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GAO-16-347R 1 (2016-01-14)

handle is hein.gao/gaobadrvf0001 and id is 1 raw text is: GAO U.S. GOVERNMENT ACCOUNTABILITY OFFICE 441 G St. N.W. Washington, DC 20548 B-327678 January 14, 2016 The Honorable Richard Shelby Chairman The Honorable Sherrod Brown Ranking Member Committee on Banking, Housing, and Urban Affairs United States Senate The Honorable Jeb Hensarling Chairman The Honorable Maxine Waters Ranking Member Committee on Financial Services House of Representatives Subject: Commodity Futures Trading Commission: Margin Requirements for Uncleared Swaps for Swap Dealers and Major Swap Participants 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 Margin Requirements for Uncleared Swaps for Swap Dealers and Major Swap Participants (RIN: 3038- AC97). We received the rule on December 18, 2015. It was published in the Federal Register as a final rule and interim final rule on January 6, 2016. 81 Fed. Reg. 636. The final rule and interim final rule 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, 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. 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-16-347R

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