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B-332977 Feb 18, 2021 1 (2021-02-18)

handle is hein.gao/gaobaecrj0001 and id is 1 raw text is: ) 1O o U.S. GOVERNMENT ACCOUNTABILITY OFFICE A Century of Non-Partisan Fact-Based Work 441 G St. N.W. Washington, DC 20548 B-332977 February 18, 2021 The Honorable Debbie Stabenow Chairwoman The Honorable John Boozman Ranking Member Committee on Agriculture, Nutrition, and Forestry United States Senate The Honorable David Scott Chairman The Honorable Glenn Thompson Republican Leader Committee on Agriculture House of Representatives Subject: Commodity Futures Trading Commission: Capital Requirements of 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 Capital Requirements of Swap Dealers and Major Swap Participants (RIN: 3038-AD54). We received the rule on August 5, 2020. It was published in the Federal Register as a final rule on September 15, 2020.1 85 Fed. Reg. 57462. The stated effective date of the rule is November 16, 2020. According to the Commission, the final rule adopts new regulations imposing minimum capital requirements and financial reporting requirements on swap dealers and major swap participants that are not subject to a prudential regulator. Also, the Commission stated that the rule amends existing capital requirements for futures commission merchants (FMCs) to provide specific capital deductions for market risk and credit risk for swaps and security-based swaps entered into by an FMC. Further, the Commission stated that the rule adopts amendments to its regulations to permit certain entities dually-registered with the Securities and Exchange Commission (SEC) to file an SEC Financial and Operational Combined Uniform Single Report in lieu of Commission financial reports, to require certain Commission registrants to file notices of certain defined events, and to require notices of bulk transfers to be filed with the Commission electronically and within a defined period of time. The Congressional Review Act (CRA) requires a 60-day delay in the effective date of a major rule from the date of publication in the Federal Register or receipt of the rule by Congress, 1 The due date for this major rule report was September 30, 2020. Due to a processing error on our part, we are delayed in our issuance of this report.

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