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GAO-12-469R 1 (2012-02-22)

handle is hein.gao/gaobadoow0001 and id is 1 raw text is: Accountability * Integrity * Reliability United States Government Accountability Office Washington, DC 20548 B-323126 February 22, 2012 The Honorable Debbie Stabenow Chairman 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: Protection of Cleared Swaps Customer Contracts and Collateral; Conforming Amendments to the Commodity Broker Bankruptcy Provisions 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 Protection of Cleared Swaps Customer Contracts and Collateral; Conforming Amendments to the Commodity Broker Bankruptcy Provisions (RIN: 3038-AC99). We received the rule on February 7, 2012. It was published in the Federal Register as a final rule on February 7, 2012. 77 Fed. Reg. 6336. The final rule imposes requirements on futures commission merchants (FCMs) and derivatives clearing organizations (DCOs) regarding the treatment of cleared swaps customer contracts (and related collateral), and makes conforming amendments to bankruptcy provisions applicable to commodity brokers under the Commodity Exchange Act (the CEA). Enclosed is our assessment of the Commission's compliance with the procedural steps required by section 801 (a)(1)(B)(i) through (iv) of title 5 with respect to the rule. Our review of the procedural steps taken indicates that the Commission complied with the applicable requirements. GAO-12-469R

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