CFTC Approves Proposed And Final Rules On Clearing, Margin And Consumer Privacy

Introduction

The CFTC has recently published the following final and proposed rules codifying previously issued no action relief and restoring consumer information privacy policies and procedures:

• Amendments to the Part 23 Margin Requirements for Uncleared Swaps codifying no action letter relief which added the European Stability Mechanism (ESM) to the list of entities excluded from the definition of financial end user, and therefore CFTC margin requirements;¹
• Amendments to the Part 160 Consumer Financial Information Privacy Regulation, correcting a Commission regulation by restoring text that was unintentionally removed in a 2011 amendment to add SDs and MSPs to the list of entities subject to part 160.30 requiring entities to adopt procedures to safeguard customer records and information;² and