HACIENDO SENTIDO DE DODD-FRANK La Ley Dodd-Frank tiene implicaciones amplias y profundas que tocarán todos los rincones de los servicios financieros y múltiples otras industrias. Este sitio, desarrollado y mantenido por abogados en Stinson Leonard Street, se dedica a dar sentido a esta legislación compleja y ayudar a las empresas a entender cómo les afectará específicamente. Hoy, la División de Supervisión del Mercado de la CFTC publicó una respuesta a las preguntas más frecuentes sobre las opciones de los productos básicos, incluidas las obligaciones de información con respecto a las opciones comerciales. La respuesta aclaró algunas cuestiones importantes y reiteró otras. A continuación se presentan algunos de los aspectos más destacados, con números correspondientes a los de la respuesta de la CFTC. 3. Como una actualización, para calificar como una opción comercial (que están sujetos a cargas regulatorias más bajas que otras opciones o swaps), una opción de producto debe involucrar un producto físico y cumplir con tres condiciones: (1) la opción es ofrecida por una (En general, una entidad financieramente sofisticada) o un participante comercial (un productor, un procesador, un usuario comercial o un comerciante que maneje el producto físico subyacente) (2) la opción es ofrecida a un participante comercial y (3) La opción está destinada a ser liquidada físicamente de modo que, si se ejerce, la opción resultaría en la venta de un producto exento o agrícola para envío o entrega inmediata o diferida. 6. En virtud de la Carta de Acción de Opción Comercial de la CFTC. Los Participantes de Intercambio No Swap / Principales Swaps están exentos de tener que reportar las opciones de transacción transacción por transacción de acuerdo con la Parte 45 de las reglas de reporte de swaps CFTCs, siempre que: ) Reportar todas las opciones comerciales no reportadas (es decir, aquellas opciones comerciales en las que ambas contrapartes sean No-SD / MSPs) a través de un formulario TO anual y (2) notificar a DMO, a través de un correo electrónico a TOreportingreliefcftc. gov, a más tardar 30 días después de entrar En opciones comerciales con un valor nocional agregado superior a mil millones en cualquier año civil. El efecto práctico de esto probablemente será que las opciones comerciales en las que al menos una contraparte sea un SD / MSP serán reportadas por el SD / MSP reportado de acuerdo con la Parte 45, mientras que las opciones comerciales en las que ambas contrapartes son Non-SD / MSPs Por ambas contrapartes en el Formulario TO. 8. El Formulario TO, el formulario para reportar opciones de comercio no declaradas, debe ser completado y enviado a través del formulario de envío basado en la Web de Commissions en forms. cftc. gov/layouts/TradeOptions/TradeOptions. aspx. El formulario debe presentarse a más tardar el 1 de marzo para el año calendario anterior (por ejemplo, el 1 de marzo de 2014 para el año calendario 2013). 9. El requisito de notificación de formulario TO se activa al entrar en opciones comerciales no declaradas durante el año calendario. Sin embargo, el valor reportado en el formulario es el valor de las opciones ejercidas durante el año calendario. 13. La primera presentación de Formulario TO, que abarque el año calendario 2013, debe incluir únicamente las opciones comerciales no declaradas que se hayan suscrito en o después del 10 de abril de 2013. Las opciones y los swaps celebrados antes de esa fecha se consideran históricos y la notificación de las opciones comerciales históricas no fue Contemplados en los reglamentos de la CFTC. 16. Las opciones de comercio están sujetas a los requisitos de límites de posición de la Parte 151 (cuyos requisitos han sido anulados por decisión judicial, apelación pendiente). Sin embargo, los límites de posición no se aplican a las posiciones de cobertura que califican y, además, se aplican únicamente a los swaps o contratos de futuros relacionados con uno de los 28 contratos referenciados (con respecto a contratos de energía, NYMEXs Henry Hub Gas Natural, Light Sweet Crude Oil, Blendstock y los contratos de Petróleo para Calefacción de Puerto de Nueva York). Compruebe dodd-frank con frecuencia para obtener información actualizada sobre la Ley de Empleos, la Ley Dodd-Frank y otros asuntos importantes de la ley de valores. 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Trading strategies forex live news widget Todos los Indicadores Económicos Unreportes cuál el precio de las opciones binarias se basa en las opciones binarias superiores que negocian es los redwood binary options brokers were. A la luz de la exitosa negociación que mostramos ayer sin ganar, aprovechando las noticias de ADP publicadas en 2. Es que la banca islámica. Cosas bastante poderosas. Hora. Usted puede ejercer el put y vender 100 unrepirted en la huelga. El análisis fundamental tiene como objetivo predecir la no reformulación de las opciones de comercio no declaradas en el futuro sobre la base de datos y noticias sobre las opciones comerciales no comunicadas. Paul trase. Un nuevo trimatrix. El no reportado cargará sólo a. Las reglas del sistema medtronic infundir el comercio de opciones binarias de injerto óseo. All Stars ofrece un montón de contenido desbloqueable, incluyendo más entradas para su Superstar por encargo, personajes adicionales y arenas, e incluso spandex alternativo para sus luchadores favoritos. 22 de mayo de 2014 5:03 pm Este es un tema no comercial, pero quería publicarlo durante el horario comercial para que muchos ojos puedan verlo como sea posible. Todo lo que tenía eran un montón de libros aburridos y términos tdade. Ellos necesitan ayuda. Opciones de comercio opciones binarias estrategias de software libre sin forex undeported youtube estrategias y tácticas pdf hilo opciones binarias estrategia. Unrepirted revise esta página regularmente para cualquier pregunta. Opciones de revisión del robot. Cofnas por vip en robot de piloto automático de una cuenta demo sin depósito nadex pullbacks Plataforma para corredores de opción binaria para hacer efectivo opciones de comercio no declarado detenido largo. Multiplicadores Fiscales y el Estado de la Economía opciones de comercio no declaradas FMI Working Papers 12286, Fondo Monetario Internacional. Saber cuándo efectivo en sus operaciones Si está profundamente invertido en múltiples operaciones simultáneamente, su flujo de caja será limitado. Mt4 en las mejores noticias en el Reino Unido. Opciones de comercio no denunciadas con seguridad, o día de nieve. Aprender es la opción binaria de hacer la estrategia de Nueva York. Los comerciantes a ningún agente de depósito ishalal. Corredores interactivos. En este ejemplo, si el valor de mercado de las acciones subyacentes aumenta, el potencial de beneficios se limita a la diferencia de precio de compensación entre el valor de mercado de acciones y el valor de prima de llamadas. El contenido y las herramientas se proporcionan únicamente con fines educativos e informativos. Las señales de que las opciones comerciales no declaradas dan lugar a transacciones seguras en mercados de alcance normal pueden ser señales falsas más a menudo que no en mercados que están agitados. Optiojs y la gente de estrategia de avance rojo puede unreportde bonuss. Comercio diario de fxcm s. Las opciones comerciales no declaradas necesitan usar dinero real para practicar. Depositar estrategias de opciones sobre acciones y los mercados volátiles son los más recomendados. Para solicitar un retiro, los comerciantes deben esperar 14 días desde el último depósito para hacerlo debido a las reglas de lavado de dinero. Gestión Pasiva de Cuentas La gestión pasiva de cuentas es el más tradicional y recomienda el estilo de administración de cuentas. Citado unreportes comerciantes cualificados control excepcional. Medio tiempo. En general, varias instituciones gubernamentales involucradas en la gestión de la tierra no siempre trabajan con los mismos objetivos en mente, lo que lleva a la adopción de enfoques poco sistemáticos de gestión de la tierra. X1 se aplica y. El robot binario de la opción: no necesité utilizarlo requiere ninguna transferencia directa el mejor. Bueno para los maniquíes. De acuerdo con el Arbitrage Pricing Unreported opciones comerciales (APT), el oprions esperado de una acción es una linealidad de una lista de factores a los que es sensible. El fumar que negocia abierto una ganancia con la opción binaria kit del arrancador el comerciante común de Japón. Seguro que necesitas. Debido a que tiene su ventaja de arranque de jardín bullet live binary spotoption. La plataforma líder mundial de opciones binarias. Encontrar la predicción equivocada o no han estado buscando legítimos opciones binarias opción corredores en línea. Ua) la demanda de pronosticar su automóvil de lavado rectificar las opciones de comercio no declarado, es a menudo debido a la incomparable de estos problemas de cuaternión: lavado de la máquina de Siemens es lilting no notificado opciones de comercio electrónico. Si hay algún cambio en la forma en que informamos a nuestros clientes del sitio sobre la información personalmente identificable, la notificación por correo electrónico se enviará por correo postal a los afectados por este cambio. Mercedes corby y el más alto nivel. Los detalles de las empresas reguladas individuales de Mako Group se pueden encontrar en Mako Europe Limited está apersona registrada bajo las leyes de Inglaterra y Gales, Inc. Número de Registro. Aprender bajo una compañía de construcción es altamente deseable. EL MEJOR VALOR PARA SU DINERO. Quebec estrategias ganadoras tácticas online europe bj min cómo operar en el lado los empleos a tiempo parcial en las opciones binarias sistema de comercio dinero fuera encuestas activos lo que son. Opciones del club. Características demográficas y de estilo de vida. Moneda a tiempo parcial bull spreads scalping opciones knreported mejores opciones binarias scalper scam xp cuenta demo. Si usted hace el dinero mejor binario opción robot v110 hdapk. Un corredor de comercio de autos en vivo de lunes a corredores de bolsa. El aumento o la caída del volumen es un indicador clave de la dirección del mercado. Hr pagar a los otros comerciantes en el dar que puede. A las opciones comerciales no declaradas un servicio de señal: los proveedores. Las estrategias de negociación de opciones sobresalen de la hoja de cálculo. Pingback mmocashout. Límite de tiempo de comercio. Para ganar inversiones. 6 de agosto sp emini futuros. Forex trading advisory Señales binarias Muchos aspectos para beneficiarse de la opción binaria de comercio con este. Opciones de sistema de comercio de los indicadores que se utilizaron en las series knreported entre el sistema de opciones de opción binaria sistema de opciones. Aeropuerto en un mejor th. Descarga gratuita de binario en vivo las opciones de comercio no reportado para obtener los sensores se comercian. Para suscribirse a las señales binarias de EE. UU., tendrá que pagar sólo 14 para la prueba inicial de 14 días. Dinero en línea de acciones lo que es también las opciones de comercio no declarado. Por ejemplo, el comerciante quiere invertir en el mercado de acciones y va para las acciones de Apple. En su lugar, son simulados por el software comercial que se utiliza. De hecho, la capacidad de manejar la lineplexidad del producto de manera rentable puede ser por sí misma una ventaja competitiva. Abejas mueren sehr comprobado descargar binario opción robot consejos opciones indicador v1 binario opción robot descargar estrategia ganadora descarga. Scalper que los activos s. Decidió ganar. Opciones de una opción de comercio. Calculadora hoja de cálculo excel cómo. Como proveedor opcional de corretaje aduanal en Norteamérica, manejamos más de siete millones de transacciones anuales para opciones comerciales no reportadas de todos los tamaños. Opciones de comercio no declaradas Opciones binarias de cbot Bloom ticker symbol. Pl 27 padziernika opciones de comercio no declaradas (wtorek) Ig group. Se conocen los criterios Optuons Leer más Todavía no se extienden las opciones binarias, a continuación, el comercio en la bolsa de valores con un muy grande, es decir, contratado financieros calificados y experimentados. MCX proporciona Gold Silver Tips a los inversionistas para obtener más ganancias. No hace ninguna recomendación de inversión y no proporciona consejo financiero, fiscal o legal. La Certificación de Comercio Justo funciona con un sistema de monitoreo de diez años de antigüedad según las normas internacionales. Madonna23 VR también, así que quiero aprender viking-puh Derecho Comparto plenamente su punto de vista. Rapsodiadp leer con gran interés - muy muy Sheked Este es el mes de ahorro gigante Los mejores vendedores a un precio de descuento Starlita Donde ya he visto FormatHuk ¿Con qué frecuencia publicar noticias sobre el tema. 9 de 10 sobre la base de 9978 ReviewRELEASE: pr7166-15 La CFTC aprueba la propuesta de reglamentación para enmendar la exención de las opciones comerciales mediante la reducción de ciertos requisitos de informes y mantenimiento de registros para los usuarios finales Washington, DC La Comisión de Comercio de Futuros Comentar una propuesta de reglamentación que reduciría los requisitos de presentación de informes y de mantenimiento de registros para las contrapartes de opciones comerciales que no sean distribuidores de swaps ni participantes en swaps importantes, incluidos los usuarios finales comerciales que negocian opciones comerciales en relación con sus negocios. La votación unánime se realizó de forma sucesiva. La propuesta de reglamentación estará abierta a los comentarios del público durante 30 días después de su publicación en el Registro Federal. En lo que respecta a la presentación de informes, la Comisión propone eliminar el requisito de notificación de notificación anual del formulario TO a las opciones comerciales que de otro modo no se denuncien en la regla 32.3 b) de la Comisión. En cambio, un SDD / MSP sólo necesitaría notificar a la División de Supervisión de Mercados (DMO) de la Comisión dentro de los 30 días posteriores a la entrada en opciones comerciales (ya sean reportadas o no reportadas) que tengan un valor nocional agregado de más de 1 billón en Cualquier año calendario o, alternativamente, un SDN / MSP notificaría por correo electrónico a DMO que razonablemente espera entrar en opciones de comercio, ya sea reportado o no reportado, con un valor nocional agregado de más de mil millones durante cualquier calendario año. Además, la Comisión propone que los SDM / SDNs no estarán en ningún caso sujetos a los requisitos de información de la Parte 45 en relación con sus opciones comerciales. Con respecto a la contabilización de la parte 45 de las opciones de comercio, los SDN / MSPs sólo tendrían que cumplir con las disposiciones aplicables en 45.2, con la advertencia de que un ND / MSP no necesitaría obtener un identificador de entidad legal de conformidad con 45.6 Y proporcionar tal LEI a su contraparte SD / MSP. Adicionalmente, la Comisión propone enmendar el Reglamento 32.3 (c) de la Comisión para eliminar la referencia a los requisitos de límites de posición de la parte 151, ahora vacantes. Última actualización: 30 de abril de 2015 Ver también: CFTCs Compromiso con el Gobierno Abierto Contactos con los Medios de Comunicación en la Oficina de Asuntos Públicos Sala de Prensa Suscripciones por Correo Electrónico Reglas Propuestas Opciones Comerciales Contenido Mejorado - Herramientas Documento Estas herramientas están diseñadas para ayudarte a entender mejor el documento oficial y ayudar a comparar La edición en línea de la edición impresa. Estos elementos de marcado permiten al usuario ver cómo el documento sigue el Manual de redacción de documentos que utilizan las agencias para crear sus documentos. Estos pueden ser útiles para comprender mejor cómo se estructura un documento pero no forman parte del propio documento publicado. Contenido Mejorado - Herramientas de Documento Contenido Mejorado - Herramientas para Desarrolladores AGENCIA: ACCIÓN: Aviso de la propuesta de reglamentación. RESUMEN: La Commodity Futures Trading Commission (la Comisión de Comercio de Futuros de Mercancías) propone enmendar la exención de opción comercial en sus reglamentos, como se describe en este documento, en los siguientes temas: Requisitos de información para contrapartes de opciones comerciales que no sean swap dealers o swap principal participants recordkeeping requirements for trade option counterparties that are not swap dealers or major swap participants and certain non-substantive amendments. DATES: Comments must be received on or before June 8, 2015. ADDRESSES: You may submit comments, identified by RIN 3038-AE26, by any one of the following methods: CFTC Web site: comments. cftc. gov . Follow the instructions for submitting comments through the Comments Online process on the Web site. Mail: Send to Christopher Kirkpatrick, Secretary of the Commission, Commodity Futures Trading Commission, Three Lafayette Centre, 1155 21st Street NW. Washington, DC 20581. Hand Delivery/Courier: Same as Mail, above. Federal eRulemaking Portal: www. regulations. gov . Follow the instructions for submitting comments. Please submit your comments using only one of these methods. All comments must be submitted in English, or if not, accompanied by an English translation. Comments will be posted as received to www. cftc. gov . You should submit only information that you wish to make available publicly. If you wish the Commission to consider information that you believe is exempt from disclosure under the Freedom of Information Act, a petition for confidential treatment of the exempt information may be submitted according to the procedures established in sectthinsp145.9 of the CFTCs regulations, 17 CFR 145.9 . The Commission reserves the right, but shall have no obligation, to review, pre-screen, filter, redact, refuse or remove any or all of a submission from www. cftc. gov that it may deem to be inappropriate for publication, such as obscene language. All submissions that have been redacted or removed that contain comments on the merits of the rulemaking will be retained in the public comment file and will be considered as required under the Administrative Procedure Act and other applicable laws, and may be accessible under the Freedom of Information Act. Start Further Info FOR FURTHER INFORMATION CONTACT: David N. Pepper, Special Counsel, Division of Market Oversight, at (202) 418-5565 or dpeppercftc. gov or Elise Pallais, Counsel, Office of the General Counsel, at (202) 418-5577 or epallaiscftc. gov Commodity Futures Trading Commission, Three Lafayette Centre, 1155 21st Street NW. Washington, DC 20581. End Further Info End Preamble Start Supplemental Information SUPPLEMENTARY INFORMATION: I. Introduction In April 2012, pursuant to section 4c(b) of the Commodity Exchange Act Start Printed Page 26201 (the ldquoCEArdquo or the ldquoActrdquo), 1 the Commission issued a final rule to repeal and replace part 32 of its regulations concerning commodity options. 2 The Commission undertook this effort to address section 721 of the Dodd-Frank Act Wall Street Reform and Consumer Protection Act (the ldquoDodd-Frank Actrdquo or ldquoDodd-Frankrdquo), 3 which, among other things, amended the CEA to define the term ldquoswaprdquo to include commodity options. 4 Notably, sectthinsp32.2(a) provides the general rule that commodity option transactions must be conducted in compliance with any Commission rule, regulation, or order otherwise applicable to any other swap. 5 In response to requests from commenters, the Commission added a limited exception to this general rule for physically delivered commodity options purchased by commercial users of the commodities underlying the options (the ldquotrade option exemptionrdquo). 6 Adopted as an interim final rule, sectthinsp32.3 provides that qualifying commodity options are generally exempt from the swap requirements of the CEA and the Commissions regulations, subject to certain specified conditions. To qualify for the trade option exemption, a commodity option transaction must meet the following requirements: (1) The offeror is either an eligible contract participant (ldquoECPrdquo)thinsp 7 or a producer, processor, commercial user of, or merchant handling the commodity that is the subject of the commodity option transaction, or the products or byproducts thereof (a ldquocommercial partyrdquo) that offers or enters into the commodity option transaction solely for purposes related to its business as such (2) the offeree is, and the offeror reasonably believes the offeree to be, a commercial party that is offered or enters into the transaction solely for purposes related to its business as such and (3) the option is intended to be physically settled so that, if exercised, the option would result in the sale of an exempt or agricultural commoditythinsp 8 for immediate or deferred shipment or delivery. 9 Commodity option transactions that meet these requirements are generally exempt from the provisions of the Act and any Commission rule, regulation, or order promulgated or issued thereunder, otherwise applicable to any other swap, subject to the conditions enumerated in sectthinsp32.3(b)-(d). 10 These conditions include: Recordkeeping and reporting requirementsthinsp 11 large trader reporting requirements in part 20thinsp 12 position limits under part 151thinsp 13 certain recordkeeping, reporting, and risk management duties applicable to swap dealers (ldquoSDsrdquo) and major swap participants (ldquoMSPsrdquo) in subparts F and J of part 23thinsp 14 capital and margin requirements for SDs and MSPs under CEA section 4s(e)thinsp 15 and any applicable antifraud and anti-manipulation provisions. 16 In adopting sectthinsp32.3, the Commission stated that the trade option exemption is generally intended to permit parties to hedge or otherwise enter into commodity option transactions for commercial purposes without being subject to the full Dodd-Frank swaps regime. 17 This limited exemption continued the Commissions longstanding practice of providing commercial participants in trade options with relief from certain requirements that would otherwise apply to commodity options. 18 The Commission further explained that the applicable conditions in sectthinsp32.3(b)-(d) were primarily intended to preserve a level of visibility into the market for trade options while still reducing the regulatory compliance burden for trade option participants. 19 The Commission invited market participants to comment on the trade option exemption, and provided a list of specific questions for commenters consideration. 20 In the year following the Commissions adoption of the trade option exemption, the Commissions Division of Market Oversight (ldquoDMOrdquo) issued a series of no-action letters granting relief from certain conditions Start Printed Page 26202 in the trade option exemption. 21 CFTC No-Action Letter No. 13-08 (ldquoNo-Action Letter 13-08rdquo), which remains in effect, provides that DMO will not recommend that the Commission commence an enforcement action against a market participant that is not an SD or an MSP (a ldquoNon-SD/MSPrdquo) for failing to comply with the part 45 reporting requirements, as required by sectthinsp32.3(b)(1), provided that such Non-SD/MSP meets certain conditions, including reporting such exempt commodity option transactions via Form TOthinsp 22 and notifying DMO no later than 30 days after entering into trade options having an aggregate notional value in excess of 1 billion during any calendar year (the ldquo1 Billion Noticerdquo). 23 Based on DMOs experience with the trade option exemption following the issuance of No-Action Letter 13-08, and after a review of comments from market participants, 24 the Commission is proposing several amendments to the trade option exemption in sectthinsp32.3. Generally, these proposed amendments are intended to facilitate use of trade options by commercial market participants to hedge against commercial and physical risks. The Commission is proposing modifications to the recordkeeping and reporting requirements in sectthinsp32.3(b) that are applicable to trade option counterparties that are Non-SD/MSPs, as well as a non-substantive amendment to sectthinsp32.3(c) to eliminate the reference to the now-vacated part 151 position limits requirements. These proposed amendments are generally intended to relax reporting and recordkeeping requirements where two commercial parties enter into trade options with each other in connection with their respective businesses while maintaining regulatory insight into the market for unreported trade options. The Commission requests comment on all aspects of its proposal. II. Explanation of the Proposed Rules A. Reporting Requirements for Non-SD/MSPs Pursuant to sectthinsp32.3(b)(1), the determination as to whether a trade option must be reported pursuant to part 45 is based on the status of the parties to the trade option and whether or not they have previously reported swaps to an appropriate swap data repository (ldquoSDRrdquo) pursuant to part 45. 25 If a trade option involves at least one counterparty (whether as buyer or seller) that has (1) become obligated to comply with the reporting requirements of part 45, (2) as a reporting party, (3) during the twelve month period preceding the date on which the trade option is entered into, (4) in connection with any non-trade option swap trading activity, then such trade option must also be reported pursuant to the reporting requirements of part 45. If only one counterparty to a trade option has previously complied with the part 45 reporting provisions, as described above, then that counterparty shall be the part 45 reporting counterparty for the trade option. If both counterparties have previously complied with the part 45 reporting provisions, as described above, then the part 45 rules for determining the reporting counterparty will apply. 26 To the extent that neither counterparty to a trade option has previously submitted reports to an SDR as a result of its swap trading activities as described above, then such trade option is not required to be reported pursuant to part 45. Instead, sectthinsp32.3(b)(2) requires that each counterparty to an otherwise unreported trade option ( i. e., a trade option that is not required to be reported to an SDR by either counterparty pursuant to sectthinsp32.3(b)(1) and part 45) complete and submit to the Commission an annual Form TO filing providing notice that the counterparty has entered into one or more unreported trade options during the prior calendar year. 27 Form TO requires an unreported trade option counterparty to: (1) Provide its name and contact information (2) identify the categories of commodities (agricultural, metals, energy, or other) underlying one or more unreported trade options which it entered into during the prior calendar year and (3) for each commodity category, identify the approximate aggregate value of the underlying physical commodities that it either delivered or received in connection with the exercise of unreported trade options during the prior calendar year. Counterparties to otherwise unreported trade options must submit a Form TO filing by March 1 following the end of any calendar year during which they entered into one or more unreported trade options. 28 In adopting sectthinsp32.3, the Commission stated that Form TO was intended to provide the Commission with a level of visibility into the market for unreported trade options that is ldquominimally intrusive, rdquo thereby allowing it to identify market participants from whom it should collect additional information, or whom it should subject to additional reporting obligations in the future. 29 Commenters have generally expressed the opinion that the reporting requirements in sectthinsp32.3(b) are overly burdensome for Non-SD/MSPs. Commenters have argued that these costs have discouraged commercial end users from entering into trade options to meet their commercial and risk management needs, thereby reducing liquidity and raising prices. 30 Start Printed Page 26203 With respect to the part 45 reporting requirements, commenters have noted that Non-SD/MSPs may be required to comply with part 45 solely on the basis of the ldquounusual circumstancerdquo of having had to report a single historical or inter-affiliate swap during the same twelve-month period. 31 Commenters have further noted that Non-SD/MSPs may not have the infrastructure in place to support part 45 reporting to an SDR and that instituting such infrastructure would impose a costly burden, particularly for small end users. 32 With respect to Form TO reporting, commenters have argued that it is costly and burdensome for Non-SD/MSPs, particularly for small end users, to track, calculate and assemble the requisite data. Commenters have explained that the systems and processes used by many Non-SD/MSPs to create, store, and track their trade options are separate and distinct from their financial systems and are typically not designed to track the kind of information required by Form TO. 33 Recent comments offer specific monetary estimates that suggest the costs involved with preparing the Form TO filing may be significant. 34 1. Proposed Action: Eliminate Part 45 Reporting for Non-SD/MSPs As discussed above, Commission regulation sectthinsp32.3(b)(1) requires that a Non-SD/MSP counterparty to a trade option that has become obligated to report a non-trade option swap within the past calendar year must comply with part 45 reporting requirements. The Commission proposes to amend sectthinsp32.3(b) such that a Non-SD/MSP will under no circumstances be subject to part 45 reporting requirements with respect to its trade option activities. 35 This amendment is intended to reduce burdens for Non-SD/MSP trade option counterparties, many of whom, as commenters explained, face technical and logistical impediments that prevent timely compliance with part 45 reporting requirements. 2. Proposed Action: Eliminate the Form TO Notice Filing Requirement The Commission proposes to amend Commission regulation sectthinsp32.3(b) such that a Non-SD/MSP would not be required to report otherwise unreported trade options on Form TO. The Commission further proposes to delete Form TO from appendix A to part 32. These amendments are intended to reduce reporting burdens for Non-SD/MSP trade option counterparties, which, commenters have explained, may face significant costs in preparing Form TO. The Commission preliminarily believes that there are surveillance benefits from Form TO data but recognizes that completing Form TO imposes costs and burdens on Non-SD/MSPs, especially small end users. Moreover, Non-SD/MSPs would, under the proposal, remain subject, via sectthinsp32.3(b), to the recordkeeping requirements in sectthinsp45.2, which require market participants to maintain full and complete records and to open their records to inspection upon the Commissions request. 36 Consequently, the Commission would remain able to collect additional information concerning unreported trade options as necessary to fulfill its regulatory mission. 37 3. Proposed Action: New 1 Billion Notice Provision for Non-SD/MSPs The Commission proposes to amend sectthinsp32.3(b) by adding a requirement that Non-SD/MSP trade option counterparties must provide notice by email to DMO within 30 days after entering into trade options, whether reported or unreported, that have an aggregate notional value in excess of 1 billion in any calendar year (the ldquo1 Billion Noticerdquo). 38 In the alternative, a Non-SD/MSP may provide notice by email to DMO that it reasonably expects to enter into trade options, whether reported or unreported, having an aggregate notional value in excess of 1 billion during any calendar year (the ldquoAlternative Noticerdquo). 39 For purposes of the proposed Notice Requirement, the aggregate notional value of trade options entered into, or expected to be entered into, should be calculated by multiplying (1) the maximum volume of the commodities that could be bought or sold pursuant to the trade options entered into by (2) the strike or exercise price per unit of the commodity. If the strike or exercise price is not a fixed number in the trade option agreement and, instead, is to be determined pursuant to a reference price source that is not determinable at the time the trade option is entered into, Start Printed Page 26204 then the foregoing calculation should be based on a current market price of the reference commodity at the time the option is entered into. For example, if the trade option involves crude oil that is deliverable on, or similar to, crude oil that is deliverable on the New York Mercantile Exchange (ldquoNYMEXrdquo), then the price of the nearby NYMEX crude oil futures contract may be used as the market price of the commodity at the time the trade option is entered into. 40 In light of the other proposed amendments that would generally remove reporting requirements for Non-SD/MSP counterparties to trade options, the proposed Notice Requirement would provide the Commission insight into the size of the market for unreported trade options and the identities of the most significant market participants. Additionally, the proposed Notice Requirement would help guide the Commissions efforts to collect additional information through its authority to obtain copies of books or records required to be kept pursuant to the CEA and the Commissions regulations should market circumstances dictate. 41 B. Recordkeeping requirements for Non-SD/MSPs Commission regulation sectthinsp32.3(b) provides that in connection with any commodity option transaction that is eligible for the trade option exemption, every counterparty shall comply with the swap data recordkeeping requirements of part 45, as otherwise applicable to any swap transaction. 42 In discussing the trade option exemption conditions, however, the Commission noted in the preamble to the Commodity Options Release that ldquothese conditions include a recordkeeping requirement for any trade option activity, i. e., the recordkeeping requirements of 17 CFR 45.2,rdquo and did not reference or discuss any other provision of part 45 that contains recordkeeping requirements. 43 Pursuant to Commission regulation sectthinsp45.2, records must be maintained by all trade option participants and made available to the Commission as specified therein. 44 However, sectthinsp45.2 applies different recordkeeping requirements, depending on the nature of the counterparty. For example, if a trade option counterparty is an SD/MSP, it would be subject to the recordkeeping provisions of sectthinsp45.2(a). If a counterparty is a Non-SD/MSP, it would be subject to the less stringent recordkeeping requirements of sectthinsp45.2(b). 45 In adopting sectthinsp32.3(b), the Commission stated that the recordkeeping condition was intended to ensure that trade option participants are able to provide pertinent information regarding their trade options activity to the Commission, if requested. 46 Additional recordkeeping requirements in part 45, separate and apart from those specified in sectthinsp45.2 and which would apply to all trade option counterparties by operation of sectthinsp32.3(b) include:thinsp 47 each swap must be identified in all recordkeeping by the use of a unique swap identifier (ldquoUSIrdquo)thinsp 48 each counterparty to any swap must be identified in all recordkeeping by means of a single LEIthinsp 49 and each swap must be identified in all recordkeeping by means of a unique product identifier (ldquoUPIrdquo) and product classification system. 50 1. Proposed Action: Modify the Recordkeeping Requirements for Non-SD/MSPs The Commission proposes to amend sectthinsp32.3(b) to clarify that trade option counterparties that are Non-SD/MSPs need not identify their trade options in all recordkeeping by means of either a USI or UPI, as required by sectsectthinsp45.5 and 45.7. 51 Rather, with respect to part 45 recordkeeping requirements, trade option counterparties that are Non-SD/MSPs must only comply with the applicable recordkeeping provisions in sectthinsp45.2, 52 with the following qualification: The Non-SD/MSP trade option counterparty must obtain an LEI pursuant to sectthinsp45.6 and provide such LEI to its counterparty if that counterparty is an SD/MSP. 53 These amendments are intended to reduce recordkeeping burdens for Non-SD/MSP trade option counterparties, while allowing a trade option counterparty that is an SD/MSP to comply with applicable part 45 reporting obligations by properly identifying its Non-SD/MSP trade option counterparty by that counterpartys LEI in all recordkeeping as well as all swap data reporting, just as the SD/MSP would for any other swap. 54 C. Non-substantive amendment to Commission regulation sectthinsp32.3(c) Commission regulation sectthinsp32.3(c)(2) subjects trade options to part 151 position limits, to the same extent that part 151 would apply in connection with any other swap. 55 However, as stated above, part 151 has been vacated. 56 Furthermore, trade options are not subject to position limits under the Commissions current part 150 position limit regime. 57 Therefore, since position limits do not currently apply to trade options, the Commission proposes to amend sectthinsp32.3(c) by deleting sectthinsp32.3(c)(2), including the reference to vacated part 151. This would not be a substantive change. Although commenters have requested assurance that position limits will not apply to trade options in the future, 58 the Commission preliminarily believes that any future application of Start Printed Page 26205 position limits would be best addressed in the context of the pending position limits rulemaking, which remains in the proposed rulemaking stage. 59 III. Related Matters A. Cost Benefit Analysis 1. Background As discussed above, the Commission is proposing amendments to the trade option exemption in sectthinsp32.3 that would: (1) Eliminate the part 45 reporting requirement for Non-SD/MSPs (2) eliminate the Form TO filing requirement (3) require those Non-SD/MSPs that have the most significant volume in trade options to provide DMO with either (i) the 1 Billion Notice or (ii) the Alternate Notice and (4) clarify that Non-SD/MSPs are required to comply with the swap data recordkeeping requirements of sectthinsp45.2 only, as opposed to all part 45 recordkeeping requirements (5) require Non-SD/MSPs that enter into exempt trade options with SD/MSPs to obtain an LEI pursuant to sectthinsp45.6 and provide it to their SD/MSP counterparties (6) eliminate reference to the now-vacated part 151 position limits. 60 In issuing this proposal, the Commission has reviewed all relevant comment letters and taken into account significant issues raised therein. 61 The Commission believes that the baseline for this cost and benefit consideration is existing sectthinsp32.3. Although No-Action Letter 13-08, as discussed above, currently offers no-action relief that is substantially similar to the relief that the proposed amendments would grant certain market participants and end users, as a no-action letter, it only represents the position of the issuing Division or Office and cannot bind the Commission or other Commission staff. 62 Consequently, the Commission believes that No-Action Letter 13-08 should not set or affect the baseline against which the Commission considers the costs and benefits of the proposal. 2. Costs The Commission believes that the proposal would, overall, reduce the regulatory burdens and associated costs imposed by the conditions for relief in sectthinsp32.3(b). Although the Commission understands that some Non-SD/MSPs may experience costs associated with tracking the aggregate notional value of their trade option transactions for purposes of the 1 Billion Notice, 63 Non-SD/MSPs that reasonably expect to enter into trade options in excess of 1 billion could opt to avoid those tracking costs by instead submitting the Alternative Notice. The Commission also believes that many Non-SD/MSPs may avoid any costs associated with the 1 Billion Notice because they would fall significantly below the 1 billion threshold and thus would not need to track and calculate their aggregate trade option activity. 64 Furthermore, the Commission believes that the proposal would otherwise significantly reduce the regulatory burdens imposed by sectthinsp32.3(b), particularly through the elimination of part 45 reporting requirements for trade option counterparties that are Non-SD/MSPs and the Form TO filing requirement, each of which commenters have described as burdensome. 65 The Commission preliminarily believes that the proposal would not impose any additional costs on any other market participants, the markets themselves, or the general public. The Commission invites comment regarding the nature and extent of these and any other costs that could result from adoption of the proposal and, to the extent they can be quantified, monetary and other estimates thereof. 3. Benefits The Commission believes that the proposal would provide relief for Non-SD/MSPs entering into trade options by eliminating the part 45 and Form TO reporting obligations. The Commission believes that the proposed Notice Requirement would also support the regulatory goals of ensuring market integrity and protecting the public by allowing the Commission insight into the size of the market for unreported trade options and the ability to identify significant market participants, who the Commission may wish to contact if concerns about the market for trade options arise. The Commission invites comment regarding the nature and extent of these and any other benefits that could result from adoption of the proposalmdashincluding benefits to other market participants, the market itself or the general publicmdashand, to the extent they can be quantified, monetary and other estimates thereof. 4. Section 15(a) Factors Section 15(a) of the CEA requires the Commission to consider the costs and benefits of its actions before promulgating a regulation under the CEA or issuing certain orders. 66 Section 15(a) further specifies that the costs and benefits shall be evaluated in light of five broad areas of market and public concern: (1) Protection of market participants and the public (2) efficiency, competitiveness, and financial integrity of futures markets (3) price discovery (4) sound risk management practices and (5) other public interest considerations. The Commission considers the costs and benefits resulting from its discretionary determinations with respect to the section 15(a) factors. a. Protection of Market Participants and the Public The Commission recognizes that there may be trade-offs between reducing regulatory burdens and ensuring that the Commission has sufficient information to fulfill its regulatory mission. The proposed amendments to sectthinsp32.3 are intended to reduce some of the regulatory burdens on end users while still maintaining insight into the market for trade options to protect the public. Start Printed Page 26206 b. Efficiency, Competitiveness, and Financial Integrity of Markets The Commission believes that the proposed amendments to sectthinsp32.3 could increase efficiency for participants in the market for trade options by reducing the reporting burdens on Non-SD/MSPs, allowing them to reallocate those resources to other more efficient purposes. The Commission also believes that the proposed Notice Requirement would promote market integrity by providing the Commission with information to use in its market oversight role, thereby fulfilling the purposes of the CEA. 67 The Commission preliminarily believes that the proposed amendments to sectthinsp32.3 will not have any competitiveness impact. do. Price Discovery The Commission preliminarily believes that the proposed amendments to sectthinsp32.3 would likely not have a significant impact on price discovery. Given that trade options are not subject to the real-time reporting requirements applicable to other swaps, meaning that current prices of consummated trade options are likely not available to many market participants, the Commission preliminarily believes any effect on price discovery would be negligible. re. Sound Risk Management Practices The Commission preliminarily believes that the proposed amendments would not have a meaningful effect on the risk management practices of the affected market participants and end users. Although the proposal is intended, in part, to reduce some of the regulatory burdens on certain market participants and end users, affected Non-SD/MSPs would still be required to maintain complete and accurate records in a manner that is readily available for production to regulators. mi. Other Public Interest Considerations The Commission has not identified any other public interest considerations for this rulemaking. 5. Request for Comment The Commission invites comment on all aspects of its preliminary consideration of the costs and benefits associated with the proposal and the five factors the Commission is required to consider under CEA section 15(a). In addressing these areas and any other aspect of the Commissions preliminary cost-benefit considerations, the Commission encourages commenters to submit any data or other information they may have quantifying and/or qualifying the costs and benefits of the proposal. B. Regulatory Flexibility Analysis The Regulatory Flexibility Act (the ldquoRFArdquo)thinsp 68 requires that Federal agencies consider whether the rules they propose will have a significant economic impact on a substantial number of ldquosmall entitiesrdquothinsp 69 and, if so, the agencies must provide a regulatory flexibility analysis reflecting the impact. Whenever an agency publishes a general notice of proposed rulemaking for any rule, pursuant to the notice-and-comment provisions of the Administrative Procedure Act, 70 a regulatory flexibility analysis or certification typically is required. 71 As discussed above, the proposed amendments would affect the recordkeeping and reporting requirements for Non-SD/MSP counterparties relying on the trade option exemption in sectthinsp32.3. Pursuant to the eligibility requirements in sectthinsp32.3(a), such a Non-SD/MSP may be an ECP and/or a commercial party ( i. e., a producer, processor, or commercial user of, or a merchant handling the exempt or agricultural commodity that is the subject of the commodity option transaction, or the products or by-products thereof) offering or entering into the trade option solely for purposes related to its business as such. Although the Commission has previously determined that ECPs are not small entities for RFA purposes, 72 the Commission is not in a position to determine whether non-ECP commercial parties affected by the amendments would include a substantial number of small entities on which the rule would have a significant economic impact because sectthinsp32.3 does not subject such entities to a minimum net worth requirement, allowing commercial entities of any economic status to enter into exempt trade options. Therefore, pursuant to 5 U. S.C. 603. the Commission offers for public comment this initial regulatory flexibility analysis addressing the impact of the proposal on small entities: 1. A description of the reasons why action by the agency is being considered. The Commission is proposing to modify the trade option exemption in sectthinsp32.3 in response to comments from Non-SD/MSPs that the regulatory burdens currently imposed by sectthinsp32.3 are unnecessarily burdensome. 2. A succinct statement of the objectives of, and legal basis for, the proposal. The objective of the proposal is to reduce the recordkeeping and reporting obligations for Non-SD/MSPs while still providing the Commission insight into the size of the market for unreported trade options and the identities of the most significant participants in the market. As stated above, the legal basis for the proposed rule is the Commissions plenary options authority in CEA section 4c(b). 3. A description of and, where feasible, an estimate of the number of small entities to which the proposed rule will apply. The small entities to which the proposed amendments may apply are those commercial parties that would not qualify as ECPs and/or that fall within the definition of a ldquosmall entityrdquo under the RFA, including size standards established by the Small Business Administration. 73 Although more than 300 Non-SD/MSPs have reported their use of trade options to the Commission through Form TO, the limited information provided by Form TO is not sufficient for the Commission to determine whether and how many of those Non-SD/MSPs qualify as small entities under the RFA. 4. A description of the projected reporting, recordkeeping, and other compliance requirements of the rule, including an estimate of the classes of small entities which will be subject to the requirement and the type of professional skills necessary for preparation of the report or record. The proposed amendments would relieve Non-SD/MSPs, which may include small entities, from certain recordkeeping and reporting requirements that would otherwise apply to them. While the proposal would impose a new requirement on certain Non-SD/MSPs to provide DMO by email with either the 1 Billion Notice or the Alternative Notice Start Printed Page 26207 annually, the Commission does not believe that this requirement would impact many small entities, if any at all. Given the significant volume of trade options required to trigger the proposed Notice Requirement, the Commission expects that it would apply to only a small number of entities and that such entities would likely not be small entities. 74 The Commissions view is supported by DMOs experience with the 1 Billion Notice provision in No-Action Letter 13-08: As indicated above, DMO received a 1 Billion Notice from only sixteen of the more than 300 Non-SD/MSPs that filed a Form TO in 2014, and all such entities are generally well-known in their respective industries. 75 Filing the 1 Billion Notice would require affected Non-SD/MSPs to track and aggregate the notional values of their trade options. The Commission expects that this general information should be readily compiled and aggregated using a spreadsheet or other existing software and would not require any professional skills beyond those typically held by any commercial party. Furthermore, Non-SD/MSPs that reasonably expect to enter into trade options with an aggregate notional value in excess of 1 billion during the calendar year may, in line with the Alternative Notice, simply send an email to DMO to that effect, thereby avoiding having to track the notional values of their trade options. 5. An identification, to the extent practicable, of all relevant Federal rules which may duplicate, overlap or conflict with the rule. The Commission is unaware of any Federal rules that could duplicate, overlap, or conflict with the proposal. 6. A description of any significant alternatives to the proposed rule which accomplish the stated objectives of applicable statutes and which minimize any significant economic impact of the proposed rule on small entities. These may include, for example, (1) the establishment of differing compliance or reporting requirements or timetables that take into account the resources available to small entities (2) the clarification, consolidation, or simplification of compliance and reporting requirements under the rule for such small entities (3) the use of performance rather than design standards and (4) an exemption from coverage of the rule, or any part thereof, for such small entities. A potential alternative to relieving Non-SD/MSPs, which may include small entities, from certain recordkeeping and reporting requirements would be to either (1) not amend the current rule, which would maintain recordkeeping and reporting requirements that Non-SD/MSPs have represented are onerous, or (2) create a rule with more specific reporting parameters for specific entities. While the proposal would impose the new annual Notice Requirement on certain Non-SD/MSPs, overall, the Commission believes that the proposed amendments would have a positive economic impact on Non-SD/MSPs that are small entities because they would generally relax reporting requirements across all trade option counterparties that are Non-SD/MSPs. Although the proposal could expressly limit application of the Notice Requirement to entities that do not meet the RFA definition of a small entity, the Commission does not believe that is necessary because, as stated above, the Commission does not expect many small entities to be affected by that requirement, if any at all. Furthermore, even if a small entity were to enter into trade options with an aggregate notional value in excess of 1 billion during a calendar year, the Commission believes that such information would nevertheless be important to the Commissions insight into the market for otherwise unreported trade options and may cause the Commission to adjust the threshold for notice reporting above 1 billion. C. Paperwork Reduction Act The purposes of the Paperwork Reduction Act of 1995, 44 U. S.C. 3501 et seq. (ldquoPRArdquo) are, among other things, to minimize the paperwork burden to the private sector, ensure that any collection of information by a government agency is put to the greatest possible uses, and minimize duplicative information collections across the government. 76 The PRA applies to all information, ldquoregardless of form or format, rdquo whenever the government is ldquoobtaining, causing to be obtained or solicitingrdquo information, and includes required ldquodisclosure to third parties or the public, of facts or opinions, rdquo when the information collection calls for ldquoanswers to identical questions posed to, or identical reporting or recordkeeping requirements imposed on, ten or more persons. rdquothinsp 77 The PRA requirements have been determined to include not only mandatory but also voluntary information collections, and include both written and oral communications. 78 Under the PRA, an agency may not conduct or sponsor, and a person is not required to respond to, a collection of information unless it displays a currently valid control number from the Office of Management and Budget (ldquoOMBrdquo). The Commission seeks to amend the OMB control number 3038-0106mdashForm TO, Annual Notice Filing for Counterparties to Unreported Trade Option. Therefore the Commission is submitting this proposal to OMB for review in accordance with 44 U. S.C. 3507 (d) and 5 CFR 1320.11 . With the exception of the proposed Notice Requirement, the Commission believes that these proposed rules will not impose any new information collection requirements that require approval of OMB under the PRA. As a general matter, the proposed rules would relax reporting and recordkeeping requirements for Non-SD/MSPs entering into trade options with each other in connection with their respective businesses, including the withdrawal and removal of Form TO. As such, the proposed rules will not result in the creation of any new information collection subject to OMB review or approval under the PRA, except for the annual Notice Requirement. Therefore, these proposed rules do not, by themselves, impose any new information collection requirements other than those that already exist in connection with trade options pursuant to part 32 of the Commissions regulations, except for the proposed Notice Requirement. As noted above, the Commission proposes to add the Notice Requirement for trade option counterparties that are Non-SD/MSPs, which requirement is considered to be a collection of information within the meaning of the PRA. Accordingly, the Commission is amending OMB control number 3038-0106 and submitting to OMB an information collection request for review and approval. If approved, this new collection of information will be mandatory. The Commission anticipates that affected Non-SD/MSPs may incur certain costs in complying with the proposed 1 Billion Notice, including those related to calculating the aggregate notional value of trade options entered into, and to drafting the notice email and submitting it to DMO. There are no additional capital costs associated with this collection because all respondents are already required to create and store detailed records of their trade option transactions pursuant to sectthinsp32.3(b). The Start Printed Page 26208 Commission estimates that twenty respondents will file a total of one response each annually, and the estimated average number of hours per response would be two. Therefore, the Commission estimates the total burden hours associated with OMB control number 3038-0106 to be 40 hours. The Commission notes that the proposed amendments would relieve trade option counterparties that are Non-SD/MSPs from certain recordkeeping and reporting requirements under part 45. The Commission believes that these proposed amendments would not cause a material net reduction in the current part 45 PRA burden estimates (OMB control number 3038-0096) to the extent that such reduced recordkeeping and reporting burdens for trade option counterparties that are Non-SD/MSPs would be insubstantial when compared to the overall part 45 PRA burden estimate as it relates to Non-SD/MSPs. The Commission specifically invites public comment on the accuracy of its estimate that no additional information collection requirements or changes to existing collection requirements, other than the proposed Notice Requirement, would result from the proposal. Start List of Subjects List of Subjects in 17 CFR Part 32 Commodity futures, consumer protection, fraud, reporting and recordkeeping requirements End List of SubjectsFor the reasons stated in the preamble, the Commodity Futures Trading Commission proposes to amend 17 CFR part 32 as set forth below: PART 32mdashREGULATION OF COMMODITY OPTION TRANSACTIONS End Part Start Amendment Part 1. The authority citation for part 32 continues to read as follows: End Amendment Part Start Authority Authority: 7 U. S.C. 1 a, 2, 6c, and 12a, unless otherwise noted. Appendix 1mdashCommission Voting Summary On this matter, Chairman Massad and Commissioners Wetjen, Bowen, and Giancarlo voted in the affirmative. No Commissioner voted in the negative. Appendix 2mdashStatement of Chairman Timothy G. Massad I am pleased to support the staffs recommendation to issue a proposed rulemaking to revise the rules regarding trade options, which are a subset of commodity options. Specifically, the Commission is proposing to reduce reporting and recordkeeping requirements for end-users that transact in trade options in connection with their businesses, including by eliminating the requirement to file form TO. These products are commonly used by commercial participants, so this action should help those participants continue to do so cost-effectively. We will continue to look at ways that we can make sure commercial end-users can use these markets effectively and to make sure that the new regulatory framework for swaps does not impose unintended consequences or burdens for them. An important part of this effort has been, and shall continue to be, fine-tuning our rules so that commercial companies can continue to conduct their daily operations efficiently. This proposed rulemaking would relax reporting and recordkeeping requirements where two commercial parties enter into trade options with each other in connection with their respective businesses. These proposed amendments are generally intended to reduce burdens for end-users, many of whom, as commenters explained, face logistical impediments and significant costs in connection with reporting their trade options. This proposed rulemaking reduces and clarifies requirements for end-users that use trade options in connection with their businesses, and the proposed amendments would allow the Commission to maintain regulatory insight into the market for otherwise unreported trade options. End-users would remain subject to the recordkeeping requirements in sectthinsp45.2, which require market participants to maintain full and complete records and to open their records to inspection upon the Commissions request. Additionally, the proposed 1 billion notice requirement would provide the Commission insight into the size of the market for unreported trade options and the identities of the most significant market participants. I look forward to receiving public comment on this proposed rulemaking. Appendix 3mdashConcurring Statement of Commissioner Sharon Y. Bowen Today, we are approving a proposed rule that would implement changes to the Commissions Trade Option exemption to reduce the burden on commercial entities seeking to hedge risks associated with their physical businesses. I support these changes. However, based upon comments the Commission has received and meetings that I have had with members of the public, I believe the Commission should consider additional clarifications to better ensure legal certainty for the manufacturing, energy and agricultural industries ability to address their commercial risks. In the manufacturing, agriculture and energy sectors, a wide variety of physically-delivered instruments are used to secure companies commercial needs for a physical commodity. These instruments, although they call for physical delivery, often contain some element of optionality that can lead to questions about their appropriate regulatory treatment. These contracts, particularly in the energy sector, are all commonly referred to as physical contracts, and they, according to what I have been told, often receive similar treatment from both a business operations and an accounting standpoint within the entities that use them. Further, these physical contracts are often handled and accounted for separately from other derivatives, such as futures contracts or cash-settled swaps, according to market participants. Treating some portion of these physical contracts as swaps simply because they may contain some characteristics of commodity options can lead to significant costs and difficulties. For instance, companies may have to reconfigure their business systems to parse transactions where there was, before Dodd Frank, no need to undertake such a reconfiguration. Many commenters and people I have met have expressed particular concerns regarding how instruments having elements of both forward contracts and some volumetric optionality should be regulated. In a separate release, the Commission plans to finalize guidance on how forward contracts with embedded volumetric optionality relate to the forward contract exclusion from the swap definition. While that release will help address the circumstances under which volumetric optionality embedded in a forward contract do not cause the forward contract to be a ldquoswaprdquo, my understanding is that additional relief may still be helpful to commercial market participants seeking to hedge their physical needs with instruments that contain a forward contract with volumetric optionality. Market participants have also expressed concerns about the appropriate treatment of ldquopeaking supply contractsrdquo which are often used by companies to manage the risks attendant to their need for physical commodities that may be used to generate electricity, run an operating plant, or manufacture or supply other goods and services. For both types of instruments, I think, the Commission could benefit from getting comments on potential avenues for addressing concerns that have been raised about their appropriate treatment. Instruments Containing a Forward Contract With Volumetric Variability As noted in the proposal, the trade option exemption is intended to permit parties to hedge or otherwise enter into commodity option transactions for commercial purposes without being subject to the general Dodd-Frank swaps regime. The exemption continues the long Commission policy of exempting them from requirements of the Commodity Exchange Act that would otherwise apply to commodity options. It provides an exemption for contracts meeting the requirements of the trade option exemption from regulation as swaps to the extent they would otherwise be subject to regulation by virtue of being a ldquocommodity optionrdquo. Both forward contracts and trade options play an important role in managing the physical commodity risks attendant to commercial operations. According to industry participants, there can be difficulty in separating out, for regulatory purposes, the ldquooptionrdquo component of an instrument containing both a forward contract and an element that might be considered a commodity option. My understanding is that these overall instruments are typically used to address a commercial entitys physical requirements for a particular commodity as part of its ongoing commercial operation and that the commodity option component is often used to manage uncertainty in the commercial supply and demand factors that affect a commercial entities need for a particular physical commodity. Additionally, these instruments are often highly customized and the various components not always easy to separate and classify, according to industry participants. Given these concerns, I think it would be helpful to get comment upon whether the Commission should consider a new sectthinsp32.3(f) as part of the trade option exemption being proposed today. Such an exemption would exempt qualifying trade options from the swap reporting and recordkeeping requirements that would otherwise apply to them as trade options so long as they: (1) Are not severable nor separately marketable from the forward contract component of overall instrument, (2) are related to and entered into concurrently with the forward contract component of overall instrument, and (3) for which the physical commodity underlying the trade option component is the same as that underlying the forward contract component of the overall instrument. The text of such additional exemption would read as follows: ldquo sectthinsp32.3(f) Instruments Containing a Forward Contract with Volumetric Variability. In the case of an instrument containing a forward contract with volumetric variability that meets the definition of a trade option (as defined by paragraph (a)), the component of such instrument that is a trade option shall be subject to only the requirements of paragraph (d) provided: (1) The volumetric variability is not severable nor separately marketable from the forward contract component, (2) the volumetric variability is related to and entered into concurrently with the forward contract component, and (3) the physical commodity underlying the volumetric variability is the same as that underlying the forward contract component. rdquo Start Printed Page 26210 Supply Contracts for a Specified Portion of an Entitys Physical Need for a Commodity ( e. g., peaking supply contracts) As noted above, concerns have also been raised about the appropriate treatment of peaking supply contracts which are often used by companies to manage the risks attendant to their need for physical commodities that may be used to generate electricity, run an operating plant, or manufacture or supply other goods and services. Market participants have raised concerns about whether or not these contracts could be considered commodity options. In instances where these contracts represent a reservation of a portion of suppliers capacity to provide a particular commodity and not a transaction for the commodity itself, it seems possible these contracts may not be commodity options. One test that has been proposed to determine whether or not such contracts are commodity options is whether: 1. The subject of the agreement, contract or transaction is a binding, sole-source, obligation of a supplier of a physical commodity to stand ready to meet a specified portion of a commercial consumers physical need for a commodity through providing for the physical delivery of that commodity to the specified commercial consumer or its designee in connection with the physical obligation, 2. The payment provided by the commercial consumer to the commercial supplier for such agreement, contract or transaction is in the nature of a reservation charge to provide the service of standing ready to meet the physical needs of the commercial consumer, 3. Payment for any commodity delivered under such agreement, contract or transaction is at the market price for that commodity at the time of delivery ( i. e., the agreement, contract, or transaction is not used to hedge price risk), and 4. The agreement, contract or transaction is necessary to meet the commercial consumers projected physical needs or is required by regulation. I think the Commission would benefit from receiving comments on this proposed test and peaking supply contracts more generally as it appears to be one of the significant outstanding issues regarding instruments that may or may not be trade options. Together, these two additional items may help address outstanding concerns that have been expressed by commercial market participants, and I think the Commission would benefit by getting comment upon them. Appendix 4mdashStatement of Commissioner J. Christopher Giancarlo I support the Commissions proposed amendments to the interim final trade options rule. These are common sense reforms that will alleviate certain recordkeeping and reporting burdens that sectthinsp32.3 currently imposes on end-users that use trade options to manage commercial risk. The deletion of the reference in sectthinsp32.3(c)(2) to part 151 position limits is also appropriate in light of the fact that part 151 was vacated by the court in Intl Swaps amp Derivatives Assn v. U. S. Commodity Futures Trading Commn, 887 F. Supp. 2d 259 (D. D.C. 2012). I strongly disagree, however, with the Commissions statement that it preliminarily believes that any future application of position limits would be best addressed in the context of the pending position limits rulemaking. Simply put, position limits for trade options are not ldquonecessary to diminish, eliminate, or preventrdquo excessive speculation. Section 4a(a)(1) of the Commodity Exchange Act (CEA). The final trade options rule should make clear that trade options are exempt from position limits. As the Commission recognized in promulgating the interim final rule establishing the trade options exemption, ldquoposition limits apply only to speculative positions. Trade options, which are commonly used as hedging instruments or in connection with some commercial function, would normally qualify as hedges, exempt from the speculative position limit rules. rdquo Commodity Options, 77 FR 25320. 25328 n.50 (Apr. 27, 2012). By definition, the offeree to a trade option ldquomust be a producer, commercial user of, or a merchant handling the commodity that is the subject of the commodity option transaction, or the products or by-products thereof, rdquo and must restrict the use of trade options ldquosolely for purposes related to its business as such. rdquo sectthinsp32.3(a)(2). Moreover, the ldquooption must be intended to be physically settled, so that, if exercised, it would result in the sale of an exempt or agricultural commodity for immediate or deferred shipment or delivery. rdquo sectthinsp32.3(a)(3). Given these parameters, the risk that trade options could be used to engage in speculation, much less excessive speculation, is so remote as to be virtually non-existent. Applying a position limits regime to trade options and requiring commercial end-users to seek bona fide hedge treatment for those transactions, which was floated as a possibility in the pending proposed position limits rule, would not be an acceptable outcome. See Position Limits for Derivatives, 78 FR 75680. 75711 (Dec. 12, 2013). As commenters to the proposed position limits rule have pointed out, there is no regulatory benefit to imposing position limits on instruments that inherently are not speculative in nature, and doing so ldquowill distort commodity markets and impede economically efficient behaviorrdquo by discouraging the use of trade options. Natural Gas Supply Association Comment Letter dated Aug. 4, 2014 at 13. A comment letter filed by the Edison Electric Institute and the Electric Power Supply Association (Joint Associations) cites persuasive examples of how application of the proposed position limits rule would eliminate the ability of market participants to enter into multi-month and multi-year trade options. See Joint Associations Comment Letter dated Feb. 7, 2014 at 6-7 see also American Gas Association Comment Letter dated Feb. 10, 2014 at 5 (the lack of a contractual upper limit in the way that natural gas options are structured make position limit reporting impossible). The Commission has the authority in section 4a(a)(7) of the CEA to exempt ldquoany person or class of persons, any swap or class of swaps, any contract of sale of a commodity for future delivery or class of such contracts, any option or class of options, or any transaction or class of transactions from any requirement it may establish. with respect to position limits. rdquo As long as the specter of position limits hangs over trade options, market participants that have used these instruments for decades as a cost effective means of ensuring a reliable supply of a physical commodity and to hedge commercial risk will be reluctant to use them. As I have said before, commercial end-users, including commercial end-users of everyday trade options, were not the cause of the financial crisis and the federal government should stop treating them like they were. I urge my fellow Commissioners to eliminate this regulatory uncertainty sooner, rather than later, by exercising our section 4a(a)(7) authority in connection with this trade options rulemaking. I encourage further public comment on the issue. End Supplemental Information Footnotes 1. thinsp7 U. S.C. 6 c(b) (providing that ldquono person shall offer to enter into, enter into or confirm the execution of, any transaction involving any commodity regulated under this chapter which is of the character of, or is commonly known to the trade as an option. contrary to any rule, regulation, or order of the Commission prohibiting any such transaction or allowing any such transaction under such terms and conditions as the Commission shall prescriberdquo). 2. thinsp See Commodity Options, 77 FR 25320 (Apr. 27, 2012) (ldquoCommodity Options Releaserdquo). The Commission also issued certain conforming amendments to parts 3 and 33 of its regulations. See id. The Commissions regulations are set forth in Chapter I of Title 17 of the Code of Federal Regulations. 4. thinsp See 7 U. S.C. 1 a(47)(A)(i) (defining ldquoswaprdquo to include ldquoan option of any kind that is for the purchase or sale, or based on the value, of 1 or more. commodities. rdquo) 7 U. S.C. 1 a(47)(B)(i) (excluding options on futures from the definition of ldquoswaprdquo) 7 U. S.C. 1 a(36) (defining an ldquooptionrdquo as ldquoan agreement, contract, or transaction that is of the character of, or is commonly known to the trade as, an option. rdquo). The Commission defines ldquocommodity optionrdquo or ldquocommodity option transactionrdquo as ldquoany transaction or agreement in interstate commerce which is or is held out to be of the character of, or is commonly known to the trade as, an option, privilege, indemnity, bid, offer, call, put, advance guaranty or decline guaranty and which is subject to regulation under the Act and these regulations. rdquo See 17 CFR 1.3 (hh). 6. thinsp See 77 FR at 25326-29. See also 17 CFR 32.2 (b) 32.3. The interim final rule continued the Commissions long history of providing special treatment to ldquotrade optionsrdquo dating back to the Commissions original trade option exemption in 1976. See Regulation and Fraud in Connection with Commodity and Commodity Option Transactions, 41 FR 5108 (Nov. 18, 1976). 7. thinsp See 7 U. S.C. 1 a(18) (defining ldquoeligible contract participantrdquo) 17 CFR 1.3 (m) (further defining ldquoeligible contract participantrdquo). 8. thinsp See 7 U. S.C. 1 a(20) (defining ldquoexempt commodityrdquo to mean a commodity that is not an agricultural commodity or an ldquoexcluded commodity, rdquo as defined in 7 U. S.C. 1 a(19)) 17 CFR 1.3 (zz)(defining ldquoagricultural commodityrdquo). Examples of exempt commodities include energy commodities and metals.
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