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GAO-12-233R 1 (2011-11-21)

handle is hein.gao/gaobadojm0001 and id is 1 raw text is: GAO Accountability * Integrity * Reliability United States Government Accountability Office Washington, DC 20548 B-322717 November 21, 2011 The Honorable Debbie Stabenow Chairwoman The Honorable Pat Roberts Ranking Member Committee on Agriculture, Nutrition, and Forestry United States Senate The Honorable Frank D. Lucas Chairman The Honorable Collin C. Peterson Ranking Member Committee on Agriculture House of Representatives Subject: Commodity Futures Trading Commission: Derivatives Clearing Organization General Provisions and Core Principles Pursuant to section 801 (a)(2)(A) of title 5, United States Code, this is our report on a major rule promulgated by the Commodity Futures Trading Commission (Commission), entitled Derivatives Clearing Organization General Provisions and Core Principles (RIN: 3038-AC98). We received the rule on November 1, 2011. It was published in the Federal Register as a final rule on November 8, 2011. 76 Fed. Reg. 69,334. The final rule implements certain provisions of title VII and title VIII of the Dodd- Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act) governing derivatives clearing organization (DCO) activities. More specifically, the rule establishes the regulatory standards for 15 DCO Core Principles: compliance, financial resources, participant and product eligibility, risk management, settlement procedures, treatment of funds, default rules and procedures, rule enforcement, system safeguards, reporting, recordkeeping, public information, information sharing, antitrust considerations, and legal risk. The rule also updates and adds related definitions; adopts implementing rules for DCO chief compliance officers; revises procedures for DCO applications, including the required use of a new Form DCO; adopts procedural rules applicable to the transfer of a DCO registration; and GAO-12-233R

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