The CFTC extended the comment period for a proposal to adopt capital requirements for swap dealers ("SDs") and major swap participants ("MSPs") that are not subject to the capital rules of a prudential regulator (see previous coverage). Comments on the proposal now must be submitted by May 15, 2017.
In addition to proposing minimum capital and financial reporting requirements for SDs and MSPs, the proposal would (i) require certain SDs and MSPs to satisfy defined liquidity requirements, and (ii) establish specific capital requirements for futures commission merchants that engage in swaps or activities related to security-based swaps.
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