Associated person means, with respect to a swap dealer, any person acting for or on behalf of such swap dealer, including an associated person as defined in section 1a 4 of the commodity exchange act. On february 4, 2003, in response to a petition from the new york mercantile exchange, inc. The term commission means the commodity futures trading commission established under. Scope of chapter this chapter is limited in application to trading in any contract that is a security future as such term is defined in section 1a 44 of the commodity exchange act and that provides for the physical delivery of a single security each, a single stock future. The following is a revised version of the commodity. Please refer to the attached submission procedures, and completion instructions as needed to help you complete this form.
Definitions contained in title vii of doddfrank wall. Cftc issues final interpretive guidance on actual delivery. Requirements of secretary of the treasury regarding exemption of foreign exchange swaps and foreign exchange forwards from definition of the term swap 2. Federal deposit insurance corporation 12 cfr part 349 rin. No provision of the commodity exchange act shall apply to, and the commodity futures trading commission shall not exercise regulatory authority with respect to, an identified banking product if 1 an appropriate banking agency certifies that the product has been commonly offered. This exception is generally available to a person that 1 is not a financial entity, 2 is using the swap to hedge or mitigate commercial risk, and 3 has notified the cftc or sec how it generally meets its financial. Or, to submit the form by mail or facsimile, print out the form wbapp and mail or fax the completed form to. United states code, 1994 edition, supplement 3, title 7 agriculture. Within 1 year after december 21, 2000, the commission and the securities and. Paragraphs 1, 2 and 3 of article 11 of regulation eu no 6482012, as specified. To include transactions and entities that have been structured to evade this subtitle or an amendment made by this subtitle, the commodity futures trading commission shall adopt. Sep 11, 2019 the commodity exchange act outlines the qualifications for ecp eligibility in section 1a 18 of the cea. Nymex or exchange the commodity futures trading commission commission, issued an order pursuant to section 1a12c of the commodity exchange act act.
On july 21, 2010, president obama signed the doddfrank wall street reform and consumer protection act. Scope of chapter this chapter is limited in application to trading in any contract that is a security future as such term is defined in section 1a44 of the commodity exchange act and that provides for the physical delivery of a single security each, a single stock future. The following is a revised version of the commodity exchange. Eligible contract participantslike financial institutions, insurance companies, and. That this act may be cited as the commodity exchange act sec. Government that provides federal regulation of all futures trading activities. B performs the functions commonly performed by an exchange as defined in section 3a1 of the securities exchange act of 1934 15 u. Nymex or exchange the commodity futures trading commission commission, issued an order pursuant to section 1a 12c of the commodity exchange act act. Text of final volcker rule united states department of. A practical guide to the eligible contract participant. Cftc, whistleblower office, 1155 21st street, nw, washington, dc 20581.
Through note above and below at the bottom of each page of the pdf version. Eligible contract participant eligibility declaration. See section 1a 12 of the act, as amended, to be codified at 7 u. Commodity futures trading commission 17 cfr part 1 rin. Section 727 of the doddfrank act added section 2ag to the commodity exchange act cea or act, which requires all swapswhether cleared or unclearedto be reported to sdrs,5 which are registered entities created by section 728 of the doddfrank act. The definition of swap in commodity exchange act cea section 1a47 excludes from such definition any sale of a nonfinancial commodity or security for deferred shipment or delivery, so long as the transaction is intended to be physically settled. In accordance with section 712d1 of title vii of the doddfrank wall street reform and consumer protection act of 2010 doddfrank act, the commodity futures trading commission cftc and the securities and exchange commission sec collectively, the commissions, in consultation with the board. The following is a revised version of the commodity exchange act. No guarantor shall be deemed under this article iv to be a guarantor of any obligation to pay or perform under any agreement, contract or transaction that constitutes a swap within the meaning of section 1a 47 of the commodity exchange act a swap obligation if such guarantor was not an eligible contract participant as defined in 1a 18 of. It is my reasonable belief that aforementioned applicant is classified as a ecp under category. Eligible contract participant or retail certification of status to. This section is referred to in section 1a of this title. Doddfrank act, section 716 and commodity exchange act. Eligible contract participant or retail certification of.
A person who actively participates in the generation. The commodity exchange act outlines the qualifications for ecp eligibility in section 1a18 of the cea. A is registered as a broker or dealer pursuant to section 15b of the securities exchange act of 1934 15 u. The following is a revised version of the commodity exchange act marked to indicate the changes proposed by the. Cftc final guidance on delivery of digital assets news. Section 22 of the cea establishes a private right of. Cftc regulations are found at title 17 chapter i of the code of federal. Trading commission cftc in accordance with section 721a21 of. The federal regulatory authorities other than the board are the cftc, occ, fdic, the securities and exchange commission, the national credit union association, and the farm credit administration.
Agricultural commodity means any agricultural commodity, as defined in cftc regulation 1. Neither denari nor the third party participants in denaris pool were eligible contract participants ecp. May 02, 20 a borrower must be an eligible contract participant, as defined in section 1a 18 of the commodity exchange act cea, in order to use an interest rate swap to hedge interest rate risk. The term alternative trading system means an organization, association, or group of persons that a is registered as a broker or dealer pursuant to section 15b of the securities exchange act of 1934 except paragraph 11 thereof. The guidance clarifies the cftcs views regarding the actual delivery exception to section 2c2d of the commodity exchange act cea in the context of digital assets that serve as a medium of exchange, also known as virtual currencies. Doddfrank act, section 716 and commodity exchange act, section 1a49 sec. Eligible contract participant or retail certification of status. The commodity futures trading commission commission or cftc is issuing this interpretation of the term actual delivery as set forth in section 2c2diiiiiaa of the commodity exchange act cea pursuant to section 742a of the doddfrank wall street reform and consumer protection act. The order provides that, subject to certain conditions, exchange floor. General rules and regulations promulgated under the securities exchange act of 1934 17 cfr part 240 forms prescribed under the securities exchange act of 1934. Retail commodity transactions under commodity exchange act. Mar 24, 2020 regarding the actual delivery exception to section 2c2d of the commodity exchange act cea in the context of digital assets that serve as a medium of exchange, colloquially known as virtual currencies.
Gibson dunn when supply contracts are considered swaps. Section 147 of the act whereas ice swap trade llc the applicant has filed an application dated september 19, 20 application with the ontario securities commission commission pursuant to section 147 of the act requesting an interim order exempting the applicant from the requirement to be recognized as an exchange under subsection 21 1. Providing clarity to market participants is one of the cftcs core values, said cftc chairman heath p. Exchange act, are included in the exchange act section 3a10 definition of security, persons who act as brokers in connection with securitybased swaps must, absent an exception or exemption, register with the sec as a broker pursuant to exchange act section 15a, and comply with the exchange acts requirements applicable to brokers. B such controlling person knowingly or recklessly failed to establish, maintain, or enforce any policy or procedure required under section 15f of this title or section 204a of the investment advisers act of 1940 and such failure substantially contributed to or permitted the occurrence of the act or acts constituting the violation. The commodity exchange act cea regulates the trading of commodity futures in the united states. A bill to amend the commodity exchange act to require energy commodities to be traded only on regulated markets, and for. Passed in 1936, it has been amended several times since then.
That this act may be cited as the commodity exchange act. Private rights of action under the commodity exchange act on september 4, 2014, the second circuit applied the supreme courts decision in morrison v. Demuzio, dcm, and most or all of the dcm investors are not an ecp, as ecp is defined in the act. Pending proceedings under existing law shall not be abated by reason of any provision of this act see short title note set out under section 1 of this title but shall be disposed of pursuant to the applicable provisions of the commodity exchange act, as amended this chapter, in effect prior. Rules and regulations promulgated under the investment company act of 1940 17 cfr part 270. On july 21, 2010, president obama signed into law the doddfrank wall street reform and consumer protection act of 2010 doddfrank act. A borrower must be an eligible contract participant, as defined in section 1a18 of the commodity exchange act cea, in order to. Under this act, the cftc has authority to establish regulations. Securities exchange act of 1934 securities lawyers deskbook. The numbers in brackets refer to section numbers in title 7, united states code. Temporary exemptions for uncleared securitybased swaps. Federal register in the matter of the new york mercantile.
A practical guide to the eligible contract participant ecp. The cea establishes the statutory framework under which the cftc operates. United states of america before the commodity futures trading. Sifma provides additional comments to the securities and exchange commission sec on temporarily exempting uncleared securitybased swaps sbs entered into between eligible contract participants as defined in section 1a18 of the commodity exchange act from certain provisions of the securities act of 1933, as amended the securities act, the securities. Under this act, the cftc has authority to establish regulations that are published in title 17 of the code of. Securities whistleblower incentives and protection. Securities exchange act of 1934 new york stock exchange. Commodity futures trading commission 17 cfr part 1 rin 3038. Associated person means, with respect to a swap dealer, any person acting for or on behalf of such swap dealer, including an associated person as defined in section 1a4 of the commodity exchange act.
525 1271 336 278 1381 871 798 477 1044 414 898 1331 647 1567 579 1655 1342 535 1536 991 1372 1213 73 859 829 433 735 757 525 108 570 996 552