appendix B to 17 CFR 1.20 and Appendix B to 17 CFR 1.26 by removing a phrase from both appendices.
2014-05-02Proposed RuleSECURITIES AND EXCHANGE COMMISSIONSecurities and Exchange CommissionRecordkeeping and Reporting Requirements for Security-Based Swap Dealers, Major Security-Based Swap Participants, and Broker-Dealers; Capital Rule for Certain Security-Based Swap DealersIn accordance with the Dodd-Frank Wall Street Reform and Consumer Protection Act (``Dodd-Frank Act''), the Securities and Exchange Commission (``Commission''), pursuant to the Securities Exchange Act of 1934 (``Exchange Act''), is proposing...2014-09108"https://www.govinfo.gov/content/pkg/FR-2014-05-02/pdf/2014-09108.pdfhttps://www.federalregister.gov/documents/2014/05/02/2014-09108/recordkeeping-and-reporting-requirements-for-security-based-swap-dealers-major-security-based-swapIn accordance with the Dodd-Frank Wall Street Reform and Consumer Protection Act (``Dodd-Frank Act''), the Securities and Exchange Commission (``Commission''), pursuant to the Securities Exchange Act of 1934 (``Exchange Act''), is proposing recordkeeping, reporting, and notification requirements applicable to security-based swap dealers (``SBSDs'') and major security-based swap participants (``MSBSPs''), securities count requirements applicable to certain SBSDs, and additional recordkeeping requirements applicable to broker- dealers to account for their security-based swap and swap activities. The Commission also is proposing an additional capital charge provision that would be added to the proposed capital rule for certain SBSDs. Finally, the Commission is proposing technical amendments to the broker-dealer recordkeeping, reporting, and notification requirements.
2014-04-09Proposed RuleSECURITIES AND EXCHANGE COMMISSIONSecurities and Exchange CommissionInvestment Company Advertising: Target Date Retirement Fund Names and MarketingThe Securities and Exchange Commission (``Commission'') is reopening the period for public comment on rule amendments it proposed in 2010, Investment Company Advertising: Target Date Retirement Fund Names and Marketing, Securities Act Release No. 9126...2014-07869"https://www.govinfo.gov/content/pkg/FR-2014-04-09/pdf/2014-07869.pdfhttps://www.federalregister.gov/documents/2014/04/09/2014-07869/investment-company-advertising-target-date-retirement-fund-names-and-marketingThe Securities and Exchange Commission (``Commission'') is reopening the period for public comment on rule amendments it proposed in 2010, Investment Company Advertising: Target Date Retirement Fund Names and Marketing, Securities Act Release No. 9126 (June 16, 2010). Among other things, the proposed amendments would, if adopted, require marketing materials for target date retirement funds (``target date funds'') to include a table, chart, or graph depicting the fund's asset allocation over time, i.e., an illustration of the fund's so-called ``asset allocation glide path.'' In 2013, the Commission's Investor Advisory Committee (``Committee'') recommended that the Commission develop a glide path illustration for target date funds that is based on a standardized measure of fund risk as a replacement for, or supplement to, the proposed asset allocation glide path illustration. The Commission is reopening the comment period to seek public comment on this recommendation.
2014-04-02Proposed RuleSECURITIES AND EXCHANGE COMMISSIONSecurities and Exchange CommissionExtension of Comment Period for Asset-Backed Securities ReleaseOn February 25, 2014, the Securities and Exchange Commission re-opened the comment period on two releases related to asset-backed securities. The Commission re-opened the comment period to permit interested persons to comment on an approach for the...2014-07356"https://www.govinfo.gov/content/pkg/FR-2014-04-02/pdf/2014-07356.pdfhttps://www.federalregister.gov/documents/2014/04/02/2014-07356/extension-of-comment-period-for-asset-backed-securities-releaseOn February 25, 2014, the Securities and Exchange Commission re-opened the comment period on two releases related to asset-backed securities. The Commission re-opened the comment period to permit interested persons to comment on an approach for the dissemination of potentially sensitive asset-level data. The comment period is scheduled to end on March 28, 2014. In light of public interest in providing comment on the approach, the Commission is extending the comment period until April 28, 2014 to permit interested persons additional time to analyze and comment on the approach.
2014-03-26Proposed RuleSECURITIES AND EXCHANGE COMMISSIONSecurities and Exchange CommissionStandards for Covered Clearing AgenciesThe Securities and Exchange Commission (``SEC'' or ``Commission'') proposes to amend Rule 17Ad-22 and add Rule 17Ab2-2 pursuant to Section 17A of the Securities Exchange Act of 1934 (``Exchange Act'') and the Payment, Clearing, and Settlement...2014-05806"https://www.govinfo.gov/content/pkg/FR-2014-03-26/pdf/2014-05806.pdfhttps://www.federalregister.gov/documents/2014/03/26/2014-05806/standards-for-covered-clearing-agenciesThe Securities and Exchange Commission (``SEC'' or ``Commission'') proposes to amend Rule 17Ad-22 and add Rule 17Ab2-2 pursuant to Section 17A of the Securities Exchange Act of 1934 (``Exchange Act'') and the Payment, Clearing, and Settlement Supervision Act of 2010 (``Clearing Supervision Act''), adopted in Title VIII of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (``Dodd-Frank Act''). Among other things, the proposed rules would establish standards for the operation and governance of certain types of registered clearing agencies that meet the definition of a ``covered clearing agency.''
2014-03-26RuleCOMMODITY FUTURES TRADING COMMISSIONCommodity Futures Trading CommissionSwap Data Repositories-Access to SDR Data by Market ParticipantsThe Commodity Futures Trading Commission (``Commission'' or ``CFTC'') is adopting an interim final rule to clarify the scope of permissible access by market participants to swap data and information maintained by a registered swap data repository...2014-06574"https://www.govinfo.gov/content/pkg/FR-2014-03-26/pdf/2014-06574.pdfhttps://www.federalregister.gov/documents/2014/03/26/2014-06574/swap-data-repositories-access-to-sdr-data-by-market-participantsThe Commodity Futures Trading Commission (``Commission'' or ``CFTC'') is adopting an interim final rule to clarify the scope of permissible access by market participants to swap data and information maintained by a registered swap data repository (``SDR''). Specifically, the interim final rule clarifies that, for a swap that is executed anonymously on a swap execution facility or designated contract market, and then cleared in accordance with the Commission's straight-through processing requirements, the data and information maintained by a registered SDR that may be accessed by either counterparty to the swap does not include the identity of the other counterparty to the swap, the identity of the other counterparty's clearing member for the swap, or such counterparty's or clearing member's legal entity identifier.
2014-03-13RuleCOMMODITY FUTURES TRADING COMMISSIONCommodity Futures Trading CommissionEnhancing Protections Afforded Customers and Customer Funds Held by Futures Commission Merchants and Derivatives Clearing Organizations; CorrectionThe Commodity Futures Trading Commission (CFTC) is correcting final rules published in the Federal Register of November 14, 2013 (78 FR 68506). Those rules, 17 CFR Parts 1, 3, 22, 30, and 140, took effect on January 13, 2014. This correction amends...2014-05465"https://www.govinfo.gov/content/pkg/FR-2014-03-13/pdf/2014-05465.pdfhttps://www.federalregister.gov/documents/2014/03/13/2014-05465/enhancing-protections-afforded-customers-and-customer-funds-held-by-futures-commission-merchants-andThe Commodity Futures Trading Commission (CFTC) is correcting final rules published in the Federal Register of November 14, 2013 (78 FR 68506). Those rules, 17 CFR Parts 1, 3, 22, 30, and 140, took effect on January 13, 2014. This correction amends Appendix E to Part 30 correcting a typographical error contained in that appendix.
2014-03-10RuleSECURITIES AND EXCHANGE COMMISSIONSecurities and Exchange CommissionAdoption of Updated EDGAR Filer ManualThe Securities and Exchange Commission (the Commission) is adopting revisions to the Electronic Data Gathering, Analysis, and Retrieval System (EDGAR) Filer Manual and related rules to reflect updates to the EDGAR system. The revisions are being made...2014-05057"https://www.govinfo.gov/content/pkg/FR-2014-03-10/pdf/2014-05057.pdfhttps://www.federalregister.gov/documents/2014/03/10/2014-05057/adoption-of-updated-edgar-filer-manualThe Securities and Exchange Commission (the Commission) is adopting revisions to the Electronic Data Gathering, Analysis, and Retrieval System (EDGAR) Filer Manual and related rules to reflect updates to the EDGAR system. The revisions are being made primarily to introduce new submission form types MA, MA-A, MA/A, MA-I, MA-I/A, and MA-W to support Registration of Municipal Advisors; updates to submission form types 8-K, 8-K/A, 10-K, 10-K/A, 10-KT, 10-KT/A, 10-D, 10-D/A, POS AM, 424B1, 424B2, 424B3, 424B4, 424B5, 424B7, and 424B8; and minor updates to Form 13F validations. The EDGAR system is scheduled to be upgraded to support this functionality on March 3, 2014.
2014-02-28Proposed RuleSECURITIES AND EXCHANGE COMMISSIONSecurities and Exchange CommissionRe-Opening of Comment Period for Asset-Backed Securities ReleaseThe Securities and Exchange Commission is re-opening the comment period on two releases, Asset-Backed Securities, Securities Act Release No. 33-9117 (Apr. 7, 2010), 75 FR 23328 (the ``2010 ABS Proposing Release'') and Re-Proposal of Shelf Eligibility...2014-04433"https://www.govinfo.gov/content/pkg/FR-2014-02-28/pdf/2014-04433.pdfhttps://www.federalregister.gov/documents/2014/02/28/2014-04433/re-opening-of-comment-period-for-asset-backed-securities-releaseThe Securities and Exchange Commission is re-opening the comment period on two releases, Asset-Backed Securities, Securities Act Release No. 33-9117 (Apr. 7, 2010), 75 FR 23328 (the ``2010 ABS Proposing Release'') and Re-Proposal of Shelf Eligibility Conditions for Asset-Backed Securities, Securities Act Release No. 33-9244 (July 26, 2011), 76 FR 47948 (the ``2011 ABS Re-Proposing Release''). The Commission is re-opening the comment period to permit interested persons to comment on an approach for the dissemination of potentially sensitive asset-level data. This approach is discussed in a staff memorandum included in the public comment file.
2014-02-10RuleSECURITIES AND EXCHANGE COMMISSIONSecurities and Exchange CommissionExtension of Exemptions for Security-Based SwapsWe are adopting amendments to the expiration dates in our interim final rules that provide exemptions under the Securities Act of 1933, the Securities Exchange Act of 1934, and the Trust Indenture Act of 1939 for those security-based swaps that prior...2014-02833"https://www.govinfo.gov/content/pkg/FR-2014-02-10/pdf/2014-02833.pdfhttps://www.federalregister.gov/documents/2014/02/10/2014-02833/extension-of-exemptions-for-security-based-swapsWe are adopting amendments to the expiration dates in our interim final rules that provide exemptions under the Securities Act of 1933, the Securities Exchange Act of 1934, and the Trust Indenture Act of 1939 for those security-based swaps that prior to July 16, 2011 were security-based swap agreements and are defined as ``securities'' under the Securities Act and the Exchange Act as of July 16, 2011 due solely to the provisions of Title VII of the Dodd-Frank Wall Street Reform and Consumer Protection Act. Under the amendments, the expiration dates in the interim final rules will be extended to February 11, 2017. If we adopt further rules relating to issues raised by the application of the Securities Act or the other federal securities laws to security-based swaps before February 11, 2017, we may determine to alter the expiration dates in the interim final rules as part of that rulemaking.
2014-01-31RuleDEPARTMENT OF THE TREASURYTreasury DepartmentTreatment of Certain Collateralized Debt Obligations Backed Primarily by Trust Preferred Securities With Regard to Prohibitions and Restrictions on Certain Interests in, and Relationships With, Hedge Funds and Private Equity FundsThe OCC, Board, FDIC, CFTC and SEC (individually, an ``Agency,'' and collectively, ``the Agencies'') are each adopting a common interim final rule that would permit banking entities to retain investments in certain pooled investment vehicles that...2014-02019"https://www.govinfo.gov/content/pkg/FR-2014-01-31/pdf/2014-02019.pdfhttps://www.federalregister.gov/documents/2014/01/31/2014-02019/treatment-of-certain-collateralized-debt-obligations-backed-primarily-by-trust-preferred-securitiesThe OCC, Board, FDIC, CFTC and SEC (individually, an ``Agency,'' and collectively, ``the Agencies'') are each adopting a common interim final rule that would permit banking entities to retain investments in certain pooled investment vehicles that invested their offering proceeds primarily in certain securities issued by community banking organizations of the type grandfathered under section 171 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (``Dodd- Frank Act''). The interim final rule is a companion rule to the final rules adopted by the Agencies to implement section 13 of the Bank Holding Company Act of 1956 (``BHC Act''), which was added by section 619 of the Dodd-Frank Act.
2014-01-31RuleDEPARTMENT OF THE TREASURYTreasury DepartmentProhibitions and Restrictions on Proprietary Trading and Certain Interests in, and Relationships With, Hedge Funds and Private Equity FundsThe OCC, Board, FDIC, and SEC (individually, an ``Agency,'' and collectively, ``the Agencies'') are adopting a rule that would implement section 13 of the BHC Act, which was added by section 619 of the Dodd-Frank Wall Street Reform and Consumer...2013-31511"https://www.govinfo.gov/content/pkg/FR-2014-01-31/pdf/2013-31511.pdfhttps://www.federalregister.gov/documents/2014/01/31/2013-31511/prohibitions-and-restrictions-on-proprietary-trading-and-certain-interests-in-and-relationships-withThe OCC, Board, FDIC, and SEC (individually, an ``Agency,'' and collectively, ``the Agencies'') are adopting a rule that would implement section 13 of the BHC Act, which was added by section 619 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (``Dodd- Frank Act''). Section 13 contains certain prohibitions and restrictions on the ability of a banking entity and nonbank financial company supervised by the Board to engage in proprietary trading and have certain interests in, or relationships with, a hedge fund or private equity fund.
2014-01-31RuleCOMMODITY FUTURES TRADING COMMISSIONCommodity Futures Trading CommissionProhibitions and Restrictions on Proprietary Trading and Certain Interests in, and Relationships with, Hedge Funds and Private Equity FundsThe Commodity Futures Trading Commission (``CFTC'' or ``Commission'') is adopting a final rule to implement Section 619 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (the ``Dodd-Frank Act''), which contains certain prohibitions and...2013-31476"https://www.govinfo.gov/content/pkg/FR-2014-01-31/pdf/2013-31476.pdfhttps://www.federalregister.gov/documents/2014/01/31/2013-31476/prohibitions-and-restrictions-on-proprietary-trading-and-certain-interests-in-and-relationships-withThe Commodity Futures Trading Commission (``CFTC'' or ``Commission'') is adopting a final rule to implement Section 619 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (the ``Dodd-Frank Act''), which contains certain prohibitions and restrictions on the ability of a banking entity and nonbank financial company supervised by the Board of Governors of the Federal Reserve System (the ``Board'') to engage in proprietary trading and have certain interests in, or relationships with, a hedge fund or private equity fund. Section 619 also requires the Board, the Federal Deposit Insurance Corporation, the Office of the Comptroller of the Currency, and the Securities and Exchange Commission to also issue regulations implementing section 619 and directs the CFTC and those four agencies to consult and coordinate with each other, as appropriate, in developing and issuing the implementing rules, for the purposes of assuring, to the extent possible, that such rules are comparable and provide for consistent application and implementation. To that end, although the Commission is adopting a final rule that is not a joint rule with the other agencies, the CFTC and the other agencies have worked closely together to develop the same rule text and supplementary information, except for information specific to the CFTC or the other agencies, as applicable. In particular, the CFTC's final rule is numbered as part 75 of the Commission's regulations, the rule text refers to the ``Commission'' instead of the ``[Agency]'' and one section of the regulations addresses authority, purpose, scope, and relationship to other authorities with respect to the Commission. Furthermore, it is noted that the supplementary information generally refers to the ``Agencies'' collectively when referring to deliberations and considerations in developing the final rule by the CFTC together with the other four agencies and references to the ``final rule'' should be deemed to refer to the final rule of the Commission as herein adopted.
2014-01-23Proposed RuleSECURITIES AND EXCHANGE COMMISSIONSecurities and Exchange CommissionProposed Rule Amendments for Small and Additional Issues Exemptions Under Section 3(b) of the Securities ActWe are proposing rule amendments to Regulation A to implement Section 401 of the Jumpstart Our Business Startups Act. Section 401 of the JOBS Act added Section 3(b)(2) to the Securities Act, which directs the Commission to adopt rules exempting...2013-30508"https://www.govinfo.gov/content/pkg/FR-2014-01-23/pdf/2013-30508.pdfhttps://www.federalregister.gov/documents/2014/01/23/2013-30508/proposed-rule-amendments-for-small-and-additional-issues-exemptions-under-section-3b-of-theWe are proposing rule amendments to Regulation A to implement Section 401 of the Jumpstart Our Business Startups Act. Section 401 of the JOBS Act added Section 3(b)(2) to the Securities Act, which directs the Commission to adopt rules exempting offerings of up to $50 million of securities annually from the registration requirements of the Securities Act. The proposed rules include issuer eligibility requirements, content and filing requirements for offering statements and ongoing reporting requirements for issuers.
2014-01-22Proposed RuleCOMMODITY FUTURES TRADING COMMISSIONCommodity Futures Trading CommissionAggregation of PositionsC1-2014-00496"https://www.govinfo.gov/content/pkg/FR-2014-01-22/pdf/C1-2014-00496.pdfhttps://www.federalregister.gov/documents/2014/01/22/C1-2014-00496/aggregation-of-positions
2014-01-16RuleSECURITIES AND EXCHANGE COMMISSIONSecurities and Exchange CommissionRegistration of Municipal Advisors; Temporary Stay of Final RuleThe Securities and Exchange Commission (``Commission'') is staying temporarily Rules 15Ba1-1 through 15Ba1-8 and Rule 15Bc4-1 (``Rules'') under the Securities Exchange Act of 1934 and Forms MA, MA- I, MA-W, and MA-NR (``Forms'') until July 1, 2014 and...2014-00740"https://www.govinfo.gov/content/pkg/FR-2014-01-16/pdf/2014-00740.pdfhttps://www.federalregister.gov/documents/2014/01/16/2014-00740/registration-of-municipal-advisors-temporary-stay-of-final-ruleThe Securities and Exchange Commission (``Commission'') is staying temporarily Rules 15Ba1-1 through 15Ba1-8 and Rule 15Bc4-1 (``Rules'') under the Securities Exchange Act of 1934 and Forms MA, MA- I, MA-W, and MA-NR (``Forms'') until July 1, 2014 and making conforming, non-substantive amendments to Rule 15Ba1-8 regarding recordkeeping requirements to conform the dates referenced in certain provisions of that rule to the July 1, 2014 date (the ``Amendment''). The effective date for the Rules and Forms was January 13, 2014. This stay of the Rules and Forms means that persons are not required to comply with the Rules and Forms until July 1, 2014. The Amendment is the only action the Commission is taking in this release with respect to the Rules and Forms. Therefore, the phased-in compliance period that begins on July 1, 2014, for the requirement to use the Forms to register as municipal advisors under the Rules remains unchanged.
2014-01-16RuleSECURITIES AND EXCHANGE COMMISSIONSecurities and Exchange CommissionRules of the Securities Investor Protection CorporationThe Securities and Exchange Commission (``Commission'') is approving a proposed rule change filed by the Securities Investor Protection Corporation (``SIPC''). The proposed rule change amends SIPC Rule 400 (``Rule 400''), entitled ``Rules Relating to...2014-00556"https://www.govinfo.gov/content/pkg/FR-2014-01-16/pdf/2014-00556.pdfhttps://www.federalregister.gov/documents/2014/01/16/2014-00556/rules-of-the-securities-investor-protection-corporationThe Securities and Exchange Commission (``Commission'') is approving a proposed rule change filed by the Securities Investor Protection Corporation (``SIPC''). The proposed rule change amends SIPC Rule 400 (``Rule 400''), entitled ``Rules Relating to Satisfaction of Customer Claims for Standardized Options,'' which relates to the satisfaction of customer claims for standardized options under the Securities Investor Protection Act of 1970 (``SIPA''). Because SIPC rules have the force and effect as if promulgated by the Commission, the rules are published in Title 17 of the Code of Federal Regulations, where the rule change will be reflected.
2014-01-14Proposed RuleCOMMODITY FUTURES TRADING COMMISSIONCommodity Futures Trading CommissionAggregation of ProvisionsOn November 15, 2013, the Commodity Futures Trading Commission (``Commission'') published in the Federal Register a notice of proposed rulemaking (the ``Aggregation Proposal'') to amend existing regulations setting out the Commission's policy for...2014-00496"https://www.govinfo.gov/content/pkg/FR-2014-01-14/pdf/2014-00496.pdfhttps://www.federalregister.gov/documents/2014/01/14/2014-00496/aggregation-of-provisionsOn November 15, 2013, the Commodity Futures Trading Commission (``Commission'') published in the Federal Register a notice of proposed rulemaking (the ``Aggregation Proposal'') to amend existing regulations setting out the Commission's policy for aggregation under its position limits regime. On the same day that the Commission adopted the Aggregation Proposal, it also adopted a proposal to establish speculative position limits for the 28 exempt and agricultural commodity futures and options contracts and the physical commodity swaps that are economically equivalent to such contracts that previously had been covered by part 151 of its regulations (the ``Position Limits Proposal''). However, the Position Limits Proposal was not published in the Federal Register until December 12, 2013. Because the comment period for both proposals was 60 days after publication in the Federal Register, the comment period for the Position Limits Proposal runs to a later date than the comment period for the Aggregation Proposal. In order to provide interested parties with an opportunity to comment on the Aggregation Proposal for so long as the comment period on the Position Limits Proposal is open, the Commission is extending the comment period for the Aggregation Proposal so that it ends at the same time as the comment period for the Position Limits Proposal.
2014-01-14RuleCOMMODITY FUTURES TRADING COMMISSIONCommodity Futures Trading CommissionUpdates to Cross-References to Bank Secrecy Act RegulationsThe Commodity Futures Trading Commission (``Commission'') is adopting technical amendments to the Commission's regulations that correct cross-references to regulations administered by the Financial Crimes Enforcement Network (``FinCEN''), a bureau of...2014-00406"https://www.govinfo.gov/content/pkg/FR-2014-01-14/pdf/2014-00406.pdfhttps://www.federalregister.gov/documents/2014/01/14/2014-00406/updates-to-cross-references-to-bank-secrecy-act-regulationsThe Commodity Futures Trading Commission (``Commission'') is adopting technical amendments to the Commission's regulations that correct cross-references to regulations administered by the Financial Crimes Enforcement Network (``FinCEN''), a bureau of the U.S. Department of Treasury, under the Bank Secrecy Act (``BSA''). FinCEN's regulations have been reorganized and transferred to a new chapter in the Code of Federal Regulations. The amendments update the cross- references to FinCEN regulations and are to be made effective upon publication of this rulemaking.
2014-01-10RuleSECURITIES AND EXCHANGE COMMISSIONSecurities and Exchange CommissionResponsibilities of the General CounselThe Securities and Exchange Commission (``Commission'') is amending its rules to reflect that the Commission's General Counsel is responsible for providing advice to Commission attorneys on professional responsibility issues relating to their official...2014-00219"https://www.govinfo.gov/content/pkg/FR-2014-01-10/pdf/2014-00219.pdfhttps://www.federalregister.gov/documents/2014/01/10/2014-00219/responsibilities-of-the-general-counselThe Securities and Exchange Commission (``Commission'') is amending its rules to reflect that the Commission's General Counsel is responsible for providing advice to Commission attorneys on professional responsibility issues relating to their official duties and investigating allegations of professional misconduct by Commission staff and, where appropriate, making referrals to state professional boards or societies.
2014-01-08RuleSECURITIES AND EXCHANGE COMMISSIONSecurities and Exchange CommissionRemoval of Certain References to Credit Ratings Under the Securities Exchange Act of 1934The Securities and Exchange Commission (the ``Commission'') is adopting amendments that remove references to credit ratings in certain rules and one form under the Securities Exchange Act of 1934 (the ``Exchange Act'') relating to broker-dealer...2013-31426"https://www.govinfo.gov/content/pkg/FR-2014-01-08/pdf/2013-31426.pdfhttps://www.federalregister.gov/documents/2014/01/08/2013-31426/removal-of-certain-references-to-credit-ratings-under-the-securities-exchange-act-of-1934The Securities and Exchange Commission (the ``Commission'') is adopting amendments that remove references to credit ratings in certain rules and one form under the Securities Exchange Act of 1934 (the ``Exchange Act'') relating to broker-dealer financial responsibility and confirmations of securities transactions. This action implements a provision of the Dodd-Frank Wall Street Reform and Consumer Protection Act (the ``Dodd-Frank Act'').
2014-01-08RuleSECURITIES AND EXCHANGE COMMISSIONSecurities and Exchange CommissionRemoval of Certain References to Credit Ratings Under the Investment Company ActThe Securities and Exchange Commission (``Commission'') is adopting amendments to a rule and three forms under the Investment Company Act of 1940 (``Investment Company Act'') and the Securities Act of 1933 (``Securities Act'') in order to implement a...2013-31425"https://www.govinfo.gov/content/pkg/FR-2014-01-08/pdf/2013-31425.pdfhttps://www.federalregister.gov/documents/2014/01/08/2013-31425/removal-of-certain-references-to-credit-ratings-under-the-investment-company-actThe Securities and Exchange Commission (``Commission'') is adopting amendments to a rule and three forms under the Investment Company Act of 1940 (``Investment Company Act'') and the Securities Act of 1933 (``Securities Act'') in order to implement a provision of the Dodd-Frank Wall Street Reform and Consumer Protection Act (``Dodd-Frank Act''). Specifically, rule 5b-3 under the Investment Company Act contains a reference to credit ratings in determining when an investment company (``fund'') may treat a repurchase agreement as an acquisition of securities collateralizing the repurchase agreement for certain purposes under the Investment Company Act. The amendments we are adopting today replace this reference to credit ratings with an alternative standard designed to retain a similar degree of credit quality to that in current rule 5b-3. The Commission is also adopting amendments to Forms N-1A, N-2, and N-3 under the Investment Company Act and Securities Act to eliminate the required use of NRSRO credit ratings when a fund chooses to depict its portfolio holdings by credit quality.
2013-12-30RuleSECURITIES AND EXCHANGE COMMISSIONSecurities and Exchange CommissionSecurities Exempted; Distribution of Shares by Registered Open-End Management Investment Company; Applications Regarding Joint Enterprises or Arrangements and Certain Profit-Sharing PlansThe Securities and Exchange Commission (``Commission'') is correcting outdated cross-references in rule 602 under the Securities Act of 1933 (``Securities Act'') and rule 12b-1 under the Investment Company Act of 1940 (``Investment Company Act'') and...2013-31172"https://www.govinfo.gov/content/pkg/FR-2013-12-30/pdf/2013-31172.pdfhttps://www.federalregister.gov/documents/2013/12/30/2013-31172/securities-exempted-distribution-of-shares-by-registered-open-end-management-investment-companyThe Securities and Exchange Commission (``Commission'') is correcting outdated cross-references in rule 602 under the Securities Act of 1933 (``Securities Act'') and rule 12b-1 under the Investment Company Act of 1940 (``Investment Company Act'') and correcting an inadvertent error in rule 17d-1 under the Investment Company Act as published in the Federal Register on January 22, 2003.
2013-12-19Proposed RuleCOMMODITY FUTURES TRADING COMMISSIONCommodity Futures Trading CommissionPosition Limits for DerivativesC1-2013-27200"https://www.govinfo.gov/content/pkg/FR-2013-12-19/pdf/C1-2013-27200.pdfhttps://www.federalregister.gov/documents/2013/12/19/C1-2013-27200/position-limits-for-derivatives
2013-12-12Proposed RuleCOMMODITY FUTURES TRADING COMMISSIONCommodity Futures Trading CommissionPosition Limits for DerivativesThe Commission proposes to amend regulations concerning speculative position limits to conform to the Wall Street Transparency and Accountability Act of 2010 (``Dodd-Frank Act'') amendments to the Commodity Exchange Act (``CEA'' or ``Act''). The...2013-27200"https://www.govinfo.gov/content/pkg/FR-2013-12-12/pdf/2013-27200.pdfhttps://www.federalregister.gov/documents/2013/12/12/2013-27200/position-limits-for-derivativesThe Commission proposes to amend regulations concerning speculative position limits to conform to the Wall Street Transparency and Accountability Act of 2010 (``Dodd-Frank Act'') amendments to the Commodity Exchange Act (``CEA'' or ``Act''). The Commission proposes to establish speculative position limits for 28 exempt and agricultural commodity futures and option contracts, and physical commodity swaps that are ``economically equivalent'' to such contracts. In connection with establishing these limits, the Commission proposes to update some relevant definitions; revise the exemptions from speculative position limits, including for bona fide hedging; and extend and update reporting requirements for persons claiming exemption from these limits. The Commission proposes appendices that would provide guidance on risk management exemptions for commodity derivative contracts in excluded commodities permitted under the proposed definition of bona fide hedging position; list core referenced futures contracts and commodities that would be substantially the same as a commodity underlying a core referenced futures contract for purposes of the proposed definition of basis contract; describe and analyze fourteen fact patterns that would satisfy the proposed definition of bona fide hedging position; and present the proposed speculative position limit levels in tabular form. In addition, the Commission proposes to update certain of its rules, guidance and acceptable practices for compliance with Designated Contract Market (``DCM'') core principle 5 and Swap Execution Facility (``SEF'') core principle 6 in respect of exchange- set speculative position limits and position accountability levels.
2013-12-02RuleCOMMODITY FUTURES TRADING COMMISSIONCommodity Futures Trading CommissionDerivatives Clearing Organizations and International StandardsThe Commodity Futures Trading Commission (``Commission'') is adopting final regulations to establish additional standards for compliance with the derivatives clearing organization (``DCO'') core principles set forth in the Commodity Exchange Act...2013-27849"https://www.govinfo.gov/content/pkg/FR-2013-12-02/pdf/2013-27849.pdfhttps://www.federalregister.gov/documents/2013/12/02/2013-27849/derivatives-clearing-organizations-and-international-standardsThe Commodity Futures Trading Commission (``Commission'') is adopting final regulations to establish additional standards for compliance with the derivatives clearing organization (``DCO'') core principles set forth in the Commodity Exchange Act (``CEA'') for systemically important DCOs (``SIDCOs'') and DCOs that elect to opt-in to the SIDCO regulatory requirements (``Subpart C DCOs''). Pursuant to the new regulations, SIDCOs and Subpart C DCOs are required to comply with the requirements applicable to all DCOs, which are set forth in the Commission's DCO regulations on compliance with core principles, to the extent those requirements are not inconsistent with the new requirements set forth herein. The new regulations include provisions concerning: procedural requirements for opting in to the regulatory regime as well as substantive requirements relating to governance, financial resources, system safeguards, special default rules and procedures for uncovered losses or shortfalls, risk management, additional disclosure requirements, efficiency, and recovery and wind- down procedures. These additional requirements are consistent with the Principles for Financial Market Infrastructures (``PFMIs'') published by the Committee on Payment and Settlement Systems and the Board of the International Organization of Securities Commissions (``CPSS-IOSCO''). In addition, the Commission is adopting certain delegation provisions and certain technical clarifications.
2013-11-18RuleCOMMODITY FUTURES TRADING COMMISSIONCommodity Futures Trading CommissionOwnership and Control Reports, Forms 102/102S, 40/40S, and 71The Commodity Futures Trading Commission (``Commission'' or ``CFTC'') is adopting new rules and related forms to enhance its identification of futures and swap market participants. These final rules will leverage the Commission's current position and...2013-26789"https://www.govinfo.gov/content/pkg/FR-2013-11-18/pdf/2013-26789.pdfhttps://www.federalregister.gov/documents/2013/11/18/2013-26789/ownership-and-control-reports-forms-102102s-4040s-and-71The Commodity Futures Trading Commission (``Commission'' or ``CFTC'') is adopting new rules and related forms to enhance its identification of futures and swap market participants. These final rules will leverage the Commission's current position and transaction reporting programs by requiring the electronic submission of trader identification and market participant data on amended Forms 102 and 40, and on new Form 71. The new and amended forms require the reporting of certain trading accounts active on reporting markets that are designated contract markets or swap execution facilities. Among other information, the forms collect ownership and control information with respect to both position-based special accounts and trading accounts that meet specified volume-based reporting levels.
2013-11-15Proposed RuleCOMMODITY FUTURES TRADING COMMISSIONCommodity Futures Trading CommissionAggregation of PositionsOn May 30, 2012, the Commodity Futures Trading Commission (``Commission'' or ``CFTC'') published in the Federal Register a notice of proposed modifications to part 151 of the Commission's regulations. The modifications addressed the policy for...2013-27339"https://www.govinfo.gov/content/pkg/FR-2013-11-15/pdf/2013-27339.pdfhttps://www.federalregister.gov/documents/2013/11/15/2013-27339/aggregation-of-positionsOn May 30, 2012, the Commodity Futures Trading Commission (``Commission'' or ``CFTC'') published in the Federal Register a notice of proposed modifications to part 151 of the Commission's regulations. The modifications addressed the policy for aggregation under the Commission's position limits regime for 28 exempt and agricultural commodity futures and options contracts and the physical commodity swaps that are economically equivalent to such contracts. In an Order dated September 28, 2012, the District Court for the District of Columbia vacated part 151 of the Commission's regulations. The Commission is now proposing modifications to the aggregation provisions of part 150 of the Commission's regulations that are substantially similar to the aggregation modifications proposed to part 151, except that the modifications address the policy for aggregation under the Commission's position limits regime for futures and option contracts on nine agricultural commodities set forth in part 150. Separately, the Commission is also proposing today to establish speculative position limits for the 28 exempt and agricultural commodity futures and options contracts and the physical commodity swaps that are economically equivalent to such contracts that previously had been covered by part 151 of its regulations. If both proposals are finalized, the modifications proposed here to the aggregation provisions of part 150 would apply to the position limits regimes for both the futures and option contracts on nine agricultural commodities and the 28 exempt and agricultural commodity futures and options contracts and the physical commodity swaps that are economically equivalent to such contracts. However, the Commission may determine to adopt the modifications proposed here separately from any other amendment to the position limits regime.
2013-11-14RuleCOMMODITY FUTURES TRADING COMMISSIONCommodity Futures Trading CommissionEnhancing Protections Afforded Customers and Customer Funds Held by Futures Commission Merchants and Derivatives Clearing OrganizationsThe Commodity Futures Trading Commission (``Commission'' or ``CFTC'') is adopting new regulations and amending existing regulations to require enhanced customer protections, risk management programs, internal monitoring and controls, capital and...2013-26665"https://www.govinfo.gov/content/pkg/FR-2013-11-14/pdf/2013-26665.pdfhttps://www.federalregister.gov/documents/2013/11/14/2013-26665/enhancing-protections-afforded-customers-and-customer-funds-held-by-futures-commission-merchants-andThe Commodity Futures Trading Commission (``Commission'' or ``CFTC'') is adopting new regulations and amending existing regulations to require enhanced customer protections, risk management programs, internal monitoring and controls, capital and liquidity standards, customer disclosures, and auditing and examination programs for futures commission merchants (``FCMs''). The regulations also address certain related issues concerning derivatives clearing organizations (``DCOs'') and chief compliance officers (``CCOs''). The final rules will afford greater assurances to market participants that: Customer segregated funds, secured amount funds, and cleared swaps funds are protected; customers are provided with appropriate notice of the risks of futures trading and of the FCMs with which they may choose to do business; FCMs are monitoring and managing risks in a robust manner; the capital and liquidity of FCMs are strengthened to safeguard their continued operations; and the auditing and examination programs of the Commission and the self- regulatory organizations (``SROs'') are monitoring the activities of FCMs in a prudent and thorough manner.
2013-11-13Proposed RuleCOMMODITY FUTURES TRADING COMMISSIONCommodity Futures Trading CommissionMembership in a Registered Futures AssociationC1-2013-26790"https://www.govinfo.gov/content/pkg/FR-2013-11-13/pdf/C1-2013-26790.pdfhttps://www.federalregister.gov/documents/2013/11/13/C1-2013-26790/membership-in-a-registered-futures-association
2013-11-12RuleSECURITIES AND EXCHANGE COMMISSIONSecurities and Exchange CommissionRegistration of Municipal AdvisorsSection 975 of Title IX of the Dodd-Frank Wall Street Reform and Consumer Protection Act (``Dodd-Frank Act'') amended Section 15B of the Securities Exchange Act of 1934 (``Exchange Act'') to require municipal advisors, as defined below, to register...2013-23524"https://www.govinfo.gov/content/pkg/FR-2013-11-12/pdf/2013-23524.pdfhttps://www.federalregister.gov/documents/2013/11/12/2013-23524/registration-of-municipal-advisorsSection 975 of Title IX of the Dodd-Frank Wall Street Reform and Consumer Protection Act (``Dodd-Frank Act'') amended Section 15B of the Securities Exchange Act of 1934 (``Exchange Act'') to require municipal advisors, as defined below, to register with the Securities and Exchange Commission (``Commission'' or ``SEC''), effective October 1, 2010. To enable municipal advisors to temporarily satisfy this requirement, the Commission adopted an interim final temporary rule, Exchange Act Rule 15Ba2-6T, and form, Form MA-T, effective October 1, 2010. To enable municipal advisors to continue to register under the temporary registration regime until the applicable compliance date for permanent registration, the Commission is extending Rule 15Ba2-6T, in a separate release, to December 31, 2014. The Commission is today adopting new Rules 15Ba1-1 through 15Ba1-8, new Rule 15Bc4-1, and new Forms MA, MA-I, MA-W, and MA-NR under the Exchange Act. These rules and forms are designed to give effect to provisions of Title IX of the Dodd-Frank Act that, among other things, require the Commission to establish a registration regime for municipal advisors and impose certain record-keeping requirements on such advisors.
2013-11-08Proposed RuleCOMMODITY FUTURES TRADING COMMISSIONCommodity Futures Trading CommissionMembership in a Registered Futures AssociationThe Commodity Futures Trading Commission (``Commission'') proposes to amend its regulations to require that all persons registered with the Commission as introducing brokers (``IBs''), commodity pool operators (``CPOs''), and commodity trading advisors...2013-26790"https://www.govinfo.gov/content/pkg/FR-2013-11-08/pdf/2013-26790.pdfhttps://www.federalregister.gov/documents/2013/11/08/2013-26790/membership-in-a-registered-futures-associationThe Commodity Futures Trading Commission (``Commission'') proposes to amend its regulations to require that all persons registered with the Commission as introducing brokers (``IBs''), commodity pool operators (``CPOs''), and commodity trading advisors (``CTAs'') must become and remain members of at least one registered futures association (``RFA'').
2013-11-06RuleCOMMODITY FUTURES TRADING COMMISSIONCommodity Futures Trading CommissionProtection of Collateral of Counterparties to Uncleared Swaps; Treatment of Securities in a Portfolio Margining Account in a Commodity Broker BankruptcyThe Commodity Futures Trading Commission (the ``Commission'') is issuing final rules implementing new statutory provisions enacted by Title VII of the Dodd-Frank Wall Street Reform and Consumer Protection Act (the ``Dodd-Frank Act''). Specifically, the...2013-26479"https://www.govinfo.gov/content/pkg/FR-2013-11-06/pdf/2013-26479.pdfhttps://www.federalregister.gov/documents/2013/11/06/2013-26479/protection-of-collateral-of-counterparties-to-uncleared-swaps-treatment-of-securities-in-a-portfolioThe Commodity Futures Trading Commission (the ``Commission'') is issuing final rules implementing new statutory provisions enacted by Title VII of the Dodd-Frank Wall Street Reform and Consumer Protection Act (the ``Dodd-Frank Act''). Specifically, the final rule contained herein imposes requirements on swap dealers (``SDs'') and major swap participants (``MSPs'') with respect to the treatment of collateral posted by their counterparties to margin, guarantee, or secure uncleared swaps. Additionally, the final rule includes revisions to ensure that, for purposes of subchapter IV of chapter 7 of the Bankruptcy Code, securities held in a portfolio margining account that is a futures account or a Cleared Swaps Customer Account constitute ``customer property''; and owners of such account constitute ``customers.''
2013-11-05Proposed RuleSECURITIES AND EXCHANGE COMMISSIONSecurities and Exchange CommissionSecurities Investor Protection CorporationThe Securities Investor Protection Corporation (``SIPC'') filed a proposed rule change with the Securities and Exchange Commission (``Commission''). The proposed rule change amends SIPC Rule 400, entitled ``Rules Relating to Satisfaction of Customer...2013-26165"https://www.govinfo.gov/content/pkg/FR-2013-11-05/pdf/2013-26165.pdfhttps://www.federalregister.gov/documents/2013/11/05/2013-26165/securities-investor-protection-corporationThe Securities Investor Protection Corporation (``SIPC'') filed a proposed rule change with the Securities and Exchange Commission (``Commission''). The proposed rule change amends SIPC Rule 400, entitled ``Rules Relating to Satisfaction of Customer Claims for Standardized Options,'' which relates to the satisfaction of customer claims for standardized options under the Securities Investor Protection Act of 1970 (``SIPA''). The Commission is publishing the proposed rule change for public comment. Because SIPC rules have the force and effect as if promulgated by the Commission, those rules are published in Title 17 of the Code of Federal Regulations.
2013-11-05Proposed RuleSECURITIES AND EXCHANGE COMMISSIONSecurities and Exchange CommissionCrowdfundingThe Securities and Exchange Commission is proposing for comment new Regulation Crowdfunding under the Securities Act of 1933 and the Securities Exchange Act of 1934 to implement the requirements of Title III of the Jumpstart Our Business Startups Act....2013-25355"https://www.govinfo.gov/content/pkg/FR-2013-11-05/pdf/2013-25355.pdfhttps://www.federalregister.gov/documents/2013/11/05/2013-25355/crowdfundingThe Securities and Exchange Commission is proposing for comment new Regulation Crowdfunding under the Securities Act of 1933 and the Securities Exchange Act of 1934 to implement the requirements of Title III of the Jumpstart Our Business Startups Act. Regulation Crowdfunding would prescribe rules governing the offer and sale of securities under new Section 4(a)(6) of the Securities Act of 1933. The proposal also would provide a framework for the regulation of registered funding portals and brokers that issuers are required to use as intermediaries in the offer and sale of securities in reliance on Section 4(a)(6). In addition, the proposal would exempt securities sold pursuant to Section 4(a)(6) from the registration requirements of Section 12(g) of the Securities Exchange Act of 1934.
2013-10-28RuleCOMMODITY FUTURES TRADING COMMISSIONCommodity Futures Trading CommissionSwap Dealers and Major Swap Participants; Clerical or Ministerial EmployeesThe Commodity Futures Trading Commission is adopting an amendment to its regulations to clarify certain responsibilities of a swap dealer or major swap participant regarding its employees who solicit, accept or effect swaps in a clerical or ministerial...2013-25279"https://www.govinfo.gov/content/pkg/FR-2013-10-28/pdf/2013-25279.pdfhttps://www.federalregister.gov/documents/2013/10/28/2013-25279/swap-dealers-and-major-swap-participants-clerical-or-ministerial-employeesThe Commodity Futures Trading Commission is adopting an amendment to its regulations to clarify certain responsibilities of a swap dealer or major swap participant regarding its employees who solicit, accept or effect swaps in a clerical or ministerial capacity.
2013-10-03Proposed RuleSECURITIES AND EXCHANGE COMMISSIONSecurities and Exchange CommissionAmendments to Regulation D, Form D and Rule 156; Re-Opening of Comment PeriodOn July 10, 2013, the Securities and Exchange Commission issued for comment a number of proposed amendments to Regulation D, Form D and Rule 156 under the Securities Act in Release No. 33-9416 (July 10, 2013). In light of the public interest in the...2013-24048"https://www.govinfo.gov/content/pkg/FR-2013-10-03/pdf/2013-24048.pdfhttps://www.federalregister.gov/documents/2013/10/03/2013-24048/amendments-to-regulation-d-form-d-and-rule-156-re-opening-of-comment-periodOn July 10, 2013, the Securities and Exchange Commission issued for comment a number of proposed amendments to Regulation D, Form D and Rule 156 under the Securities Act in Release No. 33-9416 (July 10, 2013). In light of the public interest in the proposed amendments, the Commission is re-opening the comment period to permit interested persons additional time to analyze and comment on the proposed amendments.
2013-10-02RuleSECURITIES AND EXCHANGE COMMISSIONSecurities and Exchange CommissionAdoption of Updated EDGAR Filer ManualThe Securities and Exchange Commission (the Commission) is adopting revisions to the Electronic Data Gathering, Analysis, and Retrieval System (EDGAR) Filer Manual and related rules to reflect updates to the EDGAR system. The revisions are being made...2013-23914"https://www.govinfo.gov/content/pkg/FR-2013-10-02/pdf/2013-23914.pdfhttps://www.federalregister.gov/documents/2013/10/02/2013-23914/adoption-of-updated-edgar-filer-manualThe Securities and Exchange Commission (the Commission) is adopting revisions to the Electronic Data Gathering, Analysis, and Retrieval System (EDGAR) Filer Manual and related rules to reflect updates to the EDGAR system. The revisions are being made primarily to support updates to Form D and to submission form types 13F-HR and 13F- HR/A. The EDGAR system is scheduled to be upgraded to support this functionality on September 23, 2013.
2013-10-01Proposed RuleSECURITIES AND EXCHANGE COMMISSIONSecurities and Exchange CommissionPay Ratio DisclosureWe are proposing amendments to Item 402 of Regulation S-K to implement Section 953(b) of the Dodd-Frank Wall Street Reform and Consumer Protection Act. Section 953(b) directs the Commission to amend Item 402 of Regulation S-K to require disclosure of...2013-23073"https://www.govinfo.gov/content/pkg/FR-2013-10-01/pdf/2013-23073.pdfhttps://www.federalregister.gov/documents/2013/10/01/2013-23073/pay-ratio-disclosureWe are proposing amendments to Item 402 of Regulation S-K to implement Section 953(b) of the Dodd-Frank Wall Street Reform and Consumer Protection Act. Section 953(b) directs the Commission to amend Item 402 of Regulation S-K to require disclosure of the median of the annual total compensation of all employees of an issuer (excluding the chief executive officer), the annual total compensation of that issuer's chief executive officer and the ratio of the median of the annual total compensation of all employees to the annual total compensation of the chief executive officer. The proposed disclosure would be required in any annual report, proxy or information statement or registration statement that requires executive compensation disclosure pursuant to Item 402 of Regulation S-K. The proposed disclosure requirements would not apply to emerging growth companies, smaller reporting companies or foreign private issuers.
2013-09-30RuleSECURITIES AND EXCHANGE COMMISSIONSecurities and Exchange CommissionExtension of Temporary Registration of Municipal AdvisorsThe Securities and Exchange Commission (``Commission'') is amending interim final temporary Rule 15Ba2-6T, which provides for the temporary registration of municipal advisors under the Securities Exchange Act of 1934 (``Exchange Act''), as amended by...2013-23519"https://www.govinfo.gov/content/pkg/FR-2013-09-30/pdf/2013-23519.pdfhttps://www.federalregister.gov/documents/2013/09/30/2013-23519/extension-of-temporary-registration-of-municipal-advisorsThe Securities and Exchange Commission (``Commission'') is amending interim final temporary Rule 15Ba2-6T, which provides for the temporary registration of municipal advisors under the Securities Exchange Act of 1934 (``Exchange Act''), as amended by the Dodd-Frank Wall Street Reform and Consumer Protection Act (``Dodd-Frank Act''), to extend the date on which Rule 15Ba2-6T (and consequently Form MA-T) will sunset from September 30, 2013, to December 31, 2014. Under the amendment, all temporary registrations submitted pursuant to Rule 15Ba2-6T also will expire no later than December 31, 2014.
2013-09-20Proposed RuleDEPARTMENT OF THE TREASURYTreasury DepartmentCredit Risk RetentionThe OCC, Board, FDIC, Commission, FHFA, and HUD (the agencies) are seeking comment on a joint proposed rule (the proposed rule, or the proposal) to revise the proposed rule the agencies published in the Federal Register on April 29, 2011, and to...2013-21677"https://www.govinfo.gov/content/pkg/FR-2013-09-20/pdf/2013-21677.pdfhttps://www.federalregister.gov/documents/2013/09/20/2013-21677/credit-risk-retentionThe OCC, Board, FDIC, Commission, FHFA, and HUD (the agencies) are seeking comment on a joint proposed rule (the proposed rule, or the proposal) to revise the proposed rule the agencies published in the Federal Register on April 29, 2011, and to implement the credit risk retention requirements of section 15G of the Securities Exchange Act of 1934 (15. U.S.C. 78o-11), as added by section 941 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act). Section 15G generally requires the securitizer of asset-backed securities to retain not less than 5 percent of the credit risk of the assets collateralizing the asset-backed securities. Section 15G includes a variety of exemptions from these requirements, including an exemption for asset-backed securities that are collateralized exclusively by residential mortgages that qualify as ``qualified residential mortgages,'' as such term is defined by the agencies by rule.
2013-08-23RuleCOMMODITY FUTURES TRADING COMMISSIONCommodity Futures Trading CommissionRetail Commodity Transactions Under Commodity Exchange ActOn December 14, 2011, the Commodity Futures Trading Commission (``Commission'' or ``CFTC'') issued in the Federal Register an interpretation (``Interpretation'') regarding the meaning of the term ``actual delivery,'' as set forth in the Commodity...2013-20617"https://www.govinfo.gov/content/pkg/FR-2013-08-23/pdf/2013-20617.pdfhttps://www.federalregister.gov/documents/2013/08/23/2013-20617/retail-commodity-transactions-under-commodity-exchange-actOn December 14, 2011, the Commodity Futures Trading Commission (``Commission'' or ``CFTC'') issued in the Federal Register an interpretation (``Interpretation'') regarding the meaning of the term ``actual delivery,'' as set forth in the Commodity Exchange Act. The Commission also requested public comment on whether the Interpretation accurately construed the statutory language. In response to the comments received, the Commission has determined to clarify its Interpretation.
2013-08-22RuleCOMMODITY FUTURES TRADING COMMISSIONCommodity Futures Trading CommissionClearing Exemption for Certain Swaps Entered Into by CooperativesThe Commodity Futures Trading Commission (``CFTC'' or ``Commission'') is adopting final regulations pursuant to its authority under section 4(c) of the Commodity Exchange Act (``CEA'') allowing cooperatives meeting certain conditions to elect not to...2013-19945"https://www.govinfo.gov/content/pkg/FR-2013-08-22/pdf/2013-19945.pdfhttps://www.federalregister.gov/documents/2013/08/22/2013-19945/clearing-exemption-for-certain-swaps-entered-into-by-cooperativesThe Commodity Futures Trading Commission (``CFTC'' or ``Commission'') is adopting final regulations pursuant to its authority under section 4(c) of the Commodity Exchange Act (``CEA'') allowing cooperatives meeting certain conditions to elect not to submit for clearing certain swaps that such cooperatives would otherwise be required to submit for clearing in accordance with section 2(h)(1) of the CEA.
2013-08-22RuleCOMMODITY FUTURES TRADING COMMISSIONCommodity Futures Trading CommissionHarmonization of Compliance Obligations for Registered Investment Companies Required To Register as Commodity Pool OperatorsThe Commodity Futures Trading Commission (``Commission'' or ``CFTC'') is adopting final regulations with respect to certain compliance obligations for commodity pool operators (``CPOs'') of investment companies registered under the Investment Company...2013-19894"https://www.govinfo.gov/content/pkg/FR-2013-08-22/pdf/2013-19894.pdfhttps://www.federalregister.gov/documents/2013/08/22/2013-19894/harmonization-of-compliance-obligations-for-registered-investment-companies-required-to-register-asThe Commodity Futures Trading Commission (``Commission'' or ``CFTC'') is adopting final regulations with respect to certain compliance obligations for commodity pool operators (``CPOs'') of investment companies registered under the Investment Company Act of 1940 (``registered investment companies'' or ``RICs'') that are required to register due to the recent amendments to its regulations. The Commission is also adopting amendments to certain provisions of part 4 of the Commission's regulations that are applicable to all CPOs and Commodity Trading Advisors (``CTAs'').
2013-08-21RuleSECURITIES AND EXCHANGE COMMISSIONSecurities and Exchange CommissionFinancial Responsibility Rules for Broker-DealersThe Securities and Exchange Commission (``Commission'') is adopting amendments to the net capital, customer protection, books and records, and notification rules for broker-dealers promulgated under the Securities Exchange Act of 1934 (``Exchange...2013-18734"https://www.govinfo.gov/content/pkg/FR-2013-08-21/pdf/2013-18734.pdfhttps://www.federalregister.gov/documents/2013/08/21/2013-18734/financial-responsibility-rules-for-broker-dealersThe Securities and Exchange Commission (``Commission'') is adopting amendments to the net capital, customer protection, books and records, and notification rules for broker-dealers promulgated under the Securities Exchange Act of 1934 (``Exchange Act''). These amendments are designed to address several areas of concern regarding the financial responsibility requirements for broker-dealers. The amendments also update certain financial responsibility requirements and make certain technical amendments.
2013-08-21RuleSECURITIES AND EXCHANGE COMMISSIONSecurities and Exchange CommissionBroker-Dealer ReportsThe Securities and Exchange Commission (``Commission''), under the Securities Exchange Act of 1934 (``Exchange Act''), is amending certain broker-dealer annual reporting, audit, and notification requirements. The amendments include a requirement that...2013-18738"https://www.govinfo.gov/content/pkg/FR-2013-08-21/pdf/2013-18738.pdfhttps://www.federalregister.gov/documents/2013/08/21/2013-18738/broker-dealer-reportsThe Securities and Exchange Commission (``Commission''), under the Securities Exchange Act of 1934 (``Exchange Act''), is amending certain broker-dealer annual reporting, audit, and notification requirements. The amendments include a requirement that broker-dealer audits be conducted in accordance with standards of the Public Company Accounting Oversight Board (``PCAOB'') in light of explicit oversight authority provided to the PCAOB by the Dodd-Frank Wall Street Reform and Consumer Protection Act (``Dodd-Frank Act'') to oversee these audits. The amendments further require a broker-dealer that clears transactions or carries customer accounts to agree to allow representatives of the Commission or the broker-dealer's designated examining authority (``DEA'') to review the documentation associated with certain reports of the broker-dealer's independent public accountant and to allow the accountant to discuss the findings relating to the reports of the accountant with those representatives when requested in connection with a regulatory examination of the broker- dealer. Finally, the amendments require a broker-dealer to file a new form with its DEA that elicits information about the broker-dealer's practices with respect to the custody of securities and funds of customers and non-customers.
2013-08-16Proposed RuleCOMMODITY FUTURES TRADING COMMISSIONCommodity Futures Trading CommissionDerivatives Clearing Organizations and International StandardsThe Commodity Futures Trading Commission (``Commission'') is proposing amendments to its regulations to establish additional standards for compliance with the derivatives clearing organization (``DCO'') core principles set forth in Section 5b(c)(2) of...2013-19845"https://www.govinfo.gov/content/pkg/FR-2013-08-16/pdf/2013-19845.pdfhttps://www.federalregister.gov/documents/2013/08/16/2013-19845/derivatives-clearing-organizations-and-international-standardsThe Commodity Futures Trading Commission (``Commission'') is proposing amendments to its regulations to establish additional standards for compliance with the derivatives clearing organization (``DCO'') core principles set forth in Section 5b(c)(2) of the Commodity Exchange Act (``CEA'') for systemically important DCOs (``SIDCOs'') and DCOs that elect to opt-in to the SIDCO regulatory requirements (``Subpart C DCOs''). SIDCOs and Subpart C DCOs would be required to comply with the requirements applicable to all DCOs, which are set forth in the Commission's DCO regulations on compliance with core principles, to the extent those requirements are not inconsistent with the requirements of the regulations in this proposed rule. The proposed amendments include: Procedural requirements for opting in to the regulatory regime as well as substantive requirements relating to governance, financial resources, system safeguards, special default rules and procedures for uncovered losses or shortfalls, risk management, additional disclosure requirements, efficiency, and recovery and wind-down procedures. These additional requirements would also be consistent with the Principles for Financial Market Infrastructures (``PFMIs'') published by the Committee on Payment and Settlement Systems and the Board of the International Organization of Securities Commissions (``CPSS-IOSCO''). In addition, the Commission is proposing certain delegation provisions and certain technical clarifications.
2013-08-15RuleCOMMODITY FUTURES TRADING COMMISSIONCommodity Futures Trading CommissionEnhanced Risk Management Standards for Systemically Important Derivatives Clearing OrganizationsThe Commodity Futures Trading Commission (``Commission'' or ``CFTC'') is adopting final regulations to implement enhanced risk management standards for systemically important derivatives clearing organizations that include increased financial resources...2013-19791"https://www.govinfo.gov/content/pkg/FR-2013-08-15/pdf/2013-19791.pdfhttps://www.federalregister.gov/documents/2013/08/15/2013-19791/enhanced-risk-management-standards-for-systemically-important-derivatives-clearing-organizationsThe Commodity Futures Trading Commission (``Commission'' or ``CFTC'') is adopting final regulations to implement enhanced risk management standards for systemically important derivatives clearing organizations that include increased financial resources requirements for systemically important derivatives clearing organizations that are involved in activities with a more complex risk profile or that are systemically important in multiple jurisdictions, the prohibited use of assessments by systemically important derivatives clearing organizations in calculating their available default resources, and enhanced system safeguards for systemically important derivatives clearing organizations for business continuity and disaster recovery (``BC-DR''). This final rule also implements special enforcement authority over systemically important derivatives clearing organizations granted to the Commission under section 807(c) of the Dodd-Frank Wall Street Reform and Consumer Protection Act (``Dodd-Frank Act'').
2013-08-05RuleCOMMODITY FUTURES TRADING COMMISSIONCommodity Futures Trading CommissionCore Principles and Other Requirements for Swap Execution Facilities; CorrectionThe Commodity Futures Trading Commission is correcting a final rule that appeared in the Federal Register of June 4, 2013 (78 FR 33476). The final rule applies to the registration and operation of a new type of regulated entity named a swap execution...2013-18773"https://www.govinfo.gov/content/pkg/FR-2013-08-05/pdf/2013-18773.pdfhttps://www.federalregister.gov/documents/2013/08/05/2013-18773/core-principles-and-other-requirements-for-swap-execution-facilities-correctionThe Commodity Futures Trading Commission is correcting a final rule that appeared in the Federal Register of June 4, 2013 (78 FR 33476). The final rule applies to the registration and operation of a new type of regulated entity named a swap execution facility, and implements provisions of the Dodd-Frank Wall Street Reform and Consumer Protection Act.
2013-08-01RuleSECURITIES AND EXCHANGE COMMISSIONSecurities and Exchange CommissionDelegation of Authority to Director of the Division of EnforcementThe Securities and Exchange Commission (``Commission'') is amending its rules to delegate to the Director of the Division of Enforcement the authority to appoint distribution fund administrators in enforcement administrative proceedings from a...2013-18468"https://www.govinfo.gov/content/pkg/FR-2013-08-01/pdf/2013-18468.pdfhttps://www.federalregister.gov/documents/2013/08/01/2013-18468/delegation-of-authority-to-director-of-the-division-of-enforcementThe Securities and Exchange Commission (``Commission'') is amending its rules to delegate to the Director of the Division of Enforcement the authority to appoint distribution fund administrators in enforcement administrative proceedings from a Commission-approved pool of administrators, and to set the amount of, or waive for good cause shown, the administrator's bond required by Rule 1105(c) of the Commission's rules on Fair Fund and Disgorgement Plans.
2013-07-31RuleSECURITIES AND EXCHANGE COMMISSIONSecurities and Exchange CommissionAdoption of Updated EDGAR Filer ManualThe Securities and Exchange Commission (the Commission) is adopting revisions to the Electronic Data Gathering, Analysis, and Retrieval System (EDGAR) Filer Manual and related rules to reflect updates to the EDGAR system. The revisions are being made...2013-18395"https://www.govinfo.gov/content/pkg/FR-2013-07-31/pdf/2013-18395.pdfhttps://www.federalregister.gov/documents/2013/07/31/2013-18395/adoption-of-updated-edgar-filer-manualThe Securities and Exchange Commission (the Commission) is adopting revisions to the Electronic Data Gathering, Analysis, and Retrieval System (EDGAR) Filer Manual and related rules to reflect updates to the EDGAR system. The revisions are being made primarily to introduce the new EDGARLink Online submission form type SD (Specialized Disclosure Report) and SD/A; support minor updates to Form 13H. The EDGAR system is scheduled to be upgraded to support this functionality on July 22, 2013.
2013-07-24RuleSECURITIES AND EXCHANGE COMMISSIONSecurities and Exchange CommissionEliminating the Prohibition Against General Solicitation and General Advertising in Rule 506 and Rule 144A OfferingsWe are adopting amendments to Rule 506 of Regulation D and Rule 144A under the Securities Act of 1933 to implement Section 201(a) of the Jumpstart Our Business Startups Act. The amendment to Rule 506 permits an issuer to engage in general solicitation...2013-16883"https://www.govinfo.gov/content/pkg/FR-2013-07-24/pdf/2013-16883.pdfhttps://www.federalregister.gov/documents/2013/07/24/2013-16883/eliminating-the-prohibition-against-general-solicitation-and-general-advertising-in-rule-506-andWe are adopting amendments to Rule 506 of Regulation D and Rule 144A under the Securities Act of 1933 to implement Section 201(a) of the Jumpstart Our Business Startups Act. The amendment to Rule 506 permits an issuer to engage in general solicitation or general advertising in offering and selling securities pursuant to Rule 506, provided that all purchasers of the securities are accredited investors and the issuer takes reasonable steps to verify that such purchasers are accredited investors. The amendment to Rule 506 also includes a non-exclusive list of methods that issuers may use to satisfy the verification requirement for purchasers who are natural persons. The amendment to Rule 144A provides that securities may be offered pursuant to Rule 144A to persons other than qualified institutional buyers, provided that the securities are sold only to persons that the seller and any person acting on behalf of the seller reasonably believe are qualified institutional buyers. We are also revising Form D to require issuers to indicate whether they are relying on the provision that permits general solicitation or general advertising in a Rule 506 offering. Also today, in a separate release, to implement Section 926 of the Dodd-Frank Wall Street Reform and Consumer Protection Act, we are adopting amendments to Rule 506 to disqualify issuers and other market participants from relying on Rule 506 if ``felons and other `bad actors' '' are participating in the Rule 506 offering. We are also today, in a separate release, publishing for comment a number of proposed amendments to Regulation D, Form D and Rule 156 under the Securities Act that are intended to enhance the Commission's ability to evaluate the development of market practices in Rule 506 offerings and address certain comments made in connection with implementing Section 201(a)(1) of the Jumpstart Our Business Startups Act.
2013-07-24Proposed RuleSECURITIES AND EXCHANGE COMMISSIONSecurities and Exchange CommissionAmendments to Regulation D, Form D and Rule 156The Securities and Exchange Commission, which today in separate releases amended Rule 506 of Regulation D, Form D and Rule 144A under the Securities Act of 1933 to implement Section 201(a) of the Jumpstart Our Business Startups Act and Section 926 of...2013-16884"https://www.govinfo.gov/content/pkg/FR-2013-07-24/pdf/2013-16884.pdfhttps://www.federalregister.gov/documents/2013/07/24/2013-16884/amendments-to-regulation-d-form-d-and-rule-156The Securities and Exchange Commission, which today in separate releases amended Rule 506 of Regulation D, Form D and Rule 144A under the Securities Act of 1933 to implement Section 201(a) of the Jumpstart Our Business Startups Act and Section 926 of the Dodd- Frank Wall Street Reform and Consumer Protection Act, is publishing for comment a number of proposed amendments to Regulation D, Form D and Rule 156 under the Securities Act. These proposed amendments are intended to enhance the Commission's ability to evaluate the development of market practices in Rule 506 offerings and to address concerns that may arise in connection with permitting issuers to engage in general solicitation and general advertising under new paragraph (c) of Rule 506. Specifically, the proposed amendments to Regulation D would require the filing of a Form D in Rule 506(c) offerings before the issuer engages in general solicitation; require the filing of a closing amendment to Form D after the termination of any Rule 506 offering; require written general solicitation materials used in Rule 506(c) offerings to include certain legends and other disclosures; require the submission, on a temporary basis, of written general solicitation materials used in Rule 506(c) offerings to the Commission; and disqualify an issuer from relying on Rule 506 for one year for future offerings if the issuer, or any predecessor or affiliate of the issuer, did not comply, within the last five years, with Form D filing requirements in a Rule 506 offering. The proposed amendments to Form D would require an issuer to include additional information about offerings conducted in reliance on Regulation D. Finally, the proposed amendments to Rule 156 would extend the antifraud guidance contained in the rule to the sales literature of private funds.
2013-07-24RuleSECURITIES AND EXCHANGE COMMISSIONSecurities and Exchange CommissionDisqualification of Felons and Other “Bad Actors” From Rule 506 OfferingsWe are adopting amendments to our rules to implement Section 926 of the Dodd-Frank Wall Street Reform and Consumer Protection Act. Section 926 requires us to adopt rules that disqualify securities offerings involving certain ``felons and other `bad...2013-16983"https://www.govinfo.gov/content/pkg/FR-2013-07-24/pdf/2013-16983.pdfhttps://www.federalregister.gov/documents/2013/07/24/2013-16983/disqualification-of-felons-and-other-bad-actors-from-rule-506-offeringsWe are adopting amendments to our rules to implement Section 926 of the Dodd-Frank Wall Street Reform and Consumer Protection Act. Section 926 requires us to adopt rules that disqualify securities offerings involving certain ``felons and other `bad actors''' from reliance on Rule 506 of Regulation D. The rules must be ``substantially similar'' to Rule 262 under the Securities Act, which contains the disqualification provisions of Regulation A under the Securities Act, and must also cover matters enumerated in Section 926 of the Dodd-Frank Act (including certain state regulatory orders and bars).
2013-07-18RuleSECURITIES AND EXCHANGE COMMISSIONSecurities and Exchange CommissionRescission of Supervised Investment Bank Holding Company RulesThe Securities and Exchange Commission (the ``Commission'') is rescinding rules under the Securities Exchange Act of 1934 (the ``Exchange Act'') that established the Commission's program for supervising investment bank holding companies. The Commission...2013-17194"https://www.govinfo.gov/content/pkg/FR-2013-07-18/pdf/2013-17194.pdfhttps://www.federalregister.gov/documents/2013/07/18/2013-17194/rescission-of-supervised-investment-bank-holding-company-rulesThe Securities and Exchange Commission (the ``Commission'') is rescinding rules under the Securities Exchange Act of 1934 (the ``Exchange Act'') that established the Commission's program for supervising investment bank holding companies. The Commission is taking this action pursuant to the Dodd-Frank Wall Street Reform and Consumer Protection Act (the ``Dodd-Frank Act''), which eliminated the applicable section effective July 21, 2011. The Commission also is rescinding certain exemptive provisions in its broker-dealer risk assessment rules and delegation of authority rules that pertain to the supervised investment bank holding company program rules that are being rescinded.
2013-07-16RuleSECURITIES AND EXCHANGE COMMISSIONSecurities and Exchange CommissionRetail Foreign Exchange TransactionsThe Commission is adopting a rule to permit a registered broker-dealer to engage in a retail forex business, provided that the broker-dealer complies with the Securities Exchange Act of 1934, the rules and regulations thereunder, and the rules of the...2013-17015"https://www.govinfo.gov/content/pkg/FR-2013-07-16/pdf/2013-17015.pdfhttps://www.federalregister.gov/documents/2013/07/16/2013-17015/retail-foreign-exchange-transactionsThe Commission is adopting a rule to permit a registered broker-dealer to engage in a retail forex business, provided that the broker-dealer complies with the Securities Exchange Act of 1934, the rules and regulations thereunder, and the rules of the self-regulatory organization(s) of which the broker-dealer is a member insofar as they are applicable to retail forex transactions. The Commission is adopting Rule 15b12-1 substantially in the form previously adopted as an interim final temporary rule and is providing that the rule will expire on July 31, 2016.
2013-07-16RuleCOMMODITY FUTURES TRADING COMMISSIONCommodity Futures Trading CommissionProcedures To Establish Appropriate Minimum Block Sizes for Large Notional Off-Facility Swaps and Block Trades; CorrectionThe Commodity Futures Trading Commission is correcting a final rule that appeared in the Federal Register of May 31, 2013 (78 FR 32866). The final rule adopted regulations, under the Dodd-Frank Wall Street Reform and Consumer Protection Act, defining...2013-16938"https://www.govinfo.gov/content/pkg/FR-2013-07-16/pdf/2013-16938.pdfhttps://www.federalregister.gov/documents/2013/07/16/2013-16938/procedures-to-establish-appropriate-minimum-block-sizes-for-large-notional-off-facility-swaps-andThe Commodity Futures Trading Commission is correcting a final rule that appeared in the Federal Register of May 31, 2013 (78 FR 32866). The final rule adopted regulations, under the Dodd-Frank Wall Street Reform and Consumer Protection Act, defining the criteria for grouping swaps into separate swap categories and establishing methodologies for setting appropriate minimum block sizes for each swap category. These corrections fix errors in certain contract descriptions, block sizes, and block units listed in Appendix F to the final rule.
2013-06-19Proposed RuleSECURITIES AND EXCHANGE COMMISSIONSecurities and Exchange CommissionMoney Market Fund Reform; Amendments to Form PFThe Securities and Exchange Commission (``Commission'' or ``SEC'') is proposing two alternatives for amending rules that govern money market mutual funds (or ``money market funds'') under the Investment Company Act of 1940. The two alternatives are...2013-13687"https://www.govinfo.gov/content/pkg/FR-2013-06-19/pdf/2013-13687.pdfhttps://www.federalregister.gov/documents/2013/06/19/2013-13687/money-market-fund-reform-amendments-to-form-pfThe Securities and Exchange Commission (``Commission'' or ``SEC'') is proposing two alternatives for amending rules that govern money market mutual funds (or ``money market funds'') under the Investment Company Act of 1940. The two alternatives are designed to address money market funds' susceptibility to heavy redemptions, improve their ability to manage and mitigate potential contagion from such redemptions, and increase the transparency of their risks, while preserving, as much as possible, the benefits of money market funds. The first alternative proposal would require money market funds to sell and redeem shares based on the current market-based value of the securities in their underlying portfolios, rounded to the fourth decimal place (e.g., $1.0000), i.e., transact at a ``floating'' net asset value per share (``NAV''). The second alternative proposal would require money market funds to impose a liquidity fee (unless the fund's board determines that it is not in the best interest of the fund) if a fund's liquidity levels fell below a specified threshold and would permit the funds to suspend redemptions temporarily, i.e., to ``gate'' the fund under the same circumstances. Under this proposal, we could adopt either alternative by itself or a combination of the two alternatives. The SEC also is proposing additional amendments that are designed to make money market funds more resilient by increasing the diversification of their portfolios, enhancing their stress testing, and increasing transparency by requiring money market funds to provide additional information to the SEC and to investors. The proposal also includes amendments requiring investment advisers to certain unregistered liquidity funds, which can resemble money market funds, to provide additional information about those funds to the SEC.
2013-06-04RuleCOMMODITY FUTURES TRADING COMMISSIONCommodity Futures Trading CommissionProcess for a Designated Contract Market or Swap Execution Facility To Make a Swap Available to Trade, Swap Transaction Compliance and Implementation Schedule, and Trade Execution Requirement Under the Commodity Exchange ActThe Commodity Futures Trading Commission (``Commission'') is adopting regulations that establish a process for a designated contract market (``DCM'') or swap execution facility (``SEF'') to make a swap subject to the trade execution requirement...2013-12250"https://www.govinfo.gov/content/pkg/FR-2013-06-04/pdf/2013-12250.pdfhttps://www.federalregister.gov/documents/2013/06/04/2013-12250/process-for-a-designated-contract-market-or-swap-execution-facility-to-make-a-swap-available-toThe Commodity Futures Trading Commission (``Commission'') is adopting regulations that establish a process for a designated contract market (``DCM'') or swap execution facility (``SEF'') to make a swap subject to the trade execution requirement pursuant to the Commodity Exchange Act (``CEA''). The Commission is also adopting regulations to establish a schedule to phase in compliance with the trade execution requirement. The schedule will provide additional time for compliance with this requirement.
2013-06-04RuleCOMMODITY FUTURES TRADING COMMISSIONCommodity Futures Trading CommissionCore Principles and Other Requirements for Swap Execution FacilitiesThe Commodity Futures Trading Commission (``Commission'' or ``CFTC'') is adopting new rules, guidance, and acceptable practices to implement certain statutory provisions enacted by Title VII of the Dodd-Frank Wall Street Reform and Consumer Protection...2013-12242"https://www.govinfo.gov/content/pkg/FR-2013-06-04/pdf/2013-12242.pdfhttps://www.federalregister.gov/documents/2013/06/04/2013-12242/core-principles-and-other-requirements-for-swap-execution-facilitiesThe Commodity Futures Trading Commission (``Commission'' or ``CFTC'') is adopting new rules, guidance, and acceptable practices to implement certain statutory provisions enacted by Title VII of the Dodd-Frank Wall Street Reform and Consumer Protection Act (``Dodd-Frank Act''). The final rules, guidance, and acceptable practices, which apply to the registration and operation of a new type of regulated entity named a swap execution facility (``SEF''), implement the Dodd- Frank Act's new statutory framework that, among other requirements, adds a new section 5h to the Commodity Exchange Act (``CEA'' or ``Act'') concerning the registration and operation of SEFs, and adds a new section 2(h)(8) to the CEA concerning the execution of swaps on SEFs.
2013-06-03RuleCOMMODITY FUTURES TRADING COMMISSIONCommodity Futures Trading CommissionCore Principles and Other Requirements for Designated Contract Markets; CorrectionThis document corrects the Federal Register release of the final rule regarding Core Principles and Other Requirements for Designated Contract Markets by inserting a missing instruction to add Appendix C to 17 CFR part 38. This is a correction to the...2013-13045"https://www.govinfo.gov/content/pkg/FR-2013-06-03/pdf/2013-13045.pdfhttps://www.federalregister.gov/documents/2013/06/03/2013-13045/core-principles-and-other-requirements-for-designated-contract-markets-correctionThis document corrects the Federal Register release of the final rule regarding Core Principles and Other Requirements for Designated Contract Markets by inserting a missing instruction to add Appendix C to 17 CFR part 38. This is a correction to the Federal Register only, which does not affect the text of Appendix C as published in the final rule.
2013-05-31RuleCOMMODITY FUTURES TRADING COMMISSIONCommodity Futures Trading CommissionProcedures To Establish Appropriate Minimum Block Sizes for Large Notional Off-Facility Swaps and Block TradesThe Commodity Futures Trading Commission is adopting regulations to implement certain statutory provisions enacted by Title VII of the Dodd-Frank Wall Street Reform and Consumer Protection Act. Specifically, in accordance with section 727 of the...2013-12133"https://www.govinfo.gov/content/pkg/FR-2013-05-31/pdf/2013-12133.pdfhttps://www.federalregister.gov/documents/2013/05/31/2013-12133/procedures-to-establish-appropriate-minimum-block-sizes-for-large-notional-off-facility-swaps-andThe Commodity Futures Trading Commission is adopting regulations to implement certain statutory provisions enacted by Title VII of the Dodd-Frank Wall Street Reform and Consumer Protection Act. Specifically, in accordance with section 727 of the Dodd-Frank Act, the Commission is adopting regulations that define the criteria for grouping swaps into separate swap categories and establish methodologies for setting appropriate minimum block sizes for each swap category. In addition, the Commission is adopting further measures under the Commission's regulations to prevent the public disclosure of the identities, business transactions and market positions of swaps market participants.
2013-05-23Proposed RuleSECURITIES AND EXCHANGE COMMISSIONSecurities and Exchange CommissionRegulation Systems Compliance and IntegrityOn March 25, 2013, the Securities and Exchange Commission (``Commission'') published in the Federal Register a proposed rule, Regulation Systems Compliance and Integrity (``Regulation SCI'') under the Securities Exchange Act of 1934, for public...2013-12289"https://www.govinfo.gov/content/pkg/FR-2013-05-23/pdf/2013-12289.pdfhttps://www.federalregister.gov/documents/2013/05/23/2013-12289/regulation-systems-compliance-and-integrityOn March 25, 2013, the Securities and Exchange Commission (``Commission'') published in the Federal Register a proposed rule, Regulation Systems Compliance and Integrity (``Regulation SCI'') under the Securities Exchange Act of 1934, for public comment. Proposed Regulation SCI would apply to certain self-regulatory organizations (including registered clearing agencies), alternative trading systems (``ATSs''), plan processors, and exempt clearing agencies subject to the Commission's Automation Review Policy (collectively, ``SCI entities''), and would require these SCI entities to comply with requirements with respect to their automated systems that support the performance of their regulated activities. The Commission is extending the time period in which to provide the Commission with comments.
2013-05-23Proposed RuleSECURITIES AND EXCHANGE COMMISSIONSecurities and Exchange CommissionReopening of Comment Periods for Certain Proposed Rulemaking Releases and Policy Statements Applicable to Security-Based SwapsThe Securities and Exchange Commission (``Commission'') is reopening the comment periods for its outstanding rulemaking releases, published in the Federal Register and listed herein, that concern security-based swaps (``SB swaps'') and SB swap market...2013-10836"https://www.govinfo.gov/content/pkg/FR-2013-05-23/pdf/2013-10836.pdfhttps://www.federalregister.gov/documents/2013/05/23/2013-10836/reopening-of-comment-periods-for-certain-proposed-rulemaking-releases-and-policy-statementsThe Securities and Exchange Commission (``Commission'') is reopening the comment periods for its outstanding rulemaking releases, published in the Federal Register and listed herein, that concern security-based swaps (``SB swaps'') and SB swap market participants and were proposed pursuant to certain provisions of Title VII of the Dodd- Frank Wall Street Reform and Consumer Protection Act (the ``Dodd-Frank Act'') and the Securities Exchange Act of 1934 (the ``Exchange Act''), among other provisions (together, the ``Proposed Rules''). The Commission is also reopening the comment period for its Statement of General Policy on the Sequencing of the Compliance Dates for Final Rules Applicable to Security-Based Swaps adopted pursuant to the Exchange Act and the Dodd-Frank Act, published in the Federal Register on June 14, 2012 (the ``Policy Statement''). The reopening of these comment periods is intended to allow interested persons additional time to analyze and comment upon the Proposed Rules and the Policy Statement in light of the Commission's proposal of substantially all of the rules required to be adopted by Title VII of the Dodd-Frank Act, its proposal of rules and interpretations addressing the application of the SB swap provisions of Title VII of the Dodd-Frank Act to cross-border SB swap transactions and non-U.S. persons that act in capacities regulated under the Dodd- Frank Act (the ``Cross-Border Proposed Rules''), and the Commodity Futures Trading Commission's (the ``CFTC'') adoption of substantially all of the rulemakings establishing the new regulatory framework for swaps. All comments received to date on the Proposed Rules and the Policy Statement will be considered and need not be resubmitted.
2013-05-23Proposed RuleSECURITIES AND EXCHANGE COMMISSIONSecurities and Exchange CommissionCross-Border Security-Based Swap Activities; Re-Proposal of Regulation SBSR and Certain Rules and Forms Relating to the Registration of Security-Based Swap Dealers and Major Security-Based Swap ParticipantsThe Securities and Exchange Commission (``SEC'' or ``Commission'') is publishing for public comment proposed rules and interpretive guidance to address the application of the provisions of the Securities Exchange Act of 1934, as amended (``Exchange...2013-10835"https://www.govinfo.gov/content/pkg/FR-2013-05-23/pdf/2013-10835.pdfhttps://www.federalregister.gov/documents/2013/05/23/2013-10835/cross-border-security-based-swap-activities-re-proposal-of-regulation-sbsr-and-certain-rules-andThe Securities and Exchange Commission (``SEC'' or ``Commission'') is publishing for public comment proposed rules and interpretive guidance to address the application of the provisions of the Securities Exchange Act of 1934, as amended (``Exchange Act''), that were added by Subtitle B of Title VII of the Dodd-Frank Wall Street Reform and Consumer Protection Act (``Dodd-Frank Act''), to cross-border security-based swap activities. Our proposed rules and interpretive guidance address the application of Subtitle B of Title VII of the Dodd-Frank Act with respect to each of the major registration categories covered by Title VII relating to market intermediaries, participants, and infrastructures for security-based swaps, and certain transaction-related requirements under Title VII in connection with reporting and dissemination, clearing, and trade execution for security-based swaps. In this connection, we are re- proposing Regulation SBSR and certain rules and forms relating to the registration of security-based swap dealers and major security-based swap participants. The proposal also contains a proposed rule providing an exception from the aggregation requirement, in the context of the security-based swap dealer definition, for affiliated groups with a registered security-based swap dealer. Moreover, the proposal addresses the sharing of information and preservation of confidentiality with respect to data collected and maintained by SDRs. In addition, the Commission is proposing rules and interpretive guidance addressing the policy and procedural framework under which the Commission would consider permitting compliance with comparable regulatory requirements in a foreign jurisdiction to substitute for compliance with requirements of the Exchange Act, and the rules and regulations thereunder, relating to security-based swaps (i.e., ``substituted compliance''). Finally, the Commission is setting forth our view of the scope of our authority, with respect to enforcement proceedings, under Section 929P of the Dodd-Frank Act.
2013-05-21RuleSECURITIES AND EXCHANGE COMMISSIONSecurities and Exchange CommissionAdoption of Updated EDGAR Filer ManualThe Securities and Exchange Commission (the Commission) is adopting revisions to the Electronic Data Gathering, Analysis, and Retrieval System (EDGAR) Filer Manual and related rules to reflect updates to the EDGAR system. The revisions are being made...2013-11921"https://www.govinfo.gov/content/pkg/FR-2013-05-21/pdf/2013-11921.pdfhttps://www.federalregister.gov/documents/2013/05/21/2013-11921/adoption-of-updated-edgar-filer-manualThe Securities and Exchange Commission (the Commission) is adopting revisions to the Electronic Data Gathering, Analysis, and Retrieval System (EDGAR) Filer Manual and related rules to reflect updates to the EDGAR system. The revisions are being made primarily to implement the new Form 13F online application and to support US GAAP 2013 Taxonomy. The EDGAR system is scheduled to be upgraded to support this functionality on May 20, 2013.
2013-04-19RuleCOMMODITY FUTURES TRADING COMMISSIONCommodity Futures Trading CommissionIdentity Theft Red Flags RulesThe Commodity Futures Trading Commission (``CFTC'') and the Securities and Exchange Commission (``SEC'') (together, the ``Commissions'') are jointly issuing final rules and guidelines to require certain regulated entities to establish programs to...2013-08830"https://www.govinfo.gov/content/pkg/FR-2013-04-19/pdf/2013-08830.pdfhttps://www.federalregister.gov/documents/2013/04/19/2013-08830/identity-theft-red-flags-rulesThe Commodity Futures Trading Commission (``CFTC'') and the Securities and Exchange Commission (``SEC'') (together, the ``Commissions'') are jointly issuing final rules and guidelines to require certain regulated entities to establish programs to address risks of identity theft. These rules and guidelines implement provisions of the Dodd-Frank Wall Street Reform and Consumer Protection Act, which amended the Fair Credit Reporting Act and directed the Commissions to adopt rules requiring entities that are subject to the Commissions' respective enforcement authorities to address identity theft. First, the rules require financial institutions and creditors to develop and implement a written identity theft prevention program designed to detect, prevent, and mitigate identity theft in connection with certain existing accounts or the opening of new accounts. The rules include guidelines to assist entities in the formulation and maintenance of programs that would satisfy the requirements of the rules. Second, the rules establish special requirements for any credit and debit card issuers that are subject to the Commissions' respective enforcement authorities, to assess the validity of notifications of changes of address under certain circumstances.
2013-04-16RuleCOMMODITY FUTURES TRADING COMMISSIONCommodity Futures Trading CommissionReassignment of Commission Staff Responsibilities and Delegations of AuthorityThe Commission is amending its regulations to reflect the reassignment of responsibilities, including delegations of authority, resulting from its recent reorganization of Commission staff. Effective October 9, 2011, the Commission abolished the...2013-08353"https://www.govinfo.gov/content/pkg/FR-2013-04-16/pdf/2013-08353.pdfhttps://www.federalregister.gov/documents/2013/04/16/2013-08353/reassignment-of-commission-staff-responsibilities-and-delegations-of-authorityThe Commission is amending its regulations to reflect the reassignment of responsibilities, including delegations of authority, resulting from its recent reorganization of Commission staff. Effective October 9, 2011, the Commission abolished the Division of Clearing and Intermediary Oversight and reassigned its staff and responsibilities to the newly established Division of Swap Dealer and Intermediary Oversight and Division of Clearing and Risk.
2013-04-11RuleCOMMODITY FUTURES TRADING COMMISSIONCommodity Futures Trading CommissionClearing Exemption for Swaps Between Certain Affiliated EntitiesThe Commodity Futures Trading Commission (Commission or CFTC) is adopting regulations to exempt swaps between certain affiliated entities within a corporate group from the clearing requirement under the Commodity Exchange Act (CEA or Act), enacted by...2013-07970"https://www.govinfo.gov/content/pkg/FR-2013-04-11/pdf/2013-07970.pdfhttps://www.federalregister.gov/documents/2013/04/11/2013-07970/clearing-exemption-for-swaps-between-certain-affiliated-entitiesThe Commodity Futures Trading Commission (Commission or CFTC) is adopting regulations to exempt swaps between certain affiliated entities within a corporate group from the clearing requirement under the Commodity Exchange Act (CEA or Act), enacted by Title VII of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act). The regulations include specific conditions, as well as reporting requirements, that affiliated entities must satisfy in order to elect the inter-affiliate exemption from required clearing.
2013-04-11RuleCOMMODITY FUTURES TRADING COMMISSIONCommodity Futures Trading CommissionDelegation of Authority To Disclose Confidential Information to a Contract Market, Registered Futures Association or Self-Regulatory OrganizationThe Commission is revising its regulations to add to its delegation of authority to staff respecting the disclosure of information to self-regulatory organizations newly established in the Wall Street Reform and Consumer Protection Act (the...2013-08440"https://www.govinfo.gov/content/pkg/FR-2013-04-11/pdf/2013-08440.pdfhttps://www.federalregister.gov/documents/2013/04/11/2013-08440/delegation-of-authority-to-disclose-confidential-information-to-a-contract-market-registered-futuresThe Commission is revising its regulations to add to its delegation of authority to staff respecting the disclosure of information to self-regulatory organizations newly established in the Wall Street Reform and Consumer Protection Act (the ``Dodd-Frank Act'') and not previously enumerated in the relevant regulations.
2013-04-09RuleCOMMODITY FUTURES TRADING COMMISSIONCommodity Futures Trading CommissionAdaptation of Regulations to Incorporate Swaps-Records of Transactions; CorrectionThis document corrects a compliance date stated in the preamble to a notice of final rulemaking published in the Federal Register of December 21, 2012 (77 FR 75523), regarding Adaptation of Regulations to Incorporate Swaps--Records of Transactions.2013-07797"https://www.govinfo.gov/content/pkg/FR-2013-04-09/pdf/2013-07797.pdfhttps://www.federalregister.gov/documents/2013/04/09/2013-07797/adaptation-of-regulations-to-incorporate-swaps-records-of-transactions-correctionThis document corrects a compliance date stated in the preamble to a notice of final rulemaking published in the Federal Register of December 21, 2012 (77 FR 75523), regarding Adaptation of Regulations to Incorporate Swaps--Records of Transactions.
2013-04-09RuleSECURITIES AND EXCHANGE COMMISSIONSecurities and Exchange CommissionAmendment to Rule Filing Requirements for Dually-Registered Clearing AgenciesThe Securities and Exchange Commission (``SEC'' or ``Commission'') is affirming recent amendments to Rule 19b-4 under the Securities Exchange Act of 1934 (``Exchange Act'') in connection with filings of proposed rule changes by certain registered...2013-08141"https://www.govinfo.gov/content/pkg/FR-2013-04-09/pdf/2013-08141.pdfhttps://www.federalregister.gov/documents/2013/04/09/2013-08141/amendment-to-rule-filing-requirements-for-dually-registered-clearing-agenciesThe Securities and Exchange Commission (``SEC'' or ``Commission'') is affirming recent amendments to Rule 19b-4 under the Securities Exchange Act of 1934 (``Exchange Act'') in connection with filings of proposed rule changes by certain registered clearing agencies and is expanding on those amendments in response to comments received (collectively, ``Final Rule''). The Commission also is making corresponding technical modifications to the General Instructions for Form 19b-4 under the Exchange Act. The amendments to Rule 19b-4 and the instructions to Form 19b-4 are intended to streamline the rule filing process in areas involving certain activities concerning non-security products that may be subject to duplicative or inconsistent regulation as a result of, in part, certain provisions under Section 763(b) of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (``Dodd-Frank Act'').
2013-04-09RuleCOMMODITY FUTURES TRADING COMMISSIONCommodity Futures Trading CommissionConfirmation, Portfolio Reconciliation, Portfolio Compression, and Swap Trading Relationship Documentation Requirements for Swap Dealers and Major Swap Participants; CorrectionThe Commodity Futures Trading Commission (CFTC) is correcting a final rule published in the Federal Register of September 11, 2012 (77 FR 55904). That rule, 17 CFR 23.505, took effect on November 13, 2012. Subsequently, the CFTC published final rules...2013-08197"https://www.govinfo.gov/content/pkg/FR-2013-04-09/pdf/2013-08197.pdfhttps://www.federalregister.gov/documents/2013/04/09/2013-08197/confirmation-portfolio-reconciliation-portfolio-compression-and-swap-trading-relationshipThe Commodity Futures Trading Commission (CFTC) is correcting a final rule published in the Federal Register of September 11, 2012 (77 FR 55904). That rule, 17 CFR 23.505, took effect on November 13, 2012. Subsequently, the CFTC published final rules in the Federal Register of December 13, 2012 (77 FR 74284), that re-codified the Commission regulation at 17 CFR 39.6 as a new Commission regulation at 17 CFR 50.50. This correction amends cross-references in 17 CFR 23.505 to conform them with the final rules published on December 13, 2012.
2013-04-08RuleCOMMODITY FUTURES TRADING COMMISSIONCommodity Futures Trading CommissionDual and Multiple Associations of Persons Associated With Swap Dealers, Major Swap Participants and Other Commission RegistrantsThe Commodity Futures Trading Commission (Commission or CFTC) is adopting regulations to make clear that each swap dealer (SD), major swap participant (MSP), and other Commission registrant with whom an associated person (AP) is associated is required...2013-07755"https://www.govinfo.gov/content/pkg/FR-2013-04-08/pdf/2013-07755.pdfhttps://www.federalregister.gov/documents/2013/04/08/2013-07755/dual-and-multiple-associations-of-persons-associated-with-swap-dealers-major-swap-participants-andThe Commodity Futures Trading Commission (Commission or CFTC) is adopting regulations to make clear that each swap dealer (SD), major swap participant (MSP), and other Commission registrant with whom an associated person (AP) is associated is required to supervise the AP and is jointly and severally responsible for the activities of the AP with respect to customers common to it and any other SD, MSP or other Commission registrant.
2013-04-08Proposed RuleCOMMODITY FUTURES TRADING COMMISSIONCommodity Futures Trading CommissionSwap Dealers and Major Swap Participants; Clerical or Ministerial EmployeesThe Commodity Futures Trading Commission (Commission or CFTC) is proposing to amend its regulations (Proposal) to clarify certain responsibilities of a swap dealer (SD) or major swap participant (MSP) regarding its employees who solicit, accept or...2013-07538"https://www.govinfo.gov/content/pkg/FR-2013-04-08/pdf/2013-07538.pdfhttps://www.federalregister.gov/documents/2013/04/08/2013-07538/swap-dealers-and-major-swap-participants-clerical-or-ministerial-employeesThe Commodity Futures Trading Commission (Commission or CFTC) is proposing to amend its regulations (Proposal) to clarify certain responsibilities of a swap dealer (SD) or major swap participant (MSP) regarding its employees who solicit, accept or effect swaps in a clerical or ministerial capacity.
2013-03-25Proposed RuleSECURITIES AND EXCHANGE COMMISSIONSecurities and Exchange CommissionRegulation Systems Compliance and IntegrityThe Securities and Exchange Commission (``Commission'') is proposing Regulation Systems Compliance and Integrity (``Regulation SCI'') under the Securities Exchange Act of 1934 (``Exchange Act'') and conforming amendments to Regulation ATS under the...2013-05888"https://www.govinfo.gov/content/pkg/FR-2013-03-25/pdf/2013-05888.pdfhttps://www.federalregister.gov/documents/2013/03/25/2013-05888/regulation-systems-compliance-and-integrityThe Securities and Exchange Commission (``Commission'') is proposing Regulation Systems Compliance and Integrity (``Regulation SCI'') under the Securities Exchange Act of 1934 (``Exchange Act'') and conforming amendments to Regulation ATS under the Exchange Act. Proposed Regulation SCI would apply to certain self-regulatory organizations (including registered clearing agencies), alternative trading systems (``ATSs''), plan processors, and exempt clearing agencies subject to the Commission's Automation Review Policy (collectively, ``SCI entities''), and would require these SCI entities to comply with requirements with respect to their automated systems that support the performance of their regulated activities.
2013-03-05RuleSECURITIES AND EXCHANGE COMMISSIONSecurities and Exchange CommissionAdjustments to Civil Monetary Penalty AmountsThis rule implements the Federal Civil Penalties Inflation Adjustment Act of 1990, as amended by the Debt Collection Improvement Act of 1996. The Commission is adopting a rule adjusting for inflation the maximum amount of civil monetary penalties under...2013-04931"https://www.govinfo.gov/content/pkg/FR-2013-03-05/pdf/2013-04931.pdfhttps://www.federalregister.gov/documents/2013/03/05/2013-04931/adjustments-to-civil-monetary-penalty-amountsThis rule implements the Federal Civil Penalties Inflation Adjustment Act of 1990, as amended by the Debt Collection Improvement Act of 1996. The Commission is adopting a rule adjusting for inflation the maximum amount of civil monetary penalties under the Securities Act of 1933, the Securities Exchange Act of 1934, the Investment Company Act of 1940, the Investment Advisers Act of 1940, and certain penalties under the Sarbanes-Oxley Act of 2002.
2013-02-26RuleCOMMODITY FUTURES TRADING COMMISSIONCommodity Futures Trading CommissionProceedings Before the Commodity Futures Trading CommissionThe Commodity Futures Trading Commission (``Commission'') is amending its Rules of Practice, Rules Relating to Reparation Proceedings, and its Rules Relating to Review of National Futures Association (``NFA'') Decisions in Disciplinary, Membership...2013-04252"https://www.govinfo.gov/content/pkg/FR-2013-02-26/pdf/2013-04252.pdfhttps://www.federalregister.gov/documents/2013/02/26/2013-04252/proceedings-before-the-commodity-futures-trading-commissionThe Commodity Futures Trading Commission (``Commission'') is amending its Rules of Practice, Rules Relating to Reparation Proceedings, and its Rules Relating to Review of National Futures Association (``NFA'') Decisions in Disciplinary, Membership Denial, Registration and Membership Responsibility Actions, to simplify and clarify service, filing and formatting requirements, particularly those requirements applicable to electronic service and filing. The Commission is also amending its Rules Relating to Reparations Proceedings to clarify the authority of its Judgment Officers.
2013-02-04RuleSECURITIES AND EXCHANGE COMMISSIONSecurities and Exchange CommissionExtension of Exemptions for Security-Based SwapsWe are adopting amendments to the expiration dates in our interim final rules that provide exemptions under the Securities Act of 1933, the Securities Exchange Act of 1934, and the Trust Indenture Act of 1939 for those security-based swaps that prior...2013-02191"https://www.govinfo.gov/content/pkg/FR-2013-02-04/pdf/2013-02191.pdfhttps://www.federalregister.gov/documents/2013/02/04/2013-02191/extension-of-exemptions-for-security-based-swapsWe are adopting amendments to the expiration dates in our interim final rules that provide exemptions under the Securities Act of 1933, the Securities Exchange Act of 1934, and the Trust Indenture Act of 1939 for those security-based swaps that prior to July 16, 2011 were security-based swap agreements and are defined as ``securities'' under the Securities Act and the Exchange Act as of July 16, 2011 due solely to the provisions of Title VII of the Dodd-Frank Wall Street Reform and Consumer Protection Act. Under the amendments, the expiration dates in the interim final rules will be extended to February 11, 2014.
2013-01-23RuleSECURITIES AND EXCHANGE COMMISSIONSecurities and Exchange CommissionLost Securityholders and Unresponsive PayeesThe Securities and Exchange Commission (``Commission'') is adopting amendments to Rule 17Ad-17 to implement the requirements of Section 929W of the Dodd-Frank Wall Street Reform and Consumer Protection Act (``Dodd-Frank Act''). That Section added to...2013-01269"https://www.govinfo.gov/content/pkg/FR-2013-01-23/pdf/2013-01269.pdfhttps://www.federalregister.gov/documents/2013/01/23/2013-01269/lost-securityholders-and-unresponsive-payeesThe Securities and Exchange Commission (``Commission'') is adopting amendments to Rule 17Ad-17 to implement the requirements of Section 929W of the Dodd-Frank Wall Street Reform and Consumer Protection Act (``Dodd-Frank Act''). That Section added to Section 17A of the Securities Exchange Act of 1934 (``Exchange Act'') subsection (g), ``Due Diligence for the Delivery of Dividends, Interest, and Other Valuable Property Rights,'' which directs the Commission to revise Exchange Act Rule 17Ad-17, ``Transfer Agents' Obligation to Search for Lost Securityholders'' to: extend the requirements of Rule 17Ad-17 to search for lost securityholders from only recordkeeping transfer agents to brokers and dealers as well; add a requirement that ``paying agents'' notify ``unresponsive payees'' that a paying agent has sent a securityholder a check that has not yet been negotiated; and add certain other provisions. The Commission also is adopting a proposed conforming amendment to Rule 17Ad-7(i) and new Rule 15b1-6, a technical rule to help ensure that brokers and dealers have notice of their new obligations with respect to lost securityholders and unresponsive payees.
2013-01-23RuleSECURITIES AND EXCHANGE COMMISSIONSecurities and Exchange CommissionAdoption of Updated EDGAR Filer ManualThe Securities and Exchange Commission (the Commission) is adopting revisions to the Electronic Data Gathering, Analysis, and Retrieval System (EDGAR) Filer Manual and related rules to reflect updates to the EDGAR system. The revisions are being made...2013-01058"https://www.govinfo.gov/content/pkg/FR-2013-01-23/pdf/2013-01058.pdfhttps://www.federalregister.gov/documents/2013/01/23/2013-01058/adoption-of-updated-edgar-filer-manualThe Securities and Exchange Commission (the Commission) is adopting revisions to the Electronic Data Gathering, Analysis, and Retrieval System (EDGAR) Filer Manual and related rules to reflect updates to the EDGAR system. The revisions are being made primarily to introduce the new EDGARLink Online submission type IRANNOTICE; and support PDF as an official filing format for submission types 497AD, 40-17G, 40-17G/A, 40-17GCS, 40-17GCS/A, 40-24B2, and 40-24B2/A. The EDGAR system is scheduled to be upgraded to support this functionality on January 14, 2013.
2013-01-23RuleSECURITIES AND EXCHANGE COMMISSIONSecurities and Exchange CommissionAuthority Citation CorrectionOn August 6, 2010 and September 16, 2011, the Securities and Exchange Commission (``Commission'') published documents in the Federal Register (75 FR 47449 and 76 FR 57637, respectively) that each included an inaccurate amendatory instruction pertaining...2013-01202"https://www.govinfo.gov/content/pkg/FR-2013-01-23/pdf/2013-01202.pdfhttps://www.federalregister.gov/documents/2013/01/23/2013-01202/authority-citation-correctionOn August 6, 2010 and September 16, 2011, the Securities and Exchange Commission (``Commission'') published documents in the Federal Register (75 FR 47449 and 76 FR 57637, respectively) that each included an inaccurate amendatory instruction pertaining to an authority citation. The Commission is publishing this technical amendment to accurately reflect the authority citation in the Code of Federal Regulations.
2013-01-22Proposed RuleSECURITIES AND EXCHANGE COMMISSIONSecurities and Exchange CommissionCapital, Margin, and Segregation Requirements for Security-Based Swap Dealers and Major Security-Based Swap Participants and Capital Requirements for Broker-DealersOn November 23, 2012, the Securities and Exchange Commission (``Commission'') published in the Federal Register a proposed rule for public comment to establish capital, margin, and segregation requirements for security-based swap dealers and major...2013-01053"https://www.govinfo.gov/content/pkg/FR-2013-01-22/pdf/2013-01053.pdfhttps://www.federalregister.gov/documents/2013/01/22/2013-01053/capital-margin-and-segregation-requirements-for-security-based-swap-dealers-and-major-security-basedOn November 23, 2012, the Securities and Exchange Commission (``Commission'') published in the Federal Register a proposed rule for public comment to establish capital, margin, and segregation requirements for security-based swap dealers and major security-based swap participants under the Securities Exchange Act of 1934 (``Exchange Act'') and amend capital requirements for broker-dealers. The Commission is extending the time period in which to provide the Commission with comments.
2013-01-18Proposed RuleCOMMODITY FUTURES TRADING COMMISSIONCommodity Futures Trading CommissionExtension of Comment Period for the Rulemaking Enhancing Protections Afforded Customers and Customer Funds Held by Futures Commission Merchants and Derivatives Clearing OrganizationsOn November 14, 2012, the Commodity Futures Trading Commission (``Commission'') published in the Federal Register a notice of proposed rulemaking (the ``Customer Protection Proposal'') \1\ to adopt new regulations and amend existing regulations to...2013-00820"https://www.govinfo.gov/content/pkg/FR-2013-01-18/pdf/2013-00820.pdfhttps://www.federalregister.gov/documents/2013/01/18/2013-00820/extension-of-comment-period-for-the-rulemaking-enhancing-protections-afforded-customers-and-customerOn November 14, 2012, the Commodity Futures Trading Commission (``Commission'') published in the Federal Register a notice of proposed rulemaking (the ``Customer Protection Proposal'') \1\ to adopt new regulations and amend existing regulations to require enhanced customer protections, risk management programs, internal monitoring and controls, capital and liquidity standards, customer disclosures, and auditing and examination programs for futures commission merchants (``FCMs''). The Customer Protection Proposal also addressed certain related issues concerning derivatives clearing organizations (``DCOs'') and chief compliance officers (``CCOs''). In order to provide interested parties with an additional opportunity to comment on the Customer Protection Proposal, the Commission is extending the comment period for the Customer Protection Proposal. ---------------------------------------------------------------------------
2013-01-08RuleCOMMODITY FUTURES TRADING COMMISSIONCommodity Futures Trading CommissionRules of Practice; Amendments to Delegations of Authority to the Office of General CounselThe Commodity Futures Trading Commission (``CFTC'' or ``Commission'') is amending its regulations delegating authority to the Commission's Office of General Counsel, so that all delegations thereto will be to the General Counsel, with authority to...2012-31721"https://www.govinfo.gov/content/pkg/FR-2013-01-08/pdf/2012-31721.pdfhttps://www.federalregister.gov/documents/2013/01/08/2012-31721/rules-of-practice-amendments-to-delegations-of-authority-to-the-office-of-general-counselThe Commodity Futures Trading Commission (``CFTC'' or ``Commission'') is amending its regulations delegating authority to the Commission's Office of General Counsel, so that all delegations thereto will be to the General Counsel, with authority to sub-delegate to any Commission employee under the supervision of the General Counsel.
2013-01-02RuleCOMMODITY FUTURES TRADING COMMISSIONCommodity Futures Trading CommissionBusiness Conduct and Documentation Requirements for Swap Dealers and Major Swap Participants; Extension of Compliance DateThe Commodity Futures Trading Commission (``Commission'') is changing the compliance dates for certain rules in the Commission's regulations governing business conduct standards for swap dealers (``SDs'') and major swap participants (``MSPs''), and...2012-30885"https://www.govinfo.gov/content/pkg/FR-2013-01-02/pdf/2012-30885.pdfhttps://www.federalregister.gov/documents/2013/01/02/2012-30885/business-conduct-and-documentation-requirements-for-swap-dealers-and-major-swap-participantsThe Commodity Futures Trading Commission (``Commission'') is changing the compliance dates for certain rules in the Commission's regulations governing business conduct standards for swap dealers (``SDs'') and major swap participants (``MSPs''), and certain rules requiring SDs and MSPs to engage in portfolio reconciliation and to have certain documentation with their swap counterparties. The Commission is extending the compliance date for certain rules by four months, and up to six months for others. The extended compliance dates are intended to provide SDs and MSPs with additional time to achieve compliance with certain regulations.
2012-12-31RuleSECURITIES AND EXCHANGE COMMISSIONSecurities and Exchange CommissionTemporary Rule Regarding Principal Trades With Certain Advisory ClientsThe Securities and Exchange Commission is amending rule 206(3)-3T under the Investment Advisers Act of 1940, a temporary rule that establishes an alternative means for investment advisers who are registered with the Commission as broker-dealers to meet...2012-31221"https://www.govinfo.gov/content/pkg/FR-2012-12-31/pdf/2012-31221.pdfhttps://www.federalregister.gov/documents/2012/12/31/2012-31221/temporary-rule-regarding-principal-trades-with-certain-advisory-clientsThe Securities and Exchange Commission is amending rule 206(3)-3T under the Investment Advisers Act of 1940, a temporary rule that establishes an alternative means for investment advisers who are registered with the Commission as broker-dealers to meet the requirements of section 206(3) of the Investment Advisers Act when they act in a principal capacity in transactions with certain of their advisory clients. The amendment extends the date on which rule 206(3)- 3T will sunset from December 31, 2012 to December 31, 2014.
2012-12-28RuleCOMMODITY FUTURES TRADING COMMISSIONCommodity Futures Trading CommissionPrivacy of Consumer Financial Information Under Title V of the Gramm-Leach-Bliley Act2012-31273"https://www.govinfo.gov/content/pkg/FR-2012-12-28/pdf/2012-31273.pdfhttps://www.federalregister.gov/documents/2012/12/28/2012-31273/privacy-of-consumer-financial-information-under-title-v-of-the-gramm-leach-bliley-act
2012-12-21RuleCOMMODITY FUTURES TRADING COMMISSIONCommodity Futures Trading CommissionAdaptation of Regulations To Incorporate Swaps-Records of TransactionsThe Dodd-Frank Wall Street Reform and Consumer Protection Act (``Dodd-Frank Act'' or ``DFA'') established a comprehensive new statutory framework for swaps and security-based swaps. The Dodd-Frank Act repeals some sections of the Commodity Exchange Act...2012-30691"https://www.govinfo.gov/content/pkg/FR-2012-12-21/pdf/2012-30691.pdfhttps://www.federalregister.gov/documents/2012/12/21/2012-30691/adaptation-of-regulations-to-incorporate-swaps-records-of-transactionsThe Dodd-Frank Wall Street Reform and Consumer Protection Act (``Dodd-Frank Act'' or ``DFA'') established a comprehensive new statutory framework for swaps and security-based swaps. The Dodd-Frank Act repeals some sections of the Commodity Exchange Act (``CEA'' or ``Act''), amends others, and adds a number of new provisions. The DFA also requires the Commodity Futures Trading Commission (``CFTC'' or ``Commission'') to promulgate a number of rules to implement the new framework. The Commission has proposed and finalized numerous rules to satisfy its obligations under the DFA. This final rulemaking makes certain conforming amendments to recordkeeping provisions of regulations 1.31 and 1.35(a) to integrate these regulations more fully with the new framework created by the Dodd-Frank Act.\1\ This final rulemaking requires futures commission merchants (``FCMs''), certain introducing brokers (``IBs''), retail foreign exchange dealers (``RFEDs'') and certain other registrants that are members of designated contract markets (``DCMs'') or swap execution facilities (``SEFs'') to record all oral communications provided or received concerning quotes, solicitations, bids, offers, instructions, trading, and prices, that lead to the execution of a transaction in a commodity interest, whether communicated by telephone, voicemail, mobile device, or other digital or electronic media, and to keep those records for one year. This final rule also requires FCMs, IBs, RFEDs, and all members of a DCM or SEF to record and keep all written communications provided or received concerning quotes, solicitations, bids, offers, instructions, trading, and prices, that lead to the execution of a transaction in a commodity interest or related cash or forward transactions, whether communicated by telephone, voicemail, facsimile, instant messaging, chat rooms, electronic mail, mobile device, or other digital or electronic media, and to keep those written records for five years. ---------------------------------------------------------------------------
2012-12-18RuleSECURITIES AND EXCHANGE COMMISSIONSecurities and Exchange CommissionExtension of Dates for Certain Requirements and Amendment of Form 19b-4On December 10, 2012, the Securities and Exchange Commission (``Commission'') published a document in the Federal Register to amend its regulations under the Securities Exchange Act of 1934 (``Exchange Act'') to extend the dates with respect to the...2012-30389"https://www.govinfo.gov/content/pkg/FR-2012-12-18/pdf/2012-30389.pdfhttps://www.federalregister.gov/documents/2012/12/18/2012-30389/extension-of-dates-for-certain-requirements-and-amendment-of-form-19b-4On December 10, 2012, the Securities and Exchange Commission (``Commission'') published a document in the Federal Register to amend its regulations under the Securities Exchange Act of 1934 (``Exchange Act'') to extend the dates with respect to the requirements that designated clearing agencies for which the Commission is the supervisory agency file advance notices and clearing agencies file security-based swap submissions with the Commission in an electronic format to dedicated email addresses to December 10, 2013, and amend the General Instructions to Form 19b-4 to clarify the process for submitting advance notices and security-based swap submissions to the Commission. The document contained an error with respect to the placement and numbering of a footnote.
2012-12-14RuleCOMMODITY FUTURES TRADING COMMISSIONCommodity Futures Trading CommissionFees for Reviews of the Rule Enforcement Programs of Designated Contract Markets and Registered Futures AssociationsThe Commission charges fees to designated contract markets and registered futures associations to recover the costs incurred by the Commission in the operation of its program of oversight of self- regulatory organization rule enforcement programs,...2012-30224"https://www.govinfo.gov/content/pkg/FR-2012-12-14/pdf/2012-30224.pdfhttps://www.federalregister.gov/documents/2012/12/14/2012-30224/fees-for-reviews-of-the-rule-enforcement-programs-of-designated-contract-markets-and-registeredThe Commission charges fees to designated contract markets and registered futures associations to recover the costs incurred by the Commission in the operation of its program of oversight of self- regulatory organization rule enforcement programs, specifically National Futures Association, a registered futures association, and the designated contract markets. The calculation of the fee amounts charged for FY 2012 by this notice is based upon an average of actual program costs incurred during FY 2009, 2010, and 2011.
2012-12-13RuleCOMMODITY FUTURES TRADING COMMISSIONCommodity Futures Trading CommissionClearing Requirement Determination Under Section 2(h) of the CEAThe Commodity Futures Trading Commission (Commission or CFTC) is adopting regulations to establish a clearing requirement under new section 2(h)(1)(A) of the Commodity Exchange Act (CEA or Act), enacted under Title VII of the Dodd-Frank Wall Street...2012-29211"https://www.govinfo.gov/content/pkg/FR-2012-12-13/pdf/2012-29211.pdfhttps://www.federalregister.gov/documents/2012/12/13/2012-29211/clearing-requirement-determination-under-section-2h-of-the-ceaThe Commodity Futures Trading Commission (Commission or CFTC) is adopting regulations to establish a clearing requirement under new section 2(h)(1)(A) of the Commodity Exchange Act (CEA or Act), enacted under Title VII of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act). The regulations require that certain classes of credit default swaps (CDS) and interest rate swaps, described herein, be cleared by a derivatives clearing organization (DCO) registered with the Commission. The Commission also is adopting regulations to prevent evasion of the clearing requirement and related provisions.
2012-12-10RuleSECURITIES AND EXCHANGE COMMISSIONSecurities and Exchange CommissionExtension of Dates for Certain Requirements and Amendment of Form 19b-4The Commission is amending its regulations under the Securities Exchange Act of 1934 (``Exchange Act'') to extend the dates for certain requirements therein and amending the General Instructions to Form 19b-4 to clarify the process for submitting...2012-29712"https://www.govinfo.gov/content/pkg/FR-2012-12-10/pdf/2012-29712.pdfhttps://www.federalregister.gov/documents/2012/12/10/2012-29712/extension-of-dates-for-certain-requirements-and-amendment-of-form-19b-4The Commission is amending its regulations under the Securities Exchange Act of 1934 (``Exchange Act'') to extend the dates for certain requirements therein and amending the General Instructions to Form 19b-4 to clarify the process for submitting advance notices and security-based swap submissions to the Commission. The Commission is extending the dates with respect to the requirements that designated clearing agencies for which the Commission is the supervisory agency file advance notices and clearing agencies file security-based swap submissions with the Commission in an electronic format to dedicated email addresses to December 10, 2013 in order to prevent the scenario that such filings are required to be filed with the Commission through a system that is not yet technologically able to accept them.
2012-12-03Proposed RuleSECURITIES AND EXCHANGE COMMISSIONSecurities and Exchange CommissionCapital, Margin, and Segregation Requirements for Security-Based Swap Dealers and Major Security-Based Swap Participants and Capital Requirements for Broker-Dealers; CorrectionTechnical corrections are being made to the Commission's Release No. 34-68071, which proposed capital and margin requirements for security-based swap dealers (``SBSDs'') and major security-based swap participants (``MSBSPs''), segregation requirements...2012-29048"https://www.govinfo.gov/content/pkg/FR-2012-12-03/pdf/2012-29048.pdfhttps://www.federalregister.gov/documents/2012/12/03/2012-29048/capital-margin-and-segregation-requirements-for-security-based-swap-dealers-and-major-security-basedTechnical corrections are being made to the Commission's Release No. 34-68071, which proposed capital and margin requirements for security-based swap dealers (``SBSDs'') and major security-based swap participants (``MSBSPs''), segregation requirements for SBSDs, and notification requirements with respect to segregation for SBSDs and MSBSPs, as well as increases to the minimum net capital requirements for broker-dealers permitted to use the alternative internal model- based method for computing net capital.
2012-11-30Proposed RuleSECURITIES AND EXCHANGE COMMISSIONSecurities and Exchange CommissionCapital, Margin, and Segregation Requirements for Security-Based Swap Dealers and Major Security-Based Swap Participants and Capital Requirements for Broker-DealersC1-2012-26164"https://www.govinfo.gov/content/pkg/FR-2012-11-30/pdf/C1-2012-26164.pdfhttps://www.federalregister.gov/documents/2012/11/30/C1-2012-26164/capital-margin-and-segregation-requirements-for-security-based-swap-dealers-and-major-security-based
2012-11-23Proposed RuleSECURITIES AND EXCHANGE COMMISSIONSecurities and Exchange CommissionCapital, Margin, and Segregation Requirements for Security-Based Swap Dealers and Major Security-Based Swap Participants and Capital Requirements for Broker-DealersIn accordance with the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (``Dodd-Frank Act''), the Securities and Exchange Commission (``Commission''), pursuant to the Securities Exchange Act of 1934 (``Exchange Act''), is proposing...2012-26164"https://www.govinfo.gov/content/pkg/FR-2012-11-23/pdf/2012-26164.pdfhttps://www.federalregister.gov/documents/2012/11/23/2012-26164/capital-margin-and-segregation-requirements-for-security-based-swap-dealers-and-major-security-basedIn accordance with the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (``Dodd-Frank Act''), the Securities and Exchange Commission (``Commission''), pursuant to the Securities Exchange Act of 1934 (``Exchange Act''), is proposing capital and margin requirements for security-based swap dealers (``SBSDs'') and major security-based swap participants (``MSBSPs''), segregation requirements for SBSDs, and notification requirements with respect to segregation for SBSDs and MSBSPs. The Commission also is proposing to increase the minimum net capital requirements for broker-dealers permitted to use the alternative internal model-based method for computing net capital (``ANC broker-dealers'').
2012-11-23RuleSECURITIES AND EXCHANGE COMMISSIONSecurities and Exchange CommissionPurchase of Certain Debt Securities by Business and Industrial Development Companies Relying on an Investment Company Act ExemptionThe Securities and Exchange Commission (``Commission'') is adopting a new rule under the Investment Company Act of 1940 (``Investment Company Act'') to establish a standard of credit- worthiness in place of a statutory reference to credit ratings that...2012-28456"https://www.govinfo.gov/content/pkg/FR-2012-11-23/pdf/2012-28456.pdfhttps://www.federalregister.gov/documents/2012/11/23/2012-28456/purchase-of-certain-debt-securities-by-business-and-industrial-development-companies-relying-on-anThe Securities and Exchange Commission (``Commission'') is adopting a new rule under the Investment Company Act of 1940 (``Investment Company Act'') to establish a standard of credit- worthiness in place of a statutory reference to credit ratings that the Dodd-Frank Wall Street Reform and Consumer Protection Act (``Dodd-Frank Act'') removes. The rule will establish the standard of credit quality that must be met by certain debt securities purchased by entities relying on the Investment Company Act exemption for business and industrial development companies.
2012-11-23RuleSECURITIES AND EXCHANGE COMMISSIONSecurities and Exchange CommissionDisclosure of Payments by Resource Extraction IssuersThis release makes a technical correction to Release No. 34- 67717 (August 22, 2012), which adopted disclosure rules for resource extraction issuers and was published in the Federal Register on September 12, 2012 (77 FR 56365). We are correcting the...2012-28455"https://www.govinfo.gov/content/pkg/FR-2012-11-23/pdf/2012-28455.pdfhttps://www.federalregister.gov/documents/2012/11/23/2012-28455/disclosure-of-payments-by-resource-extraction-issuersThis release makes a technical correction to Release No. 34- 67717 (August 22, 2012), which adopted disclosure rules for resource extraction issuers and was published in the Federal Register on September 12, 2012 (77 FR 56365). We are correcting the release to include the text of a footnote that was omitted when published.
2012-11-14Proposed RuleCOMMODITY FUTURES TRADING COMMISSIONCommodity Futures Trading CommissionEnhancing Protections Afforded Customers and Customer Funds Held by Futures Commission Merchants and Derivatives Clearing OrganizationsThe Commodity Futures Trading Commission (``Commission'' or ``CFTC'') is proposing to adopt new regulations and amend existing regulations to require enhanced customer protections, risk management programs, internal monitoring and controls, capital and...2012-26435"https://www.govinfo.gov/content/pkg/FR-2012-11-14/pdf/2012-26435.pdfhttps://www.federalregister.gov/documents/2012/11/14/2012-26435/enhancing-protections-afforded-customers-and-customer-funds-held-by-futures-commission-merchants-andThe Commodity Futures Trading Commission (``Commission'' or ``CFTC'') is proposing to adopt new regulations and amend existing regulations to require enhanced customer protections, risk management programs, internal monitoring and controls, capital and liquidity standards, customer disclosures, and auditing and examination programs for futures commission merchants (``FCMs''). The proposal also addresses certain related issues concerning derivatives clearing organizations (``DCOs'') and chief compliance officers (``CCOs''). The proposed rules will afford greater assurances to market participants that: customer segregated funds and secured amounts are protected; customers are provided with appropriate notice of the risks of futures trading and of the FCMs with which they may choose to do business; FCMs are monitoring and managing risks in a robust manner; the capital and liquidity of FCMs are strengthened to safeguard their continued operations; and the auditing and examination programs of the Commission and the self-regulatory organizations (``SROs'') are monitoring the activities of FCMs in a prudent and thorough manner.
2012-11-02RuleSECURITIES AND EXCHANGE COMMISSIONSecurities and Exchange CommissionClearing Agency StandardsThe Securities and Exchange Commission (``SEC'' or ``Commission'') is adopting a new rule in accordance with the Securities Exchange Act of 1934 (``Exchange Act''), and the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (``Dodd-Frank...2012-26407"https://www.govinfo.gov/content/pkg/FR-2012-11-02/pdf/2012-26407.pdfhttps://www.federalregister.gov/documents/2012/11/02/2012-26407/clearing-agency-standardsThe Securities and Exchange Commission (``SEC'' or ``Commission'') is adopting a new rule in accordance with the Securities Exchange Act of 1934 (``Exchange Act''), and the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (``Dodd-Frank Act''). The new rule establishes minimum requirements regarding how registered clearing agencies must maintain effective risk management procedures and controls as well as meet the statutory requirements under the Exchange Act on an ongoing basis.
2012-11-02RuleCOMMODITY FUTURES TRADING COMMISSIONCommodity Futures Trading CommissionAdaptation of Regulations To Incorporate SwapsThe Dodd-Frank Wall Street Reform and Consumer Protection Act (``Dodd-Frank Act'' or ``DFA'') established a comprehensive new statutory framework for swaps and security-based swaps. The Dodd-Frank Act repeals some sections of the Commodity Exchange Act...2012-25764"https://www.govinfo.gov/content/pkg/FR-2012-11-02/pdf/2012-25764.pdfhttps://www.federalregister.gov/documents/2012/11/02/2012-25764/adaptation-of-regulations-to-incorporate-swapsThe Dodd-Frank Wall Street Reform and Consumer Protection Act (``Dodd-Frank Act'' or ``DFA'') established a comprehensive new statutory framework for swaps and security-based swaps. The Dodd-Frank Act repeals some sections of the Commodity Exchange Act (``CEA'' or ``Act''), amends others, and adds a number of new provisions. The DFA also requires the Commodity Futures Trading Commission (``CFTC'' or ``Commission'') to promulgate a number of rules to implement the new framework. The Commission has proposed and finalized numerous rules to satisfy its obligations under the DFA. This rulemaking makes a number of conforming amendments to integrate the CFTC's regulations more fully with the new framework created by the Dodd-Frank Act.
2012-10-25RuleCOMMODITY FUTURES TRADING COMMISSIONCommodity Futures Trading CommissionAdjustment of Civil Monetary Penalties for InflationThe Commodity Futures Trading Commission (Commission) is amending its rule that governs the maximum amount of civil monetary penalties, to adjust for inflation. This rule sets forth the maximum, inflation-adjusted dollar amount for civil monetary...2012-26090"https://www.govinfo.gov/content/pkg/FR-2012-10-25/pdf/2012-26090.pdfhttps://www.federalregister.gov/documents/2012/10/25/2012-26090/adjustment-of-civil-monetary-penalties-for-inflationThe Commodity Futures Trading Commission (Commission) is amending its rule that governs the maximum amount of civil monetary penalties, to adjust for inflation. This rule sets forth the maximum, inflation-adjusted dollar amount for civil monetary penalties (CMPs) assessable for violations of the Commodity Exchange Act (CEA) and Commission rules, regulations and orders thereunder. The rule, as amended, implements the Federal Civil Penalties Inflation Adjustment Act of 1990, as amended by the Debt Collection Improvement Act of 1996.
2012-10-15RuleSECURITIES AND EXCHANGE COMMISSIONSecurities and Exchange CommissionAdoption of Updated EDGAR Filer ManualThe Securities and Exchange Commission (the Commission) is adopting revisions to the Electronic Data Gathering, Analysis, and Retrieval System (EDGAR) Filer Manual and related rules to reflect updates to the EDGAR system. The revisions are being made...2012-24998"https://www.govinfo.gov/content/pkg/FR-2012-10-15/pdf/2012-24998.pdfhttps://www.federalregister.gov/documents/2012/10/15/2012-24998/adoption-of-updated-edgar-filer-manualThe Securities and Exchange Commission (the Commission) is adopting revisions to the Electronic Data Gathering, Analysis, and Retrieval System (EDGAR) Filer Manual and related rules to reflect updates to the EDGAR system. The revisions are being made primarily to support public dissemination of previously submitted draft registration statements either under the JOBS Act or the Division of Corporation Finance's foreign private issuer policy; support PDF as an official filing format for submission type 40-33 and 40-33/A; support changes in the beneficiary account and receiver American Bank Association number and name for fee payments made for filings; and allow a future period date up to the next business date for Form 8-K. The EDGAR system is scheduled to be upgraded to support this functionality on October 1, 2012.
2012-10-12Proposed RuleSECURITIES AND EXCHANGE COMMISSIONSecurities and Exchange CommissionTemporary Rule Regarding Principal Trades With Certain Advisory ClientsThe Securities and Exchange Commission is proposing to amend rule 206(3)-3T under the Investment Advisers Act of 1940, a temporary rule that establishes an alternative means for investment advisers that are registered with the Commission as...2012-25116"https://www.govinfo.gov/content/pkg/FR-2012-10-12/pdf/2012-25116.pdfhttps://www.federalregister.gov/documents/2012/10/12/2012-25116/temporary-rule-regarding-principal-trades-with-certain-advisory-clientsThe Securities and Exchange Commission is proposing to amend rule 206(3)-3T under the Investment Advisers Act of 1940, a temporary rule that establishes an alternative means for investment advisers that are registered with the Commission as broker-dealers to meet the requirements of section 206(3) of the Investment Advisers Act when they act in a principal capacity in transactions with certain of their advisory clients. The amendment would extend the date on which rule 206(3)-3T will sunset from December 31, 2012 to December 31, 2014.
2012-09-26RuleSECURITIES AND EXCHANGE COMMISSIONSecurities and Exchange CommissionExtension of Temporary Registration of Municipal AdvisorsThe Securities and Exchange Commission (``Commission'') is amending interim final temporary Rule 15Ba2-6T, which provides for the temporary registration of municipal advisors under the Securities Exchange Act of 1934 (``Exchange Act''), as amended by...2012-23688"https://www.govinfo.gov/content/pkg/FR-2012-09-26/pdf/2012-23688.pdfhttps://www.federalregister.gov/documents/2012/09/26/2012-23688/extension-of-temporary-registration-of-municipal-advisorsThe Securities and Exchange Commission (``Commission'') is amending interim final temporary Rule 15Ba2-6T, which provides for the temporary registration of municipal advisors under the Securities Exchange Act of 1934 (``Exchange Act''), as amended by the Dodd-Frank Wall Street Reform and Consumer Protection Act (``Dodd-Frank Act''), to extend the date on which Rule 15Ba2-6T (and consequently Form MA-T) will sunset from September 30, 2012, to September 30, 2013. Under the amendment, all temporary registrations submitted pursuant to Rule 15Ba2-6T also will expire no later than September 30, 2013.
2012-09-12RuleSECURITIES AND EXCHANGE COMMISSIONSecurities and Exchange CommissionConflict MineralsWe are adopting a new form and rule pursuant to Section 1502 of the Dodd-Frank Wall Street Reform and Consumer Protection Act relating to the use of conflict minerals. Section 1502 added Section 13(p) to the Securities Exchange Act of 1934, which...2012-21153"https://www.govinfo.gov/content/pkg/FR-2012-09-12/pdf/2012-21153.pdfhttps://www.federalregister.gov/documents/2012/09/12/2012-21153/conflict-mineralsWe are adopting a new form and rule pursuant to Section 1502 of the Dodd-Frank Wall Street Reform and Consumer Protection Act relating to the use of conflict minerals. Section 1502 added Section 13(p) to the Securities Exchange Act of 1934, which requires the Commission to promulgate rules requiring issuers with conflict minerals that are necessary to the functionality or production of a product manufactured by such person to disclose annually whether any of those minerals originated in the Democratic Republic of the Congo or an adjoining country. If an issuer's conflict minerals originated in those countries, Section 13(p) requires the issuer to submit a report to the Commission that includes a description of the measures it took to exercise due diligence on the conflict minerals' source and chain of custody. The measures taken to exercise due diligence must include an independent private sector audit of the report that is conducted in accordance with standards established by the Comptroller General of the United States. Section 13(p) also requires the issuer submitting the report to identify the auditor and to certify the audit. In addition, Section 13(p) requires the report to include a description of the products manufactured or contracted to be manufactured that are not ``DRC conflict free,'' the facilities used to process the conflict minerals, the country of origin of the conflict minerals, and the efforts to determine the mine or location of origin. Section 13(p) requires the information disclosed by the issuer to be available to the public on its Internet Web site.
2012-09-12RuleSECURITIES AND EXCHANGE COMMISSIONSecurities and Exchange CommissionDisclosure of Payments by Resource Extraction IssuersWe are adopting new rules and an amendment to a new form pursuant to Section 1504 of the Dodd-Frank Wall Street Reform and Consumer Protection Act relating to disclosure of payments by resource extraction issuers. Section 1504 added Section 13(q) to...2012-21155"https://www.govinfo.gov/content/pkg/FR-2012-09-12/pdf/2012-21155.pdfhttps://www.federalregister.gov/documents/2012/09/12/2012-21155/disclosure-of-payments-by-resource-extraction-issuersWe are adopting new rules and an amendment to a new form pursuant to Section 1504 of the Dodd-Frank Wall Street Reform and Consumer Protection Act relating to disclosure of payments by resource extraction issuers. Section 1504 added Section 13(q) to the Securities Exchange Act of 1934, which requires the Commission to issue rules requiring resource extraction issuers to include in an annual report information relating to any payment made by the issuer, a subsidiary of the issuer, or an entity under the control of the issuer, to a foreign government or the Federal Government for the purpose of the commercial development of oil, natural gas, or minerals. Section 13(q) requires a resource extraction issuer to provide information about the type and total amount of such payments made for each project related to the commercial development of oil, natural gas, or minerals, and the type and total amount of payments made to each government. In addition, Section 13(q) requires a resource extraction issuer to provide information regarding those payments in an interactive data format.
2012-09-11RuleCOMMODITY FUTURES TRADING COMMISSIONCommodity Futures Trading CommissionConfirmation, Portfolio Reconciliation, Portfolio Compression, and Swap Trading Relationship Documentation Requirements for Swap Dealers and Major Swap ParticipantsThe Commodity Futures Trading Commission (Commission or CFTC) is adopting regulations to implement certain provisions of Title VII of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd- Frank Act). Section 731 of the Dodd-Frank Act...2012-21414"https://www.govinfo.gov/content/pkg/FR-2012-09-11/pdf/2012-21414.pdfhttps://www.federalregister.gov/documents/2012/09/11/2012-21414/confirmation-portfolio-reconciliation-portfolio-compression-and-swap-trading-relationshipThe Commodity Futures Trading Commission (Commission or CFTC) is adopting regulations to implement certain provisions of Title VII of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd- Frank Act). Section 731 of the Dodd-Frank Act added a new section 4s(i) to the Commodity Exchange Act (CEA), which requires the Commission to prescribe standards for swap dealers (SDs) and major swap participants (MSPs) related to the timely and accurate confirmation, processing, netting, documentation, and valuation of swaps. These regulations set forth requirements for swap confirmation, portfolio reconciliation, portfolio compression, and swap trading relationship documentation for SDs and MSPs.
2012-09-06RuleSECURITIES AND EXCHANGE COMMISSIONSecurities and Exchange CommissionAdoption of Updated EDGAR Filer ManualThe Securities and Exchange Commission (the Commission) is adopting revisions to the Electronic Data Gathering, Analysis, and Retrieval System (EDGAR) Filer Manual and related rules to reflect updates to the EDGAR system. The revisions are being made...2012-21805"https://www.govinfo.gov/content/pkg/FR-2012-09-06/pdf/2012-21805.pdfhttps://www.federalregister.gov/documents/2012/09/06/2012-21805/adoption-of-updated-edgar-filer-manualThe Securities and Exchange Commission (the Commission) is adopting revisions to the Electronic Data Gathering, Analysis, and Retrieval System (EDGAR) Filer Manual and related rules to reflect updates to the EDGAR system. The revisions are being made primarily to support submission of Confidential Registration Statements; require Form ID authentication documents in PDF format; automate LTID generation for Large Trader registrations; support minor updates to Form D; remove superseded XBRL Taxonomies; remove the OMB expiration date from Form TA-1, TA-2, TA-W, 25-NSE; and request of unused funds. The EDGAR system is scheduled to be upgraded to support this functionality on July 2, 2012.
2012-09-05RuleCOMMODITY FUTURES TRADING COMMISSIONCommodity Futures Trading CommissionAmendments to Commodity Pool Operator and Commodity Trading Advisor Regulations Resulting From the Dodd-Frank ActThe Commodity Futures Trading Commission (Commission) is amending its regulations governing the operations and activities of commodity pool operators (CPOs) and commodity trading advisors (CTAs) in order to have those regulations reflect changes made...2012-21606"https://www.govinfo.gov/content/pkg/FR-2012-09-05/pdf/2012-21606.pdfhttps://www.federalregister.gov/documents/2012/09/05/2012-21606/amendments-to-commodity-pool-operator-and-commodity-trading-advisor-regulations-resulting-from-theThe Commodity Futures Trading Commission (Commission) is amending its regulations governing the operations and activities of commodity pool operators (CPOs) and commodity trading advisors (CTAs) in order to have those regulations reflect changes made to the Commodity Exchange Act (CEA) by the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act).
2012-09-05Proposed RuleSECURITIES AND EXCHANGE COMMISSIONSecurities and Exchange CommissionEliminating the Prohibition Against General Solicitation and General Advertising in Rule 506 and Rule 144A OfferingsWe are proposing amendments to Rule 506 of Regulation D and Rule 144A under the Securities Act of 1933 to implement Section 201(a) of the Jumpstart Our Business Startups Act. The proposed amendment to Rule 506 would provide that the prohibition against...2012-21681"https://www.govinfo.gov/content/pkg/FR-2012-09-05/pdf/2012-21681.pdfhttps://www.federalregister.gov/documents/2012/09/05/2012-21681/eliminating-the-prohibition-against-general-solicitation-and-general-advertising-in-rule-506-andWe are proposing amendments to Rule 506 of Regulation D and Rule 144A under the Securities Act of 1933 to implement Section 201(a) of the Jumpstart Our Business Startups Act. The proposed amendment to Rule 506 would provide that the prohibition against general solicitation and general advertising contained in Rule 502(c) of Regulation D would not apply to offers and sales of securities made pursuant to Rule 506, provided that all purchasers of the securities are accredited investors. The proposed amendment to Rule 506 would also require that, in Rule 506 offerings that use general solicitation or general advertising, the issuer take reasonable steps to verify that purchasers of the securities are accredited investors. The proposed amendment to Rule 144A(d)(1) would provide that securities may be offered pursuant to Rule 144A to persons other than qualified institutional buyers, provided that the securities are sold only to persons that the seller and any person acting on behalf of the seller reasonably believe are qualified institutional buyers. We are also proposing to revise Form D to add a separate check box for issuers to indicate whether they are using general solicitation or general advertising in a Rule 506 offering.
2012-08-28RuleCOMMODITY FUTURES TRADING COMMISSIONCommodity Futures Trading CommissionRegistration of IntermediariesThe Commodity Futures Trading Commission (Commission) is adopting regulations to further implement new statutory provisions enacted by Title VII of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act) regarding registration of...2012-20962"https://www.govinfo.gov/content/pkg/FR-2012-08-28/pdf/2012-20962.pdfhttps://www.federalregister.gov/documents/2012/08/28/2012-20962/registration-of-intermediariesThe Commodity Futures Trading Commission (Commission) is adopting regulations to further implement new statutory provisions enacted by Title VII of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act) regarding registration of intermediaries. Specifically, the Commission is adopting certain conforming amendments to the Commission's regulations regarding the registration of intermediaries, consistent with other Commission rulemakings issued pursuant to the Dodd-Frank Act, and other non- substantive, technical amendments to its regulations.
2012-08-21Proposed RuleCOMMODITY FUTURES TRADING COMMISSIONCommodity Futures Trading CommissionClearing Exemption for Swaps Between Certain Affiliated EntitiesThe Commodity Futures Trading Commission (``CFTC'' or ``Commission'') is proposing a rule to exempt swaps between certain affiliated entities within a corporate group from the clearing requirement (the ``inter-affiliate clearing exemption'' or the...2012-20508"https://www.govinfo.gov/content/pkg/FR-2012-08-21/pdf/2012-20508.pdfhttps://www.federalregister.gov/documents/2012/08/21/2012-20508/clearing-exemption-for-swaps-between-certain-affiliated-entitiesThe Commodity Futures Trading Commission (``CFTC'' or ``Commission'') is proposing a rule to exempt swaps between certain affiliated entities within a corporate group from the clearing requirement (the ``inter-affiliate clearing exemption'' or the ``proposed exemption'') under Section 2(h)(1)(A) of the Commodity Exchange Act (``CEA''). The Commission also is proposing rules that detail specific conditions counterparties must satisfy to elect the proposed inter-affiliate clearing exemption, as well as reporting requirements for affiliated entities that avail themselves of the proposed exemption. The Commission has finalized a rule that addresses swaps that are subject to the end-user exception. Counterparties to inter-affiliate swaps that qualify for the end-user exception would be able to elect to not clear swaps pursuant to the end-user exception or the proposed rule. The proposed rule does not address swaps that an affiliate enters into with a third party that are related to inter- affiliate swaps that are subject to the end-user exception. The Commission intends separately to propose a rule addressing swaps between an affiliate and a third party where the swaps are used to hedge or mitigate commercial risk arising from inter-affiliate swaps for which the end-user exception has been elected.
2012-08-20RuleSECURITIES AND EXCHANGE COMMISSIONSecurities and Exchange CommissionExtension of Interim Final Temporary Rule on Retail Foreign Exchange Transactions; CorrectionOn July 16, 2012, the Securities and Exchange Commission (``Commission'') published an interim final temporary Rule 15b12-1T to extend the date on which the rule will expire. That rule omitted a comment date and an addresses section in its preamble....2012-20089"https://www.govinfo.gov/content/pkg/FR-2012-08-20/pdf/2012-20089.pdfhttps://www.federalregister.gov/documents/2012/08/20/2012-20089/extension-of-interim-final-temporary-rule-on-retail-foreign-exchange-transactions-correctionOn July 16, 2012, the Securities and Exchange Commission (``Commission'') published an interim final temporary Rule 15b12-1T to extend the date on which the rule will expire. That rule omitted a comment date and an addresses section in its preamble. This correction adds the comment date and address information in the following captions.
2012-08-13RuleCOMMODITY FUTURES TRADING COMMISSIONCommodity Futures Trading CommissionFurther Definition of “Swap,” “Security-Based Swap,” and “Security-Based Swap Agreement”; Mixed Swaps; Security-Based Swap Agreement RecordkeepingIn accordance with section 712(a)(8), section 712(d)(1), sections 712(d)(2)(B) and (C), sections 721(b) and (c), and section 761(b) of the Dodd-Frank Wall Street Reform and Consumer Protection Act (``Dodd-Frank Act''), the Commodity Futures Trading...2012-18003"https://www.govinfo.gov/content/pkg/FR-2012-08-13/pdf/2012-18003.pdfhttps://www.federalregister.gov/documents/2012/08/13/2012-18003/further-definition-of-swap-security-based-swap-and-security-based-swap-agreement-mixed-swapsIn accordance with section 712(a)(8), section 712(d)(1), sections 712(d)(2)(B) and (C), sections 721(b) and (c), and section 761(b) of the Dodd-Frank Wall Street Reform and Consumer Protection Act (``Dodd-Frank Act''), the Commodity Futures Trading Commission (``CFTC'') and the Securities and Exchange Commission (``SEC'') (collectively, ``Commissions''), in consultation with the Board of Governors of the Federal Reserve System (``Board''), are jointly adopting new rules and interpretations under the Commodity Exchange Act (``CEA'') and the Securities Exchange Act of 1934 (``Exchange Act'') to further define the terms ``swap,'' ``security-based swap,'' and ``security-based swap agreement'' (collectively, ``Product Definitions''); regarding ``mixed swaps;'' and governing books and records with respect to ``security-based swap agreements.'' The CFTC requests comment on its interpretation concerning forwards with embedded volumetric optionality, contained in Section II.B.2.(b)(ii) of this release.
2012-08-13RuleCOMMODITY FUTURES TRADING COMMISSIONCommodity Futures Trading CommissionReal-Time Public Reporting of Swap Transaction Data; CorrectionThe Commodity Futures Trading Commission (``CFTC'' or ``Commission'') published the Real-Time Public Reporting of Swap Transaction Data (``Real-Time Public Reporting'') rule and an accompanying preamble in the Federal Register on Monday, January 9,...2012-19664"https://www.govinfo.gov/content/pkg/FR-2012-08-13/pdf/2012-19664.pdfhttps://www.federalregister.gov/documents/2012/08/13/2012-19664/real-time-public-reporting-of-swap-transaction-data-correctionThe Commodity Futures Trading Commission (``CFTC'' or ``Commission'') published the Real-Time Public Reporting of Swap Transaction Data (``Real-Time Public Reporting'') rule and an accompanying preamble in the Federal Register on Monday, January 9, 2012 (77 FR 1182). This document makes an editorial correction to language of the preamble that conflicted with the rule text of the final rule.
2012-08-07Proposed RuleCOMMODITY FUTURES TRADING COMMISSIONCommodity Futures Trading CommissionClearing Requirement Determination Under Section 2(h) of the CEAThe Commodity Futures Trading Commission (Commission or CFTC) is proposing regulations to establish a clearing requirement under new section 2(h)(1)(A) of the Commodity Exchange Act (CEA or Act), enacted under Title VII of the Dodd-Frank Wall Street...2012-18382"https://www.govinfo.gov/content/pkg/FR-2012-08-07/pdf/2012-18382.pdfhttps://www.federalregister.gov/documents/2012/08/07/2012-18382/clearing-requirement-determination-under-section-2h-of-the-ceaThe Commodity Futures Trading Commission (Commission or CFTC) is proposing regulations to establish a clearing requirement under new section 2(h)(1)(A) of the Commodity Exchange Act (CEA or Act), enacted under Title VII of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act). The regulations would require that certain classes of credit default swaps (CDS) and interest rate swaps (IRS), described herein, be cleared by a derivatives clearing organization (DCO) registered with the Commission. The Commission also is proposing regulations to prevent evasion of the clearing requirement and related provisions.
2012-08-01RuleSECURITIES AND EXCHANGE COMMISSIONSecurities and Exchange CommissionConsolidated Audit TrailThe Securities and Exchange Commission (``Commission'') is adopting Rule 613 under the Securities Exchange Act of 1934 (``Exchange Act'' or ``Act'') to require national securities exchanges and national securities associations (``self-regulatory...2012-17918"https://www.govinfo.gov/content/pkg/FR-2012-08-01/pdf/2012-17918.pdfhttps://www.federalregister.gov/documents/2012/08/01/2012-17918/consolidated-audit-trailThe Securities and Exchange Commission (``Commission'') is adopting Rule 613 under the Securities Exchange Act of 1934 (``Exchange Act'' or ``Act'') to require national securities exchanges and national securities associations (``self-regulatory organizations'' or ``SROs'') to submit a national market system (``NMS'') plan to create, implement, and maintain a consolidated order tracking system, or consolidated audit trail, with respect to the trading of NMS securities, that would capture customer and order event information for orders in NMS securities, across all markets, from the time of order inception through routing, cancellation, modification, or execution.
2012-07-30RuleCOMMODITY FUTURES TRADING COMMISSIONCommodity Futures Trading CommissionSwap Transaction Compliance and Implementation Schedule: Clearing Requirement Under Section 2(h) of the CEAThe Commodity Futures Trading Commission (Commission or CFTC) is adopting regulations to establish a schedule to phase in compliance with the clearing requirement under new section 2(h)(1)(A) of the Commodity Exchange Act (CEA or Act), enacted under...2012-18383"https://www.govinfo.gov/content/pkg/FR-2012-07-30/pdf/2012-18383.pdfhttps://www.federalregister.gov/documents/2012/07/30/2012-18383/swap-transaction-compliance-and-implementation-schedule-clearing-requirement-under-section-2h-of-theThe Commodity Futures Trading Commission (Commission or CFTC) is adopting regulations to establish a schedule to phase in compliance with the clearing requirement under new section 2(h)(1)(A) of the Commodity Exchange Act (CEA or Act), enacted under Title VII of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act). The schedule will provide additional time for compliance with this requirement. This additional time is intended to facilitate the transition to the new regulatory regime established by the Dodd-Frank Act in an orderly manner that does not unduly disrupt markets and transactions.
2012-07-26Proposed RuleCOMMODITY FUTURES TRADING COMMISSIONCommodity Futures Trading CommissionOwnership and Control Reports, Forms 102/102S, 40/40S, and 71The Commodity Futures Trading Commission (``Commission'' or ``CFTC'') is proposing new rules and related forms to enhance its identification of futures and swap market participants. The proposed rules would leverage the Commission's existing position...2012-16180"https://www.govinfo.gov/content/pkg/FR-2012-07-26/pdf/2012-16180.pdfhttps://www.federalregister.gov/documents/2012/07/26/2012-16180/ownership-and-control-reports-forms-102102s-4040s-and-71The Commodity Futures Trading Commission (``Commission'' or ``CFTC'') is proposing new rules and related forms to enhance its identification of futures and swap market participants. The proposed rules would leverage the Commission's existing position and transaction reporting programs by requiring the electronic submission of trader identification and market participant data on amended Forms 102 and 40, and on new Form 71. The proposed rules also incorporate a revised approach to the Commission's previous initiative to collect ownership and control information, through a dedicated ownership and control report (``OCR''), for trading accounts active on reporting markets that are designated contract markets or swap execution facilities. The Commission welcomes public comment on all aspects of its proposal.
2012-07-26Proposed RuleCOMMODITY FUTURES TRADING COMMISSIONCommodity Futures Trading CommissionAccount Ownership and Control Report; WithdrawalOn July 19, 2010, the Commission published for public comment a Notice of Proposed Rulemaking that proposed to collect certain account ownership and control information for all trading accounts active on U.S. futures exchanges and other reporting...2012-16178"https://www.govinfo.gov/content/pkg/FR-2012-07-26/pdf/2012-16178.pdfhttps://www.federalregister.gov/documents/2012/07/26/2012-16178/account-ownership-and-control-report-withdrawalOn July 19, 2010, the Commission published for public comment a Notice of Proposed Rulemaking that proposed to collect certain account ownership and control information for all trading accounts active on U.S. futures exchanges and other reporting entities (``OCR NPRM''). After considering all comments received in response to the OCR NPRM, the Commission is withdrawing the OCR NPRM and instead pursuing the collection of account ownership and control information through a separate proposed rulemaking published today elsewhere in the notice section of the Federal Register.
2012-07-25RuleSECURITIES AND EXCHANGE COMMISSIONSecurities and Exchange CommissionProcess for Submissions for Review of Security-Based Swaps for Mandatory Clearing and Notice Filing Requirements for Clearing Agencies; Technical Amendments to Rule 19b-4 and Form 19b-4 Applicable to All Self-Regulatory Organizations; CorrectionOn July 13, 2012, the Securities and Exchange Commission (``Commission'') published a document in the Federal Register (77 FR 41602), concerning, among other things, the process for submissions for review of security-based swaps for mandatory clearing...2012-17985"https://www.govinfo.gov/content/pkg/FR-2012-07-25/pdf/2012-17985.pdfhttps://www.federalregister.gov/documents/2012/07/25/2012-17985/process-for-submissions-for-review-of-security-based-swaps-for-mandatory-clearing-and-notice-filingOn July 13, 2012, the Securities and Exchange Commission (``Commission'') published a document in the Federal Register (77 FR 41602), concerning, among other things, the process for submissions for review of security-based swaps for mandatory clearing and notice filing requirements for clearing agencies. The document contained typographical errors in the preamble and in the general authority for Part 240. The Commission is publishing corrections to the preamble and the general authority as well as a clarification concerning the Office of Management and Budget (``OMB'') control number for Rule 3Ca-1 under the Securities Exchange Act of 1934 (``Exchange Act'').
2012-07-23RuleSECURITIES AND EXCHANGE COMMISSIONSecurities and Exchange CommissionCommission Guidance Regarding Definitions of Mortgage Related Security and Small Business Related SecurityThe Securities and Exchange Commission (the ``Commission'') is publishing interpretive guidance with respect to sections 3(a)(41) (the definition of ``mortgage related security'') and 3(a)(53)(A) (the definition of ``small business related security'')...2012-17763"https://www.govinfo.gov/content/pkg/FR-2012-07-23/pdf/2012-17763.pdfhttps://www.federalregister.gov/documents/2012/07/23/2012-17763/commission-guidance-regarding-definitions-of-mortgage-related-security-and-small-business-relatedThe Securities and Exchange Commission (the ``Commission'') is publishing interpretive guidance with respect to sections 3(a)(41) (the definition of ``mortgage related security'') and 3(a)(53)(A) (the definition of ``small business related security'') of the Securities Exchange Act of 1934 (the ``Exchange Act''), in light of section 939(e) of the Dodd-Frank Wall Street Reform and Consumer Protection Act (the ``Dodd-Frank Act''). Section 939(e) strikes provisions in sections 3(a)(41) and 3(a)(53)(A) of the Exchange Act that reference credit ratings issued by nationally recognized statistical rating organizations (``NRSROs''), and inserts new text that provides that in order to satisfy these definitions a security must meet ``standards of credit-worthiness as established by the Commission.'' Because more time is needed to develop and establish standards of creditworthiness for purposes of these definitions, the Commission is providing a transitional interpretation that will be applicable on and after July 20, 2012, and until such time as final Commission rules establishing new standards of creditworthiness become effective. The Commission also is seeking comment on potential standards of creditworthiness that could be established to replace the use of NRSRO credit ratings in the definitions of the terms ``mortgage related security'' and ``small business related security.''
2012-07-19RuleCOMMODITY FUTURES TRADING COMMISSIONCommodity Futures Trading CommissionEnd-User Exception to the Clearing Requirement for SwapsThe Commodity Futures Trading Commission (Commission or CFTC) is adopting final regulations to implement certain provisions of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act). These regulations govern the exception to the...2012-17291"https://www.govinfo.gov/content/pkg/FR-2012-07-19/pdf/2012-17291.pdfhttps://www.federalregister.gov/documents/2012/07/19/2012-17291/end-user-exception-to-the-clearing-requirement-for-swapsThe Commodity Futures Trading Commission (Commission or CFTC) is adopting final regulations to implement certain provisions of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act). These regulations govern the exception to the clearing requirement available to swap counterparties meeting certain conditions under the Commodity Exchange Act (CEA), as amended by the Dodd-Frank Act.
2012-07-18RuleSECURITIES AND EXCHANGE COMMISSIONSecurities and Exchange CommissionTechnical Amendment to Rules for the Temporary Registration of Municipal AdvisorsThe Securities and Exchange Commission (``Commission'') is making a technical amendment to rules under the Securities Exchange Act of 1934 (``Exchange Act'') to correct an inadvertent error. On December 21, 2011, the Commission extended the expiration...2012-17411"https://www.govinfo.gov/content/pkg/FR-2012-07-18/pdf/2012-17411.pdfhttps://www.federalregister.gov/documents/2012/07/18/2012-17411/technical-amendment-to-rules-for-the-temporary-registration-of-municipal-advisorsThe Securities and Exchange Commission (``Commission'') is making a technical amendment to rules under the Securities Exchange Act of 1934 (``Exchange Act'') to correct an inadvertent error. On December 21, 2011, the Commission extended the expiration date for the temporary municipal advisor registration regime to September 30, 2012. In the release extending the expiration date, the Commission inadvertently omitted a reference to Subpart N, which resulted in the deletion of Subpart N from the Code of Federal Regulations. With this technical amendment, the Commission is correcting the omission and adding back Subpart N to the Code of Federal Regulations.
2012-07-18RuleSECURITIES AND EXCHANGE COMMISSIONSecurities and Exchange CommissionSecurities Act Industry GuidesNotice is hereby given of the publication of technical amendments to Guide 3, Statistical Disclosure by Bank Holding Companies (``Industry Guide 3''), and Guide 7, Description of Property by Issuers Engaged or to be Engaged in Significant Mining...2012-17449"https://www.govinfo.gov/content/pkg/FR-2012-07-18/pdf/2012-17449.pdfhttps://www.federalregister.gov/documents/2012/07/18/2012-17449/securities-act-industry-guidesNotice is hereby given of the publication of technical amendments to Guide 3, Statistical Disclosure by Bank Holding Companies (``Industry Guide 3''), and Guide 7, Description of Property by Issuers Engaged or to be Engaged in Significant Mining Operations (``Industry Guide 7''), of the Securities Act of 1933 Industry Guides (``Industry Guides''). These revisions are to conform the Industry Guides to the FASB Accounting Standards Codification\TM\ (``FASB Codification'').
2012-07-17Proposed RuleCOMMODITY FUTURES TRADING COMMISSIONCommodity Futures Trading CommissionClearing Exemption for Certain Swaps Entered Into by CooperativesThe Commodity Futures Trading Commission (``CFTC'' or ``Commission'') is proposing a rule pursuant to its authority under Section 4(c) of the Commodity Exchange Act (CEA) allowing cooperatives meeting certain conditions to elect not to submit for...2012-17357"https://www.govinfo.gov/content/pkg/FR-2012-07-17/pdf/2012-17357.pdfhttps://www.federalregister.gov/documents/2012/07/17/2012-17357/clearing-exemption-for-certain-swaps-entered-into-by-cooperativesThe Commodity Futures Trading Commission (``CFTC'' or ``Commission'') is proposing a rule pursuant to its authority under Section 4(c) of the Commodity Exchange Act (CEA) allowing cooperatives meeting certain conditions to elect not to submit for clearing certain swaps that such cooperatives would otherwise be required to clear in accordance with Section 2(h)(1) of the CEA.
2012-07-16RuleSECURITIES AND EXCHANGE COMMISSIONSecurities and Exchange CommissionExtension of Interim Final Temporary Rule on Retail Foreign Exchange TransactionsThe Securities and Exchange Commission (``Commission'') is amending interim final temporary Rule 15b12-1T under the Securities Exchange Act of 1934 (``Exchange Act'') to extend the date on which the rule will expire from July 16, 2012 to July 16, 2013.2012-17261"https://www.govinfo.gov/content/pkg/FR-2012-07-16/pdf/2012-17261.pdfhttps://www.federalregister.gov/documents/2012/07/16/2012-17261/extension-of-interim-final-temporary-rule-on-retail-foreign-exchange-transactionsThe Securities and Exchange Commission (``Commission'') is amending interim final temporary Rule 15b12-1T under the Securities Exchange Act of 1934 (``Exchange Act'') to extend the date on which the rule will expire from July 16, 2012 to July 16, 2013.
2012-07-13RuleSECURITIES AND EXCHANGE COMMISSIONSecurities and Exchange CommissionProcess for Submissions for Review of Security-Based Swaps for Mandatory Clearing and Notice Filing Requirements for Clearing Agencies; Technical Amendments to Rule 19b-4 and Form 19b-4 Applicable to All Self-Regulatory OrganizationsIn accordance with Section 763(a) of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (``Dodd-Frank Act''), the Securities and Exchange Commission (``Commission'') is adopting rules under the Securities Exchange Act of 1934...2012-16233"https://www.govinfo.gov/content/pkg/FR-2012-07-13/pdf/2012-16233.pdfhttps://www.federalregister.gov/documents/2012/07/13/2012-16233/process-for-submissions-for-review-of-security-based-swaps-for-mandatory-clearing-and-notice-filingIn accordance with Section 763(a) of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (``Dodd-Frank Act''), the Securities and Exchange Commission (``Commission'') is adopting rules under the Securities Exchange Act of 1934 (``Exchange Act'') to specify the process for a registered clearing agency's submission for review of any security-based swap, or any group, category, type or class of security-based swaps, that the clearing agency plans to accept for clearing, the manner of notice the clearing agency must provide to its members of such submission and the procedure by which the Commission may stay the requirement that a security-based swap is subject to mandatory clearing while the clearing of the security-based swap is reviewed. The Commission also is adopting a rule to specify that when a security-based swap is required to be cleared, the submission of the security-based swap for clearing must be for central clearing to a clearing agency that functions as a central counterparty. In addition, the Commission is adopting rules to define and describe when notices of proposed changes to rules, procedures or operations are required to be filed by designated financial market utilities in accordance with Section 806(e) of Title VIII of the Dodd-Frank Act and to set forth the process for filing such notices with the Commission. Finally, the Commission is adopting rules to make conforming changes as required by the amendments to Section 19(b) of the Exchange Act contained in Section 916 of the Dodd-Frank Act.