Industry Oversight
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Implementation of a New Derivatives Clearing Organization Rule or Rule Amendment by Self-Certification
See, generally, CFTC Regulation 40.6, 17 CFR 40.6.
1. The derivatives clearing organization (DCO) must file its submission electronically with the Secretary of the CFTC at submissions@cftc.gov and at the CFTC regional office having local jurisdiction over the DCO (to determine the correct regional office, consult CFTC Regulation 140.2).
2. The submission must include:
a. A Submission Cover Sheet that must be filled out in accordance with the instructions in Appendix D to Part 40 of the CFTC’s regulations;
b. The text of the rule (in the case of a rule amendment, deletions and additions must be indicated);
c. The date of implementation;
d. A brief explanation of any substantive opposing views expressed to the registered entity by governing board or committee members, members of the entity or market participants that were not incorporated into the rule; and
e. A certification by the DCO that the rule complies with the Commodity Exchange Act (CEA) and the regulations thereunder.
Deadline for Self-Certifying a New Rule or Rule Amendment
The CFTC must receive the DCO’s submission at its headquarters by the close of business (4:45 p.m. in Washington, DC) on the business day preceding the day the DCO implements the rule or rule amendment.
There is an exception for rules or rule amendments implemented under procedures of the governing board to respond to an emergency, as defined in CFTC Regulation 40.1(g), Those shall, if practicable, be filed with the CFTC prior to implementation or, if not practicable, be filed with the CFTC at the earliest possible time after implementation, but in no event more than 24 hours after implementation. (“Emergency Rule Certification” should be noted in the Description section of the submission cover sheet.)
While not explicitly required by the CEA or the CFTC’s regulations, CFTC staff recommends that DCOs contact the Division of Clearing and Intermediary Oversight immediately in the case of an emergency whether or not special rules are required.