CFTC – Proposed Rule – Partial Withdrawal – Swap Execution Facilities and Trade Execution Requirement

February 12, 2021 – On November 30, 2018, the CFTC published a “Swap Execution Facilities and Trade Execution Requirement” notice of proposed rulemaking (“NPRM”) in the Federal Register.

While the CFTC has adopted certain proposals from the NPRM, in light of feedback the CFTC received in response to the remaining proposals in the NPRM, the CFTC has determined to not proceed with those unadopted proposals relating to the regulation of swap execution facilities (“SEFs”) and the trade execution requirement (“Determination”).

In separate final rules, the CFTC adopted the following portions of the NPRM: Two exemptions, pursuant to Commodity Exchange Act section 4(c), from the trade execution requirement in CEA section 2(h)(8); and final rules related to audit trail requirements for post-trade allocations, SEF financial resource requirements, and SEF chief compliance officer requirements.

As such, this withdrawal does not impact or alter any of those sections of the NPRM that are being adopted in the Final Rules. The CFTC is withdrawing unadopted portions of the proposed rule published in the Federal Register on November 30, 2018, at 83 FR 61946 as of February 12, 2021. The affected portions of the proposed rule are described in SUPPLEMENTARY INFORMATION.

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