cfr_sections
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63 rows where part_number = 37 and title_number = 17 sorted by section_id
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| section_id ▼ | title_number | title_name | chapter | subchapter | part_number | part_name | subpart | subpart_name | section_number | section_heading | agency | authority | source_citation | amendment_citations | full_text |
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| 17:17:1.0.1.1.30.1.7.1 | 17 | Commodity and Securities Exchanges | I | 37 | PART 37—SWAP EXECUTION FACILITIES | A | Subpart A—General Provisions | § 37.1 Scope. | CFTC | The provisions of this part shall apply to every swap execution facility that is registered or is applying to become registered as a swap execution facility under section 5h of the Commodity Exchange Act (“the Act”); provided, however, nothing in this provision affects the eligibility of swap execution facilities to operate under the provisions of parts 38 or 49 of this chapter. | |||||
| 17:17:1.0.1.1.30.1.7.10 | 17 | Commodity and Securities Exchanges | I | 37 | PART 37—SWAP EXECUTION FACILITIES | A | Subpart A—General Provisions | § 37.10 Process for a swap execution facility to make a swap available to trade. | CFTC | [78 FR 33630, June 4, 2013] | (a)(1) Required submission. A swap execution facility that makes a swap available to trade in accordance with paragraph (b) of this section, shall submit to the Commission its determination with respect to such swap as a rule, as that term is defined by § 40.1 of this chapter, pursuant to the procedures under part 40 of this chapter. (2) Listing requirement. A swap execution facility that makes a swap available to trade must demonstrate that it lists or offers that swap for trading on its trading system or platform. (b) Factors to consider. To make a swap available to trade, for purposes of section 2(h)(8) of the Act, a swap execution facility shall consider, as appropriate, the following factors with respect to such swap: (1) Whether there are ready and willing buyers and sellers; (2) The frequency or size of transactions; (3) The trading volume; (4) The number and types of market participants; (5) The bid/ask spread; or (6) The usual number of resting firm or indicative bids and offers. (c) Applicability. Upon a determination that a swap is available to trade on any swap execution facility or designated contract market pursuant to part 40 of this chapter, all other swap execution facilities and designated contract markets shall comply with the requirements of section 2(h)(8)(A) of the Act in listing or offering such swap for trading. (d) Removal —(1) Determination. The Commission may issue a determination that a swap is no longer available to trade upon determining that no swap execution facility or designated contract market lists such swap for trading. (2) Delegation of Authority. (i) The Commission hereby delegates, until it orders otherwise, to the Director of the Division of Market Oversight or such other employee or employees as the Director may designate from time to time, the authority to issue a determination that a swap is no longer available to trade. (ii) The Director may submit to the Commission for its consideration any matter that has been delegated in this section. Nothi… | ||||
| 17:17:1.0.1.1.30.1.7.11 | 17 | Commodity and Securities Exchanges | I | 37 | PART 37—SWAP EXECUTION FACILITIES | A | Subpart A—General Provisions | § 37.11 [Reserved] | CFTC | ||||||
| 17:17:1.0.1.1.30.1.7.12 | 17 | Commodity and Securities Exchanges | I | 37 | PART 37—SWAP EXECUTION FACILITIES | A | Subpart A—General Provisions | § 37.12 Trade execution compliance schedule. | CFTC | [78 FR 33630, June 4, 2013] | (a) A swap transaction shall be subject to the requirements of section 2(h)(8) of the Act upon the later of: (1) The applicable deadline established under the compliance schedule provided under § 50.25(b) of this chapter; or (2) Thirty days after the available-to-trade determination submission or certification for that swap is, respectively, deemed approved under § 40.5 of this chapter or deemed certified under § 40.6 of this chapter. (b) Nothing in this section shall prohibit any counterparty from complying voluntarily with the requirements of section 2(h)(8) of the Act sooner than as provided in paragraph (a) of this section. | ||||
| 17:17:1.0.1.1.30.1.7.2 | 17 | Commodity and Securities Exchanges | I | 37 | PART 37—SWAP EXECUTION FACILITIES | A | Subpart A—General Provisions | § 37.2 Applicable provisions. | CFTC | A swap execution facility shall comply with the requirements of this part and all other applicable Commission regulations, including § 1.60 and part 9 of this chapter, and including any related definitions and cross-referenced sections. | |||||
| 17:17:1.0.1.1.30.1.7.3 | 17 | Commodity and Securities Exchanges | I | 37 | PART 37—SWAP EXECUTION FACILITIES | A | Subpart A—General Provisions | § 37.3 Requirements and procedures for registration. | CFTC | [78 FR 33582, June 4, 2013, as amended at 85 FR 82329, Dec. 18, 2020; 89 FR 71811, Sept. 4, 2024] | (a) Requirements for registration. (1) Any person operating a facility that offers a trading system or platform in which more than one market participant has the ability to execute or trade swaps with more than one other market participant on the system or platform shall register the facility as a swap execution facility under this part or as a designated contract market under part 38 of this chapter. (2) Minimum trading functionality. A swap execution facility shall, at a minimum, offer an Order Book as defined in paragraph (a)(3) of this section. (3) Order book means: (i) An electronic trading facility, as that term is defined in section 1a(16) of the Act; (ii) A trading facility, as that term is defined in section 1a(51) of the Act; or (iii) A trading system or platform in which all market participants in the trading system or platform have the ability to enter multiple bids and offers, observe or receive bids and offers entered by other market participants, and transact on such bids and offers. (4) A swap execution facility is not required to provide an order book under this section for transactions defined in § 37.9(d)(2), (3), and (4), except that a swap execution facility must provide an order book under this section for Required Transactions that are components of transactions defined in § 37.9(d)(2), (3), and (4) of this part when such Required Transactions are not executed as components of transactions defined in § 37.9(d)(2), (3), and (4). (b) Procedures for full registration. (1) An applicant requesting registration as a swap execution facility shall: (i) File electronically a complete Form SEF as set forth in appendix A to this part, or any successor forms, and all information and documentation described in such forms with the Secretary of the Commission in the form and manner specified by the Commission; (ii) Provide to the Commission, upon the Commission's request, any additional information and documentation necessary to review an application; and (iii) Request from the Commissio… | ||||
| 17:17:1.0.1.1.30.1.7.4 | 17 | Commodity and Securities Exchanges | I | 37 | PART 37—SWAP EXECUTION FACILITIES | A | Subpart A—General Provisions | § 37.4 Procedures for listing products and implementing rules. | CFTC | (a) An applicant for registration as a swap execution facility may submit a swap's terms and conditions prior to listing the product as part of its application for registration. (b) Any swap terms and conditions or rules submitted as part of a swap execution facility's application for registration shall be considered for approval by the Commission at the time the Commission issues the swap execution facility's order of registration. (c) After the Commission issues the order of registration, a swap execution facility shall submit a swap's terms and conditions, including amendments to such terms and conditions, new rules, or rule amendments pursuant to the procedures under part 40 of this chapter. (d) Any swap terms and conditions or rules submitted as part of an application to reinstate the registration of a dormant swap execution facility, as defined in § 40.1 of this chapter, shall be considered for approval by the Commission at the time the Commission approves the dormant swap execution facility's reinstatement of registration. | |||||
| 17:17:1.0.1.1.30.1.7.5 | 17 | Commodity and Securities Exchanges | I | 37 | PART 37—SWAP EXECUTION FACILITIES | A | Subpart A—General Provisions | § 37.5 Information relating to swap execution facility compliance. | CFTC | (a) Request for information. Upon the Commission's request, a swap execution facility shall file with the Commission information related to its business as a swap execution facility in the form and manner and within the time period as the Commission specifies in its request. (b) Demonstration of compliance. Upon the Commission's request, a swap execution facility shall file with the Commission a written demonstration, containing supporting data, information, and documents that it is in compliance with one or more core principles or with its other obligations under the Act or the Commission's regulations as the Commission specifies in its request. The swap execution facility shall file such written demonstration in the form and manner and within the time period as the Commission specifies in its request. (c) Equity interest transfer —(1) Equity interest transfer notification. A swap execution facility shall file with the Commission a notification of each transaction that the swap execution facility enters into involving the transfer of fifty percent or more of the equity interest in the swap execution facility. The Commission may, upon receiving such notification, request supporting documentation of the transaction. (2) Timing of notification. The equity interest transfer notice described in paragraph (c)(1) of this section shall be filed electronically with the Secretary of the Commission at its Washington, DC headquarters at submissions@cftc.gov and the Division of Market Oversight at DMOSubmissions@cftc.gov, at the earliest possible time but in no event later than the open of business ten business days following the date upon which the swap execution facility enters into a firm obligation to transfer the equity interest. (3) Rule filing. Notwithstanding the foregoing, if any aspect of an equity interest transfer described in paragraph (c)(1) of this section requires a swap execution facility to file a rule as defined in part 40 of this chapter, then the swap execution facility shall comply wi… | |||||
| 17:17:1.0.1.1.30.1.7.6 | 17 | Commodity and Securities Exchanges | I | 37 | PART 37—SWAP EXECUTION FACILITIES | A | Subpart A—General Provisions | § 37.6 Enforceability. | CFTC | [89 FR 35001, May 1, 2024] | (a) A transaction executed on or pursuant to the rules of a swap execution facility shall not be void, voidable, subject to rescission, otherwise invalidated, or rendered unenforceable as a result of: (1) A violation by the swap execution facility of the provisions of section 5h of the Act or this part; (2) Any Commission proceeding to alter or supplement a rule, term, or condition under section 8a(7) of the Act or to declare an emergency under section 8a(9) of the Act; or (3) Any other proceeding the effect of which is to: (i) Alter or supplement a specific term or condition or trading rule or procedure; or (ii) Require a swap execution facility to adopt a specific term or condition, trading rule or procedure, or to take or refrain from taking a specific action. (b) A swap execution facility shall provide each counterparty to a transaction that is executed on or pursuant to the rules of the swap execution facility with a written record of all of the terms of the transaction which shall legally supersede any conflicting terms of a previous agreement and serve as a confirmation of the transaction. The confirmation of all terms of the transaction shall take place as soon as technologically practicable after execution; provided that specific customer identifiers for accounts included in bunched orders involving swaps need not be included in confirmations provided by a swap execution facility if the applicable requirements of § 1.35(b)(5) of this chapter are met. (1) For a confirmation of an uncleared swap transaction, the swap execution facility may satisfy the requirements of this paragraph (b) by incorporating by reference terms from underlying, previously negotiated agreements governing such transaction between the counterparties, without obtaining such incorporated agreements except as otherwise necessary to fully perform its operational, risk management, governance, or regulatory functions, or any requirements under this part. (2) [Reserved] | ||||
| 17:17:1.0.1.1.30.1.7.7 | 17 | Commodity and Securities Exchanges | I | 37 | PART 37—SWAP EXECUTION FACILITIES | A | Subpart A—General Provisions | § 37.7 Prohibited use of data collected for regulatory purposes. | CFTC | A swap execution facility shall not use for business or marketing purposes any proprietary data or personal information it collects or receives, from or on behalf of any person, for the purpose of fulfilling its regulatory obligations; provided, however, that a swap execution facility may use such data or information for business or marketing purposes if the person from whom it collects or receives such data or information clearly consents to the swap execution facility's use of such data or information in such manner. A swap execution facility shall not condition access to its market(s) or market services on a person's consent to the swap execution facility's use of proprietary data or personal information for business or marketing purposes. A swap execution facility, where necessary for regulatory purposes, may share such data or information with one or more swap execution facilities or designated contract markets registered with the Commission. | |||||
| 17:17:1.0.1.1.30.1.7.8 | 17 | Commodity and Securities Exchanges | I | 37 | PART 37—SWAP EXECUTION FACILITIES | A | Subpart A—General Provisions | § 37.8 Boards of trade operating both a designated contract market and a swap execution facility. | CFTC | (a) An entity that intends to operate both a designated contract market and a swap execution facility shall separately register the two entities pursuant to the designated contract market designation procedures set forth in part 38 of this chapter and the swap execution facility registration procedures set forth in this part. On an ongoing basis, the entity shall comply with the core principles for designated contract markets under section 5(d) of the Act and the regulations under part 38 of this chapter and the core principles for swap execution facilities under section 5h of the Act and the regulations under this part. (b) A board of trade, as defined in section 1a(6) of the Act, that operates both a designated contract market and a swap execution facility and that uses the same electronic trade execution system for executing and trading swaps on the designated contract market and on the swap execution facility shall clearly identify to market participants for each swap whether the execution or trading of such swaps is taking place on the designated contract market or on the swap execution facility. | |||||
| 17:17:1.0.1.1.30.1.7.9 | 17 | Commodity and Securities Exchanges | I | 37 | PART 37—SWAP EXECUTION FACILITIES | A | Subpart A—General Provisions | § 37.9 Methods of execution for required and permitted transactions. | CFTC | [78 FR 33582, June 4, 2013, as amended at 85 FR 44707, July 24, 2020; 85 FR 82329, Dec. 18, 2020] | (a) Execution methods for required transactions. (1) Required transaction means any transaction involving a swap that is subject to the trade execution requirement in section 2(h)(8) of the Act. (2) Execution methods. (i) Each Required Transaction that is not a block trade as defined in § 43.2 of this chapter shall be executed on a swap execution facility in accordance with one of the following methods of execution except as provided in paragraph (d) or (e) of this section: (A) An Order Book as defined in § 37.3(a)(3); or (B) A Request for Quote System, as defined in paragraph (a)(3) of this section, that operates in conjunction with an Order Book as defined in § 37.3(a)(3). (ii) In providing either one of the execution methods set forth in paragraph (a)(2)(i)(A) or (B) of this section, a swap execution facility may for purposes of execution and communication use any means of interstate commerce, including, but not limited to, the mail, internet, email, and telephone, provided that the chosen execution method satisfies the requirements provided in § 37.3(a)(3) for Order Books or in paragraph (a)(3) of this section for Request for Quote Systems. (3) Request for quote system means a trading system or platform in which a market participant transmits a request for a quote to buy or sell a specific instrument to no less than three market participants in the trading system or platform, to which all such market participants may respond. The three market participants shall not be affiliates of or controlled by the requester and shall not be affiliates of or controlled by each other. A swap execution facility that offers a request for quote system in connection with Required Transactions shall provide the following functionality: (i) At the same time that the requester receives the first responsive bid or offer, the swap execution facility shall communicate to the requester any firm bid or offer pertaining to the same instrument resting on any of the swap execution facility's Order Books, as defined in § 37… | ||||
| 17:17:1.0.1.1.30.10.7.1 | 17 | Commodity and Securities Exchanges | I | 37 | PART 37—SWAP EXECUTION FACILITIES | J | Subpart J—Timely Publication of Trading Information | § 37.900 Core Principle 9—Timely publication of trading information. | CFTC | (a) In general. The swap execution facility shall make public timely information on price, trading volume, and other trading data on swaps to the extent prescribed by the Commission. (b) Capacity of swap execution facility. The swap execution facility shall be required to have the capacity to electronically capture and transmit trade information with respect to transactions executed on the facility. | |||||
| 17:17:1.0.1.1.30.10.7.2 | 17 | Commodity and Securities Exchanges | I | 37 | PART 37—SWAP EXECUTION FACILITIES | J | Subpart J—Timely Publication of Trading Information | § 37.901 General requirements. | CFTC | With respect to swaps traded on or through a swap execution facility, each swap execution facility shall: (a) Report specified swap data as provided under part 43 and part 45 of this chapter; and (b) Meet the requirements of part 16 of this chapter. | |||||
| 17:17:1.0.1.1.30.11.7.1 | 17 | Commodity and Securities Exchanges | I | 37 | PART 37—SWAP EXECUTION FACILITIES | K | Subpart K—Recordkeeping and Reporting | § 37.1000 Core Principle 10—Recordkeeping and reporting. | CFTC | (a) In general. A swap execution facility shall: (1) Maintain records of all activities relating to the business of the facility, including a complete audit trail, in a form and manner acceptable to the Commission for a period of five years; (2) Report to the Commission, in a form and manner acceptable to the Commission, such information as the Commission determines to be necessary or appropriate for the Commission to perform the duties of the Commission under the Act; and (3) Keep any such records relating to swaps defined in section 1a(47)(A)(v) of the Act open to inspection and examination by the Securities and Exchange Commission. (b) Requirements. The Commission shall adopt data collection and reporting requirements for swap execution facilities that are comparable to corresponding requirements for derivatives clearing organizations and swap data repositories. | |||||
| 17:17:1.0.1.1.30.11.7.2 | 17 | Commodity and Securities Exchanges | I | 37 | PART 37—SWAP EXECUTION FACILITIES | K | Subpart K—Recordkeeping and Reporting | § 37.1001 Recordkeeping. | CFTC | A swap execution facility shall maintain records of all activities relating to the business of the facility, in a form and manner acceptable to the Commission, for a period of at least five years. A swap execution facility shall maintain such records, including a complete audit trail for all swaps executed on or subject to the rules of the swap execution facility, investigatory files, and disciplinary files, in accordance with the requirements of § 1.31 and part 45 of this chapter. | |||||
| 17:17:1.0.1.1.30.12.7.1 | 17 | Commodity and Securities Exchanges | I | 37 | PART 37—SWAP EXECUTION FACILITIES | L | Subpart L—Antitrust Considerations | § 37.1100 Core Principle 11—Antitrust considerations. | CFTC | Unless necessary or appropriate to achieve the purposes of the Act, the swap execution facility shall not: (a) Adopt any rules or take any actions that result in any unreasonable restraint of trade; or (b) Impose any material anticompetitive burden on trading or clearing. | |||||
| 17:17:1.0.1.1.30.12.7.2 | 17 | Commodity and Securities Exchanges | I | 37 | PART 37—SWAP EXECUTION FACILITIES | L | Subpart L—Antitrust Considerations | § 37.1101 Additional sources for compliance. | CFTC | A swap execution facility may refer to the guidance and/or acceptable practices in appendix B of this part to demonstrate to the Commission compliance with the requirements of § 37.1100. | |||||
| 17:17:1.0.1.1.30.13.7.1 | 17 | Commodity and Securities Exchanges | I | 37 | PART 37—SWAP EXECUTION FACILITIES | M | Subpart M—Conflicts of Interest | § 37.1200 Core Principle 12—Conflicts of interest. | CFTC | The swap execution facility shall: (a) Establish and enforce rules to minimize conflicts of interest in its decision-making process; and (b) Establish a process for resolving the conflicts of interest. | |||||
| 17:17:1.0.1.1.30.14.7.1 | 17 | Commodity and Securities Exchanges | I | 37 | PART 37—SWAP EXECUTION FACILITIES | N | Subpart N—Financial Resources | § 37.1300 Core Principle 13—Financial resources. | CFTC | (a) In general. The swap execution facility shall have adequate financial, operational, and managerial resources to discharge each responsibility of the swap execution facility. (b) Determination of resource adequacy. The financial resources of a swap execution facility shall be considered to be adequate if the value of the financial resources exceeds the total amount that would enable the swap execution facility to cover the operating costs of the swap execution facility for a one-year period, as calculated on a rolling basis. | |||||
| 17:17:1.0.1.1.30.14.7.2 | 17 | Commodity and Securities Exchanges | I | 37 | PART 37—SWAP EXECUTION FACILITIES | N | Subpart N—Financial Resources | § 37.1301 General requirements. | CFTC | (a) A swap execution facility shall maintain financial resources on an ongoing basis that are adequate to enable it to comply with the core principles set forth in section 5h of the Act and any applicable Commission regulations. Financial resources shall be considered adequate if their value exceeds the total amount that would enable the swap execution facility to cover its projected operating costs necessary for the swap execution facility to comply with section 5h of the Act and applicable Commission regulations for a one-year period, as calculated on a rolling basis pursuant to § 37.1304. (b) An entity that operates as both a swap execution facility and a derivatives clearing organization shall also comply with the financial resource requirements of § 39.11 of this chapter. | |||||
| 17:17:1.0.1.1.30.14.7.3 | 17 | Commodity and Securities Exchanges | I | 37 | PART 37—SWAP EXECUTION FACILITIES | N | Subpart N—Financial Resources | § 37.1302 Types of financial resources. | CFTC | Financial resources available to satisfy the requirements of § 37.1301 may include: (a) The swap execution facility's own capital, meaning its assets minus its liabilities calculated in accordance with generally accepted accounting principles in the United States; and (b) Any other financial resource deemed acceptable by the Commission. | |||||
| 17:17:1.0.1.1.30.14.7.4 | 17 | Commodity and Securities Exchanges | I | 37 | PART 37—SWAP EXECUTION FACILITIES | N | Subpart N—Financial Resources | § 37.1303 Liquidity of financial resources. | CFTC | The financial resources allocated by the swap execution facility to meet the ongoing requirements of § 37.1301 shall include unencumbered, liquid financial assets ( i.e., cash and/or highly liquid securities) equal to at least the greater of three months of projected operating costs, as calculated on a rolling basis, or the projected costs needed to wind down the swap execution facility's operations, in each case as determined under § 37.1304. If a swap execution facility lacks sufficient unencumbered, liquid financial assets to satisfy its obligations under this section, the swap execution facility may satisfy this requirement by obtaining a committed line of credit or similar facility in an amount at least equal to such deficiency. | |||||
| 17:17:1.0.1.1.30.14.7.5 | 17 | Commodity and Securities Exchanges | I | 37 | PART 37—SWAP EXECUTION FACILITIES | N | Subpart N—Financial Resources | § 37.1304 Computation of costs to meet financial resources requirement. | CFTC | A swap execution facility shall each fiscal quarter, make a reasonable calculation of its projected operating costs and wind-down costs in order to determine its applicable obligations under §§ 37.1301 and 37.1303. The swap execution facility shall have reasonable discretion in determining the methodologies used to compute such amounts. The Commission may review the methodologies and require changes as appropriate. | |||||
| 17:17:1.0.1.1.30.14.7.6 | 17 | Commodity and Securities Exchanges | I | 37 | PART 37—SWAP EXECUTION FACILITIES | N | Subpart N—Financial Resources | § 37.1305 Valuation of financial resources. | CFTC | No less than each fiscal quarter, a swap execution facility shall compute the current market value of each financial resource used to meet its obligations under §§ 37.1301 and 37.1303. Reductions in value to reflect market and credit risk (“haircuts”) shall be applied as appropriate. | |||||
| 17:17:1.0.1.1.30.14.7.7 | 17 | Commodity and Securities Exchanges | I | 37 | PART 37—SWAP EXECUTION FACILITIES | N | Subpart N—Financial Resources | § 37.1306 Reporting to the Commission. | CFTC | (a) Each fiscal quarter, or at any time upon Commission request, a swap execution facility shall provide a report to the Commission that includes: (1) The amount of financial resources necessary to meet the requirements of §§ 37.1301 and 37.1303, computed in accordance with the requirements of § 37.1304, and the market value of each available financial resource, computed in accordance with the requirements of § 37.1305; and (2) Financial statements, including the balance sheet, income statement, and statement of cash flows of the swap execution facility. (i) The financial statements shall be prepared in accordance with generally accepted accounting principles in the United States, prepared in English, and denominated in U.S. dollars. (ii) The financial statements of a swap execution facility that is not domiciled in the United States, and is not otherwise required to prepare financial statements in accordance with generally accepted accounting principles in the United States, may satisfy the requirement in paragraph (a)(2)(i) of this section if such financial statements are prepared in accordance with either International Financial Reporting Standards issued by the International Accounting Standards Board, or a comparable international standard as the Commission may otherwise accept in its discretion. (b) The calculations required by paragraph (a) of this section shall be made as of the last business day of the swap execution facility's applicable fiscal quarter. (c) With each report required under paragraph (a) of this section, the swap execution facility shall also provide the Commission with sufficient documentation explaining the methodology used to compute its financial requirements under §§ 37.1301 and 37.1303. Such documentation shall: (1) Allow the Commission to reliably determine, without additional requests for information, that the swap execution facility has made reasonable calculations pursuant to § 37.1304; and (2) Include, at a minimum: (i) A total list of all expenses, without any exclusi… | |||||
| 17:17:1.0.1.1.30.14.7.8 | 17 | Commodity and Securities Exchanges | I | 37 | PART 37—SWAP EXECUTION FACILITIES | N | Subpart N—Financial Resources | § 37.1307 Delegation of authority. | CFTC | (a) The Commission hereby delegates, until it orders otherwise, to the Director of the Division of Market Oversight or such other employee or employees as the Director may designate from time to time, authority to: (1) Determine whether a particular financial resource under § 37.1302 may be used to satisfy the requirements of § 37.1301; (2) Review and make changes to the methodology used to compute projected operating costs and wind-down costs under § 37.1304 and the valuation of financial resources under § 37.1305; (3) Request reports, in addition to those required in § 37.1306, or additional documentation or information under § 37.1306(a), (c), and (e); and (4) Grant an extension of time to file fiscal quarter reports under § 37.1306(d). (b) The Director may submit to the Commission for its consideration any matter that has been delegated in this section. Nothing in this section prohibits the Commission, at its election, from exercising the authority delegated in this section. | |||||
| 17:17:1.0.1.1.30.15.7.1 | 17 | Commodity and Securities Exchanges | I | 37 | PART 37—SWAP EXECUTION FACILITIES | O | Subpart O—System Safeguards | § 37.1400 Core Principle 14—System safeguards. | CFTC | The swap execution facility shall: (a) Establish and maintain a program of risk analysis and oversight to identify and minimize sources of operational risk, through the development of appropriate controls and procedures, and automated systems, that: (1) Are reliable and secure; and (2) Have adequate scalable capacity; (b) Establish and maintain emergency procedures, backup facilities, and a plan for disaster recovery that allow for: (1) The timely recovery and resumption of operations; and (2) The fulfillment of the responsibilities and obligations of the swap execution facility; and (c) Periodically conduct tests to verify that the backup resources of the swap execution facility are sufficient to ensure continued: (1) Order processing and trade matching; (2) Price reporting; (3) Market surveillance; and (4) Maintenance of a comprehensive and accurate audit trail. | |||||
| 17:17:1.0.1.1.30.15.7.2 | 17 | Commodity and Securities Exchanges | I | 37 | PART 37—SWAP EXECUTION FACILITIES | O | Subpart O—System Safeguards | § 37.1401 Requirements. | CFTC | [78 FR 33582, June 4, 2013, as amended at 81 FR 64310, Sept. 19, 2016] | (a) A swap execution facility's program of risk analysis and oversight with respect to its operations and automated systems shall address each of the following categories of risk analysis and oversight: (1) Enterprise risk management and governance. This category includes, but is not limited to: Assessment, mitigation, and monitoring of security and technology risk; security and technology capital planning and investment; board of directors and management oversight of technology and security; information technology audit and controls assessments; remediation of deficiencies; and any other elements of enterprise risk management and governance included in generally accepted best practices. (2) Information security. This category includes, but is not limited to, controls relating to: Access to systems and data (including least privilege, separation of duties, account monitoring and control); user and device identification and authentication; security awareness training; audit log maintenance, monitoring, and analysis; media protection; personnel security and screening; automated system and communications protection (including network port control, boundary defenses, encryption); system and information integrity (including malware defenses, software integrity monitoring); vulnerability management; penetration testing; security incident response and management; and any other elements of information security included in generally accepted best practices. (3) Business continuity-disaster recovery planning and resources. This category includes, but is not limited to: Regular, periodic testing and review of business continuity-disaster recovery capabilities, the controls and capabilities described in paragraph (c), (d), (j), and (k) of this section; and any other elements of business continuity-disaster recovery planning and resources included in generally accepted best practices. (4) Capacity and performance planning. This category includes, but is not limited to: Controls for monitoring the swap execution fa… | ||||
| 17:17:1.0.1.1.30.16.7.1 | 17 | Commodity and Securities Exchanges | I | 37 | PART 37—SWAP EXECUTION FACILITIES | P | Subpart P—Designation of Chief Compliance Officer | § 37.1500 Core Principle 15—Designation of chief compliance officer. | CFTC | (a) In general. Each swap execution facility shall designate an individual to serve as a chief compliance officer. (b) Duties. The chief compliance officer shall: (1) Report directly to the board or to the senior officer of the facility; (2) Review compliance with the core principles in this subsection; (3) In consultation with the board of the facility, a body performing a function similar to that of a board, or the senior officer of the facility, resolve any conflicts of interest that may arise; (4) Be responsible for establishing and administering the policies and procedures required to be established pursuant to this section; (5) Ensure compliance with the Act and the rules and regulations issued under the Act, including rules prescribed by the Commission pursuant to section 5h of the Act; and (6) Establish procedures for the remediation of noncompliance issues found during compliance office reviews, look backs, internal or external audit findings, self-reported errors, or through validated complaints. (c) Requirements for procedures. In establishing procedures under paragraph (b)(6) of this section, the chief compliance officer shall design the procedures to establish the handling, management response, remediation, retesting, and closing of noncompliance issues. (d) Annual reports —(1) In general. In accordance with rules prescribed by the Commission, the chief compliance officer shall annually prepare and sign a report that contains a description of: (i) The compliance of the swap execution facility with the Act; and (ii) The policies and procedures, including the code of ethics and conflict of interest policies, of the swap execution facility. (2) Requirements. The chief compliance officer shall: (i) Submit each report described in paragraph (d)(1) of this section with the appropriate financial report of the swap execution facility that is required to be submitted to the Commission pursuant to section 5h of the Act; and (ii) Include in the report a certification that, under penalty… | |||||
| 17:17:1.0.1.1.30.16.7.2 | 17 | Commodity and Securities Exchanges | I | 37 | PART 37—SWAP EXECUTION FACILITIES | P | Subpart P—Designation of Chief Compliance Officer | § 37.1501 Chief compliance officer. | CFTC | [86 FR 9248, Feb. 11, 2021] | (a) Definitions. For purposes of this part, the term— Board of directors means the board of directors of a swap execution facility, or for those swap execution facilities whose organizational structure does not include a board of directors, a body performing a function similar to a board of directors. Senior officer means the chief executive officer or other equivalent officer of the swap execution facility. (b) Chief compliance officer —(1) Authority of chief compliance officer. (i) The position of chief compliance officer shall carry with it the authority and resources to develop, in consultation with the board of directors or senior officer, the policies and procedures of the swap execution facility and enforce such policies and procedures to fulfill the duties set forth for chief compliance officers in the Act and Commission regulations. (ii) The chief compliance officer shall have supervisory authority over all staff acting at the direction of the chief compliance officer. (2) Qualifications of chief compliance officer. (i) The individual designated to serve as chief compliance officer shall have the background and skills appropriate for fulfilling the responsibilities of the position. (ii) No individual disqualified from registration pursuant to sections 8a(2) or 8a(3) of the Act may serve as a chief compliance officer. (3) Appointment and removal of chief compliance officer. (i) Only the board of directors or the senior officer may appoint or remove the chief compliance officer. (ii) The swap execution facility shall notify the Commission within two business days of the appointment or removal, whether interim or permanent, of a chief compliance officer. (4) Compensation of the chief compliance officer. The board of directors or the senior officer shall approve the compensation of the chief compliance officer. (5) Annual meeting with the chief compliance officer. The chief compliance officer shall meet with the board of directors or senior officer of the swap execution facility at l… | ||||
| 17:17:1.0.1.1.30.2.7.1 | 17 | Commodity and Securities Exchanges | I | 37 | PART 37—SWAP EXECUTION FACILITIES | B | Subpart B—Compliance With Core Principles | § 37.100 Core Principle 1—Compliance with core principles. | CFTC | (a) In general. To be registered, and maintain registration, as a swap execution facility, the swap execution facility shall comply with— (1) The core principles described in section 5h of the Act; and (2) Any requirement that the Commission may impose by rule or regulation pursuant to section 8a(5) of the Act. (b) Reasonable discretion of a swap execution facility. Unless otherwise determined by the Commission by rule or regulation, a swap execution facility described in paragraph (a) of this section shall have reasonable discretion in establishing the manner in which the swap execution facility complies with the core principles described in section 5h of the Act. | |||||
| 17:17:1.0.1.1.30.3.7.1 | 17 | Commodity and Securities Exchanges | I | 37 | PART 37—SWAP EXECUTION FACILITIES | C | Subpart C—Compliance With Rules | § 37.200 Core Principle 2—Compliance with rules. | CFTC | A swap execution facility shall: (a) Establish and enforce compliance with any rule of the swap execution facility, including the terms and conditions of the swaps traded or processed on or through the swap execution facility and any limitation on access to the swap execution facility; (b) Establish and enforce trading, trade processing, and participation rules that will deter abuses and have the capacity to detect, investigate, and enforce those rules, including means to provide market participants with impartial access to the market and to capture information that may be used in establishing whether rule violations have occurred; (c) Establish rules governing the operation of the facility, including rules specifying trading procedures to be used in entering and executing orders traded or posted on the facility, including block trades; and (d) Provide by its rules that when a swap dealer or major swap participant enters into or facilitates a swap that is subject to the mandatory clearing requirement of section 2(h) of the Act, the swap dealer or major swap participant shall be responsible for compliance with the mandatory trading requirement under section 2(h)(8) of the Act. | |||||
| 17:17:1.0.1.1.30.3.7.2 | 17 | Commodity and Securities Exchanges | I | 37 | PART 37—SWAP EXECUTION FACILITIES | C | Subpart C—Compliance With Rules | § 37.201 Operation of swap execution facility and compliance with rules. | CFTC | (a) A swap execution facility shall establish rules governing the operation of the swap execution facility, including, but not limited to, rules specifying trading procedures to be followed by members and market participants when entering and executing orders traded or posted on the swap execution facility, including block trades, as defined in part 43 of this chapter, if offered. (b) A swap execution facility shall establish and impartially enforce compliance with the rules of the swap execution facility, including, but not limited to— (1) The terms and conditions of any swaps traded or processed on or through the swap execution facility; (2) Access to the swap execution facility; (3) Trade practice rules; (4) Audit trail requirements; (5) Disciplinary rules; and (6) Mandatory trading requirements. | |||||
| 17:17:1.0.1.1.30.3.7.3 | 17 | Commodity and Securities Exchanges | I | 37 | PART 37—SWAP EXECUTION FACILITIES | C | Subpart C—Compliance With Rules | § 37.202 Access requirements. | CFTC | (a) Impartial access to markets and market services. A swap execution facility shall provide any eligible contract participant and any independent software vendor with impartial access to its market(s) and market services, including any indicative quote screens or any similar pricing data displays, provided that the facility has: (1) Criteria governing such access that are impartial, transparent, and applied in a fair and nondiscriminatory manner; (2) Procedures whereby eligible contract participants provide the swap execution facility with written or electronic confirmation of their status as eligible contract participants, as defined by the Act and Commission regulations, prior to obtaining access; and (3) Comparable fee structures for eligible contract participants and independent software vendors receiving comparable access to, or services from, the swap execution facility. (b) Jurisdiction. Prior to granting any eligible contract participant access to its facilities, a swap execution facility shall require that the eligible contract participant consent to its jurisdiction. (c) Limitations on access. A swap execution facility shall establish and impartially enforce rules governing any decision to allow, deny, suspend, or permanently bar eligible contract participants' access to the swap execution facility, including when such decisions are made as part of a disciplinary or emergency action taken by the swap execution facility. | |||||
| 17:17:1.0.1.1.30.3.7.4 | 17 | Commodity and Securities Exchanges | I | 37 | PART 37—SWAP EXECUTION FACILITIES | C | Subpart C—Compliance With Rules | § 37.203 Rule enforcement program. | CFTC | A swap execution facility shall establish and enforce trading, trade processing, and participation rules that will deter abuses and it shall have the capacity to detect, investigate, and enforce those rules. (a) Abusive trading practices prohibited. A swap execution facility shall prohibit abusive trading practices on its markets by members and market participants. Swap execution facilities that permit intermediation shall prohibit customer-related abuses including, but not limited to, trading ahead of customer orders, trading against customer orders, accommodation trading, and improper cross trading. Specific trading practices that shall be prohibited include front-running, wash trading, pre-arranged trading (except for block trades permitted by part 43 of this chapter or other types of transactions certified to or approved by the Commission pursuant to the procedures under part 40 of this chapter), fraudulent trading, money passes, and any other trading practices that a swap execution facility deems to be abusive. A swap execution facility shall also prohibit any other manipulative or disruptive trading practices prohibited by the Act or by the Commission pursuant to Commission regulation. (b) Capacity to detect and investigate rule violations. A swap execution facility shall have arrangements and resources for effective enforcement of its rules. Such arrangements shall include the authority to collect information and documents on both a routine and non-routine basis, including the authority to examine books and records kept by the swap execution facility's members and by persons under investigation. A swap execution facility's arrangements and resources shall also facilitate the direct supervision of the market and the analysis of data collected to determine whether a rule violation has occurred. (c) Compliance staff and resources. A swap execution facility shall establish and maintain sufficient compliance staff and resources to ensure that it can conduct effective audit trail reviews, trade practice… | |||||
| 17:17:1.0.1.1.30.3.7.5 | 17 | Commodity and Securities Exchanges | I | 37 | PART 37—SWAP EXECUTION FACILITIES | C | Subpart C—Compliance With Rules | § 37.204 Regulatory services provided by a third party. | CFTC | (a) Use of regulatory service provider permitted. A swap execution facility may choose to contract with a registered futures association or another registered entity, as such terms are defined under the Act, or the Financial Industry Regulatory Authority (collectively, “regulatory service providers”), for the provision of services to assist in complying with the Act and Commission regulations thereunder, as approved by the Commission. Any swap execution facility that chooses to contract with a regulatory service provider shall ensure that such provider has the capacity and resources necessary to provide timely and effective regulatory services, including adequate staff and automated surveillance systems. A swap execution facility shall at all times remain responsible for the performance of any regulatory services received, for compliance with the swap execution facility's obligations under the Act and Commission regulations, and for the regulatory service provider's performance on its behalf. (b) Duty to supervise regulatory service provider. A swap execution facility that elects to use the service of a regulatory service provider shall retain sufficient compliance staff to supervise the quality and effectiveness of the regulatory services provided on its behalf. Compliance staff of the swap execution facility shall hold regular meetings with the regulatory service provider to discuss ongoing investigations, trading patterns, market participants, and any other matters of regulatory concern. A swap execution facility shall also conduct periodic reviews of the adequacy and effectiveness of services provided on its behalf. Such reviews shall be documented carefully and made available to the Commission upon request. (c) Regulatory decisions required from the swap execution facility. A swap execution facility that elects to use the service of a regulatory service provider shall retain exclusive authority in all substantive decisions made by its regulatory service provider, including, but not limited to, decisi… | |||||
| 17:17:1.0.1.1.30.3.7.6 | 17 | Commodity and Securities Exchanges | I | 37 | PART 37—SWAP EXECUTION FACILITIES | C | Subpart C—Compliance With Rules | § 37.205 Audit trail. | CFTC | [78 FR 33582, June 4, 2013, as amended at 86 FR 9247, Feb. 11, 2021] | A swap execution facility shall establish procedures to capture and retain information that may be used in establishing whether rule violations have occurred. (a) Audit trail required. A swap execution facility shall capture and retain all audit trail data necessary to detect, investigate, and prevent customer and market abuses. Such data shall be sufficient to reconstruct all indications of interest, requests for quotes, orders, and trades within a reasonable period of time and to provide evidence of any violations of the rules of the swap execution facility. An acceptable audit trail shall also permit the swap execution facility to track a customer order from the time of receipt through execution on the swap execution facility. (b) Elements of an acceptable audit trail program —(1) Original source documents. A swap execution facility's audit trail shall include original source documents. Original source documents include unalterable, sequentially-identified records on which trade execution information is originally recorded, whether recorded manually or electronically. Records for customer orders (whether filled, unfilled, or cancelled, each of which shall be retained or electronically captured) shall reflect the terms of the order, an account identifier that relates back to the account(s) owner(s), the time of order entry, and the time of trade execution. Swap execution facilities shall require that all orders, indications of interest, and requests for quotes be immediately captured in the audit trail. (2) Transaction history database. A swap execution facility's audit trail program shall include an electronic transaction history database. An adequate transaction history database includes a history of all indications of interest, requests for quotes, orders, and trades entered into a swap execution facility's trading system or platform, including all order modifications and cancellations. An adequate transaction history database also includes: (i) All data that are input into the trade entry or matc… | ||||
| 17:17:1.0.1.1.30.3.7.7 | 17 | Commodity and Securities Exchanges | I | 37 | PART 37—SWAP EXECUTION FACILITIES | C | Subpart C—Compliance With Rules | § 37.206 Disciplinary procedures and sanctions. | CFTC | A swap execution facility shall establish trading, trade processing, and participation rules that will deter abuses and have the capacity to enforce such rules through prompt and effective disciplinary action, including suspension or expulsion of members or market participants that violate the rules of the swap execution facility. (a) Enforcement staff. A swap execution facility shall establish and maintain sufficient enforcement staff and resources to effectively and promptly prosecute possible rule violations within the disciplinary jurisdiction of the swap execution facility. (b) Disciplinary panels. A swap execution facility shall establish one or more disciplinary panels that are authorized to fulfill their obligations under the rules of this subpart. Disciplinary panels shall meet the composition requirements of part 40 of this chapter, and shall not include any members of the swap execution facility's compliance staff or any person involved in adjudicating any other stage of the same proceeding. (c) Hearings. A swap execution facility shall adopt rules that provide for the following minimum requirements for any hearing: (1) The hearing shall be fair, shall be conducted before members of the disciplinary panel, and shall be promptly convened after reasonable notice to the respondent; and (2) If the respondent has requested a hearing, a copy of the hearing shall be made and shall become a part of the record of the proceeding. The record shall not be required to be transcribed unless: (i) The transcript is requested by Commission staff or the respondent; (ii) The decision is appealed pursuant to the rules of the swap execution facility; or (iii) The decision is reviewed by the Commission pursuant to section 8c of the Act or part 9 of this chapter. In all other instances, a summary record of a hearing is permitted. (d) Decisions. Promptly following a hearing conducted in accordance with the rules of the swap execution facility, the disciplinary panel shall render a written decision based upon … | |||||
| 17:17:1.0.1.1.30.4.7.1 | 17 | Commodity and Securities Exchanges | I | 37 | PART 37—SWAP EXECUTION FACILITIES | D | Subpart D—Swaps Not Readily Susceptible to Manipulation | § 37.300 Core Principle 3—Swaps not readily susceptible to manipulation. | CFTC | The swap execution facility shall permit trading only in swaps that are not readily susceptible to manipulation. | |||||
| 17:17:1.0.1.1.30.4.7.2 | 17 | Commodity and Securities Exchanges | I | 37 | PART 37—SWAP EXECUTION FACILITIES | D | Subpart D—Swaps Not Readily Susceptible to Manipulation | § 37.301 General requirements. | CFTC | To demonstrate to the Commission compliance with the requirements of § 37.300, a swap execution facility shall, at the time it submits a new swap contract in advance to the Commission pursuant to part 40 of this chapter, provide the applicable information as set forth in appendix C to part 38 of this chapter—Demonstration of Compliance That a Contract is not Readily Susceptible to Manipulation. A swap execution facility may also refer to the guidance and/or acceptable practices in appendix B of this part. | |||||
| 17:17:1.0.1.1.30.5.7.1 | 17 | Commodity and Securities Exchanges | I | 37 | PART 37—SWAP EXECUTION FACILITIES | E | Subpart E—Monitoring of Trading and Trade Processing | § 37.400 Core Principle 4—Monitoring of trading and trade processing. | CFTC | The swap execution facility shall: (a) Establish and enforce rules or terms and conditions defining, or specifications detailing: (1) Trading procedures to be used in entering and executing orders traded on or through the facilities of the swap execution facility; and (2) Procedures for trade processing of swaps on or through the facilities of the swap execution facility; and (b) Monitor trading in swaps to prevent manipulation, price distortion, and disruptions of the delivery or cash settlement process through surveillance, compliance, and disciplinary practices and procedures, including methods for conducting real-time monitoring of trading and comprehensive and accurate trade reconstructions. | |||||
| 17:17:1.0.1.1.30.5.7.2 | 17 | Commodity and Securities Exchanges | I | 37 | PART 37—SWAP EXECUTION FACILITIES | E | Subpart E—Monitoring of Trading and Trade Processing | § 37.401 General requirements. | CFTC | A swap execution facility shall: (a) Collect and evaluate data on its market participants' market activity on an ongoing basis in order to detect and prevent manipulation, price distortions, and, where possible, disruptions of the physical-delivery or cash-settlement process; (b) Monitor and evaluate general market data in order to detect and prevent manipulative activity that would result in the failure of the market price to reflect the normal forces of supply and demand; (c) Demonstrate an effective program for conducting real-time monitoring of trading for the purpose of detecting and resolving abnormalities; and (d) Demonstrate the ability to comprehensively and accurately reconstruct daily trading activity for the purpose of detecting instances or threats of manipulation, price distortion, and disruptions. | |||||
| 17:17:1.0.1.1.30.5.7.3 | 17 | Commodity and Securities Exchanges | I | 37 | PART 37—SWAP EXECUTION FACILITIES | E | Subpart E—Monitoring of Trading and Trade Processing | § 37.402 Additional requirements for physical-delivery swaps. | CFTC | For physical-delivery swaps, the swap execution facility shall demonstrate that it: (a) Monitors a swap's terms and conditions as they relate to the underlying commodity market; and (b) Monitors the availability of the supply of the commodity specified by the delivery requirements of the swap. | |||||
| 17:17:1.0.1.1.30.5.7.4 | 17 | Commodity and Securities Exchanges | I | 37 | PART 37—SWAP EXECUTION FACILITIES | E | Subpart E—Monitoring of Trading and Trade Processing | § 37.403 Additional requirements for cash-settled swaps. | CFTC | (a) For cash-settled swaps, the swap execution facility shall demonstrate that it monitors the pricing of the reference price used to determine cash flows or settlement; (b) For cash-settled swaps listed on the swap execution facility where the reference price is formulated and computed by the swap execution facility, the swap execution facility shall demonstrate that it monitors the continued appropriateness of its methodology for deriving that price; and (c) For cash-settled swaps listed on the swap execution facility where the reference price relies on a third-party index or instrument, including an index or instrument traded on another venue, the swap execution facility shall demonstrate that it monitors the continued appropriateness of the index or instrument. | |||||
| 17:17:1.0.1.1.30.5.7.5 | 17 | Commodity and Securities Exchanges | I | 37 | PART 37—SWAP EXECUTION FACILITIES | E | Subpart E—Monitoring of Trading and Trade Processing | § 37.404 Ability to obtain information. | CFTC | (a) A swap execution facility shall demonstrate that it has access to sufficient information to assess whether trading in swaps listed on its market, in the index or instrument used as a reference price, or in the underlying commodity for its listed swaps is being used to affect prices on its market. (b) A swap execution facility shall have rules that require its market participants to keep records of their trading, including records of their activity in the index or instrument used as a reference price, the underlying commodity, and related derivatives markets, and make such records available, upon request, to the swap execution facility or, if applicable, to its regulatory service provider, and the Commission. | |||||
| 17:17:1.0.1.1.30.5.7.6 | 17 | Commodity and Securities Exchanges | I | 37 | PART 37—SWAP EXECUTION FACILITIES | E | Subpart E—Monitoring of Trading and Trade Processing | § 37.405 Risk controls for trading. | CFTC | The swap execution facility shall establish and maintain risk control mechanisms to prevent and reduce the potential risk of market disruptions, including, but not limited to, market restrictions that pause or halt trading under market conditions prescribed by the swap execution facility. | |||||
| 17:17:1.0.1.1.30.5.7.7 | 17 | Commodity and Securities Exchanges | I | 37 | PART 37—SWAP EXECUTION FACILITIES | E | Subpart E—Monitoring of Trading and Trade Processing | § 37.406 Trade reconstruction. | CFTC | The swap execution facility shall have the ability to comprehensively and accurately reconstruct all trading on its facility. All audit-trail data and reconstructions shall be made available to the Commission in a form, manner, and time that is acceptable to the Commission. | |||||
| 17:17:1.0.1.1.30.5.7.8 | 17 | Commodity and Securities Exchanges | I | 37 | PART 37—SWAP EXECUTION FACILITIES | E | Subpart E—Monitoring of Trading and Trade Processing | § 37.407 Regulatory service provider. | CFTC | A swap execution facility shall comply with the regulations in this subpart through a dedicated regulatory department or by contracting with a regulatory service provider pursuant to § 37.204. | |||||
| 17:17:1.0.1.1.30.5.7.9 | 17 | Commodity and Securities Exchanges | I | 37 | PART 37—SWAP EXECUTION FACILITIES | E | Subpart E—Monitoring of Trading and Trade Processing | § 37.408 Additional sources for compliance. | CFTC | A swap execution facility may refer to the guidance and/or acceptable practices in appendix B of this part to demonstrate to the Commission compliance with the requirements of § 37.400. | |||||
| 17:17:1.0.1.1.30.6.7.1 | 17 | Commodity and Securities Exchanges | I | 37 | PART 37—SWAP EXECUTION FACILITIES | F | Subpart F—Ability to Obtain Information | § 37.500 Core Principle 5—Ability to obtain information. | CFTC | The swap execution facility shall: (a) Establish and enforce rules that will allow the facility to obtain any necessary information to perform any of the functions described in section 5h of the Act; (b) Provide the information to the Commission on request; and (c) Have the capacity to carry out such international information-sharing agreements as the Commission may require. | |||||
| 17:17:1.0.1.1.30.6.7.2 | 17 | Commodity and Securities Exchanges | I | 37 | PART 37—SWAP EXECUTION FACILITIES | F | Subpart F—Ability to Obtain Information | § 37.501 Establish and enforce rules. | CFTC | A swap execution facility shall establish and enforce rules that will allow the swap execution facility to have the ability and authority to obtain sufficient information to allow it to fully perform its operational, risk management, governance, and regulatory functions and any requirements under this part, including the capacity to carry out international information-sharing agreements as the Commission may require. | |||||
| 17:17:1.0.1.1.30.6.7.3 | 17 | Commodity and Securities Exchanges | I | 37 | PART 37—SWAP EXECUTION FACILITIES | F | Subpart F—Ability to Obtain Information | § 37.502 Collection of information. | CFTC | A swap execution facility shall have rules that allow it to collect information on a routine basis, allow for the collection of non-routine data from its market participants, and allow for its examination of books and records kept by the market participants on its facility. | |||||
| 17:17:1.0.1.1.30.6.7.4 | 17 | Commodity and Securities Exchanges | I | 37 | PART 37—SWAP EXECUTION FACILITIES | F | Subpart F—Ability to Obtain Information | § 37.503 Provide information to the Commission. | CFTC | A swap execution facility shall provide information in its possession to the Commission upon request, in a form and manner that the Commission approves. | |||||
| 17:17:1.0.1.1.30.6.7.5 | 17 | Commodity and Securities Exchanges | I | 37 | PART 37—SWAP EXECUTION FACILITIES | F | Subpart F—Ability to Obtain Information | § 37.504 Information-sharing agreements. | CFTC | A swap execution facility shall share information with other regulatory organizations, data repositories, and third-party data reporting services as required by the Commission or as otherwise necessary and appropriate to fulfill its self-regulatory and reporting responsibilities. Appropriate information-sharing agreements can be established with such entities or the Commission can act in conjunction with the swap execution facility to carry out such information sharing. | |||||
| 17:17:1.0.1.1.30.7.7.1 | 17 | Commodity and Securities Exchanges | I | 37 | PART 37—SWAP EXECUTION FACILITIES | G | Subpart G—Position Limits or Accountability | § 37.600 Core Principle 6—Position limits or accountability. | CFTC | (a) In general. To reduce the potential threat of market manipulation or congestion, especially during trading in the delivery month, a swap execution facility that is a trading facility shall adopt for each of the contracts of the facility, as is necessary and appropriate, position limitations or position accountability for speculators. (b) Position limits. For any contract that is subject to a position limitation established by the Commission pursuant to section 4a(a) of the Act, the swap execution facility shall: (1) Set its position limitation at a level no higher than the Commission limitation; and (2) Monitor positions established on or through the swap execution facility for compliance with the limit set by the Commission and the limit, if any, set by the swap execution facility. | |||||
| 17:17:1.0.1.1.30.7.7.2 | 17 | Commodity and Securities Exchanges | I | 37 | PART 37—SWAP EXECUTION FACILITIES | G | Subpart G—Position Limits or Accountability | § 37.601 Additional sources for compliance. | CFTC | Until such time that compliance is required under part 151 of this chapter, a swap execution facility may refer to the guidance and/or acceptable practices in appendix B of this part to demonstrate to the Commission compliance with the requirements of § 37.600. | |||||
| 17:17:1.0.1.1.30.8.7.1 | 17 | Commodity and Securities Exchanges | I | 37 | PART 37—SWAP EXECUTION FACILITIES | H | Subpart H—Financial Integrity of Transactions | § 37.700 Core Principle 7—Financial integrity of transactions. | CFTC | The swap execution facility shall establish and enforce rules and procedures for ensuring the financial integrity of swaps entered on or through the facilities of the swap execution facility, including the clearance and settlement of the swaps pursuant to section 2(h)(1) of the Act. | |||||
| 17:17:1.0.1.1.30.8.7.2 | 17 | Commodity and Securities Exchanges | I | 37 | PART 37—SWAP EXECUTION FACILITIES | H | Subpart H—Financial Integrity of Transactions | § 37.701 Required clearing. | CFTC | Transactions executed on or through the swap execution facility that are required to be cleared under section 2(h)(1)(A) of the Act or are voluntarily cleared by the counterparties shall be cleared through a Commission-registered derivatives clearing organization, or a derivatives clearing organization that the Commission has determined is exempt from registration. | |||||
| 17:17:1.0.1.1.30.8.7.3 | 17 | Commodity and Securities Exchanges | I | 37 | PART 37—SWAP EXECUTION FACILITIES | H | Subpart H—Financial Integrity of Transactions | § 37.702 General financial integrity. | CFTC | A swap execution facility shall provide for the financial integrity of its transactions: (a) By establishing minimum financial standards for its members, which shall, at a minimum, require that members qualify as an eligible contract participant as defined in section 1a(18) of the Act; (b) For transactions cleared by a derivatives clearing organization: (1) By ensuring that the swap execution facility has the capacity to route transactions to the derivatives clearing organization in a manner acceptable to the derivatives clearing organization for purposes of clearing; and (2) By coordinating with each derivatives clearing organization to which it submits transactions for clearing, in the development of rules and procedures to facilitate prompt and efficient transaction processing in accordance with the requirements of § 39.12(b)(7) of this chapter. | |||||
| 17:17:1.0.1.1.30.8.7.4 | 17 | Commodity and Securities Exchanges | I | 37 | PART 37—SWAP EXECUTION FACILITIES | H | Subpart H—Financial Integrity of Transactions | § 37.703 Monitoring for financial soundness. | CFTC | A swap execution facility shall monitor its members to ensure that they continue to qualify as eligible contract participants as defined in section 1a(18) of the Act. | |||||
| 17:17:1.0.1.1.30.9.7.1 | 17 | Commodity and Securities Exchanges | I | 37 | PART 37—SWAP EXECUTION FACILITIES | I | Subpart I—Emergency Authority | § 37.800 Core Principle 8—Emergency authority. | CFTC | The swap execution facility shall adopt rules to provide for the exercise of emergency authority, in consultation or cooperation with the Commission, as is necessary and appropriate, including the authority to liquidate or transfer open positions in any swap or to suspend or curtail trading in a swap. | |||||
| 17:17:1.0.1.1.30.9.7.2 | 17 | Commodity and Securities Exchanges | I | 37 | PART 37—SWAP EXECUTION FACILITIES | I | Subpart I—Emergency Authority | § 37.801 Additional sources for compliance. | CFTC | A swap execution facility may refer to the guidance and/or acceptable practices in appendix B of this part to demonstrate to the Commission compliance with the requirements of § 37.800. |
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