Operational Resilience Framework for Futures Commission Merchants, Swap Dealers, and Major Swap Participants
| Published date | 26 February 2024 |
| Record Number | 2024-03826 |
| Citation | 89 FR 14007 |
| Court | Commodity Futures Trading Commission |
| Section | Proposed rules |
Federal Register, Volume 89 Issue 38 (Monday, February 26, 2024)
[Federal Register Volume 89, Number 38 (Monday, February 26, 2024)]
[Proposed Rules]
[Page 14007]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2024-03826]
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COMMODITY FUTURES TRADING COMMISSION
17 CFR Parts 1 and 23
RIN 3038-AF23
Operational Resilience Framework for Futures Commission
Merchants, Swap Dealers, and Major Swap Participants
AGENCY: Commodity Futures Trading Commission.
ACTION: Extension of comment period.
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SUMMARY: On December 18, 2023, the Commodity Futures Trading Commission
(Commission) issued a notice of proposed rulemaking (NPRM) titled
Operational Resilience Framework for Futures Commission Merchants, Swap
Dealers, and Major Swap Participants. The comment period for the NPRM
was to close on March 2, 2024. The Commission is extending the comment
period for this NPRM by an additional 30 days to April 1, 2024.
DATES: The comment period for the NPRM titled Operational Resilience
Framework for Futures Commission Merchants, Swap Dealers, and Major
Swap Participants is extended through April 1, 2024.
ADDRESSES: You may submit comments, identified by RIN 3038-AF23, by any
of the following methods:
CFTC Comments Portal: https://comments.cftc.gov. Select
the ``Submit Comments'' link for this rulemaking and follow the
instructions on the Public Comment Form.
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: Follow the same instructions as for
Mail, above.
Please submit your comments using only one of these methods.
Submissions through the CFTC Comments Portal are encouraged.
All comments must be submitted in English, or if not, accompanied
by an English translation. Comments will be posted as received to
https://comments.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 (FOIA), a petition for confidential
treatment of the exempt information may be submitted according to the
procedures established in Sec. 145.9 of the Commission's
regulations.\1\
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\1\ 17 CFR 145.9.
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The Commission reserves the right, but shall have no obligation, to
review, pre-screen, filter, redact, refuse, or remove any or all of
your submission from https://comments.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 FOIA.
FOR FURTHER INFORMATION CONTACT: Amanda L. Olear, Director, at 202-418-
5283 or [email protected]; Pamela Geraghty, Deputy Director, at 202-418-
5634 or [email protected]; Fern Simmons, Associate Director, at 202-
418-5901 or [email protected]; Elise Bruntel, Special Counsel, at 202-
418-5577 or [email protected]; Market Participants Division, Commodity
Futures Trading Commission, Three Lafayette Centre, 1151 21st Street
NW, Washington, DC 20581.
SUPPLEMENTARY INFORMATION: On December 13, 2023, the Commission
approved an NPRM proposing to require that futures commission
merchants, swap dealers, and major swap participants establish,
document, implement, and maintain an Operational Resilience Framework
(ORF) reasonably designed to identify, monitor, manage, and assess
risks relating to information and technology security, third-party
relationships, and emergencies or other significant disruptions to
normal business operations.\2\ The framework would include three
components--an information and technology security program, a third-
party relationship program, and a business continuity and disaster
recovery plan--supported by broad requirements relating to governance,
training, testing, and recordkeeping. The proposed rule would also
require certain notifications to the Commission and customers or
counterparties. The Commission further proposed guidance relating to
the management of risks stemming from third-party relationships.
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\2\ See ``CFTC to Hold a Commission Open Meeting on December
13,'' CFTC Rel. No. 8830-23 (Dec. 6, 2023) available at https://www.cftc.gov/PressRoom/PressReleases/8830-23.
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The ORF NPRM was published on the Commission's website on December
18, 2023, making it available for public comment through March 2, 2024,
for a total comment period of 75 days.\3\ In response to a request from
commenters, the Commission is extending the comment period for the ORF
NPRM by an additional 30 days to April 1, 2024, for a total comment
period of 105 days.\4\ This extension of the comment period will allow
interested persons additional time to analyze the proposal and prepare
their comments.
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\3\ See ``CFTC Approves Two Proposals and a DCO Application,''
CFTC Rel. No. 8838-23 (Dec. 18, 2023), available at https://www.cftc.gov/PressRoom/PressReleases/8838-23. The ORF NPRM was
subsequently published in the Federal Register on January 24, 2024.
See Operational Resilience Framework for Futures Commission
Merchants, Swap Dealers, and Major Swap Participants, 89 FR 4706
(Jan. 24, 2024).
\4\ See Letter from Kyle Brandon, Managing Director, Head of
Derivatives at the Securities Industry and Financial Markets
Association (SIFMA), on behalf of the Futures Industry Association
(FIA), the Institute of International Bankers (IIB), the
International Swaps and Derivatives Association (ISDA), and SIFMA
(Jan. 24, 2024) (requesting a 30 day extension to the comment
period), available at https://comments.cftc.gov/PublicComments/ViewComment.aspx?id=73231&SearchText.
Issued in Washington, DC, on February 21, 2024, by the
Commission.
Christopher Kirkpatrick,
Secretary of the Commission.
Note: The following appendix will not appear in the Code of
Federal Regulations.
Appendix to Operational Resilience Framework for Futures Commission
Merchants, Swap Dealers, and Major Swap Participants--Commission Voting
Summary
On this matter, Chairman Behnam and Commissioners Johnson,
Goldsmith Romero, Mersinger, and Pham voted in the affirmative. No
Commissioner voted in the negative.
[FR Doc. 2024-03826 Filed 2-23-24; 8:45 am]
BILLING CODE 6351-01-P
