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Rules and Regulations
Federal Register Vol. 86, No. 2
Tuesday, January 5, 2021

This section of the FEDERAL REGISTER
contains regulatory documents having general applicability and legal effect, most of which are keyed to and codified in the Code of Federal Regulations, which is published under 50 titles pursuant to 44 U.S.C. 1510.
The Code of Federal Regulations is sold by the Superintendent of Documents.

FR Doc. 202027191 Filed 1421; 8:45 am BILLING CODE 670501P

COMMODITY FUTURES TRADING
COMMISSION

FARM CREDIT ADMINISTRATION

17 CFR Part 23

12 CFR Part 620

RIN 3038AF08

RIN 3052AD37

Portfolio Reconciliation Requirements for Swap Dealers and Major Swap ParticipantsRevision of Material Terms Definition
District Financial Reporting Farm Credit Administration.
Notification of effective date.

AGENCY:
ACTION:

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Commodity Futures Trading Commission.
ACTION: Interim final rule; request for comment.
AGENCY:

The Farm Credit Administration FCA or we is amending our regulations governing how a Farm Credit bank presents information on its related associations when preparing annual bank financial statements on a stand-alone basis. The final rule provides two presentation options when disclosing related association financial information in an annual bank report: By footnote or attached in a supplement.
DATES: The regulation amending 12 CFR
part 620 published on October 8, 2020
85 FR 63428 is effective on December 4, 2020.
FOR FURTHER INFORMATION CONTACT:
Technical information: Joi Neal, Senior Accountant, Office of Regulatory Policy, 703 8834223, TTY 703 883
4056, nealj@fca.gov.
Legal information: Laura McFarland, Senior Counsel, Office of General Counsel, 703 8834020, TTY 703
8834056, mcfarlandl@fca.gov.
SUPPLEMENTARY INFORMATION: On October 8, 2020, FCA issued a final rule to improve shareholder access to district financial information by providing an additional method of presenting financial information on a banks related associations to those banks preparing annual financial statements on a standalone basis.
In accordance with 12 U.S.C.
2252c1, the effective date of the rule is no earlier than 30 days from the date of publication in the Federal Register during which either or both Houses of Congress are in session. Based on the records of the sessions of Congress, the effective date of the regulation is December 4, 2020.
SUMMARY:

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Dated: December 7, 2020.
Dale Aultman, Secretary, Farm Credit Administration Board.

The Commodity Futures Trading Commission Commission or CFTC is adopting, and invites comments on, an interim final rule Interim Final Rule to amend the definition of material terms to maintain current portfolio reconciliation requirements for swap dealers and major swap participants following the effective date of changes to a recently amended Commission regulation.
DATES:
Effective Date. This interim final rule is effective January 5, 2021.
Comment Date: Comments must be received on or before March 8, 2021.
Comments submitted by mail will be accepted as timely if they are postmarked on or before that date.
ADDRESSES: You may submit comments, identified by RIN 3038AF08, 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 Center, 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.
SUMMARY:

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Instructions: All submissions received must include the agency name and RIN
number for this rulemaking. For additional details on submitting comments, see the Public Participation heading of the SUPPLEMENTARY INFORMATION section of this document.
FOR FURTHER INFORMATION CONTACT:

Joshua Sterling, Director, 202 418
6056, jsterling@cftc.gov; Jacob Chachkin, Special Counsel, 202 4185496, jchachkin@cftc.gov; or Gregory Scopino, Special Counsel, gscopino@cftc.gov, 2024185175, Market Participants Division MPD, Commodity Futures Trading Commission, Three Lafayette Centre, 1155 21st Street NW, Washington, DC 20581.
SUPPLEMENTARY INFORMATION:

I. Background Commission regulation 23.502 1
requires swap dealers SDs and major swap participants MSPs, as defined in 1.3 of the Commissions regulations,2 to reconcile their swap portfolios with one another and provide non-SD and non-MSP counterparties with regular opportunities for portfolio reconciliation.3 Commission regulation 23.500i defines portfolio reconciliation as any process by which the two counterparties to one or more swaps exchange the material terms and valuations of all swaps in the swap portfolio between the counterparties and resolve any identified discrepancy in such material terms and valuations.4
Commission regulation 23.500g defines material terms to mean the minimum primary economic terms of a swap, as defined in appendix 1 of part 45 of the Commissions regulations, with the exception of 24 enumerated terms that were excluded from the definition of material terms as part of a Commission effort to reduce the regulatory burden on SDs and MSPs by eliminating the need to reconcile data field terms that were static or did not 1 17 CFR 23.502. Commission regulations referred to herein are found at 17 CFR chapter I.
2 17 CFR 1.3.
3 17 CFR 23.502; see Confirmation, Portfolio Reconciliation, Portfolio Compression, and Swap Trading Relationship Documentation Requirements for Swap Dealers and Major Swap Participants, 77
FR 55904, 55926 Sept. 11, 2012 Portfolio Reconciliation Final Rule.
4 17 CFR 23.500i.

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