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ARTICLE · 22 SEPTEMBER 2020

CFTC Supplements Bankruptcy Proposal

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The CFTC proposed a supplement to an existing proposal to amend its regulations governing commodity broker bankruptcies.

United StatesFinance and Banking
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The CFTC proposed a supplement to an existing proposal to amend its regulations governing commodity broker bankruptcies.

As previously covered, the CFTC proposed amendments to "comprehensively update" Part 190 ("Bankruptcy") regulations. The supplement comes in response to public comment on the original proposal, in particular as to the treatment under Proposed Rule 190.14(b) of a derivatives clearing organization's ("DCO") operations following insolvency of the DCO. In particular, the supplement would amend the proposal to stay termination of systemically important DCO contracts for a brief period after bankruptcy (to facilitate a Title II resolution), but without undermining the netting status of those contracts under relevant bank capital and related rules.

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