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Federal Register / Vol. 86, No. 14 / Monday, January 25, 2021 / Rules and Regulations
ANM WY D Gillette, WY Remove Gillette-Campbell County Airport, WY
Lat. 442056 N, long. 1053222 W
Paragraph 6002 Class E Airspace Designated as Surface Areas.

ANM WY E2 Gillette, WY New Northeast Wyoming Regional Airport, WY
Lat. 442056 N, long. 1053222 W
That airspace extending upward from the surface to and including 6,900 feet MSL
within a 5-mile radius of the Northeast Wyoming Regional Airport. This Class E
airspace is effective during the specific dates and times established in advance by a Notice to Airmen. The effective date and time will thereafter be continuously published in the Chart Supplement.
Paragraph 6004 Class E Airspace Areas Designated as an Extension to a Class D or Class E Surface Area.

ANM WY E4 Gillette, WY Amended Northeast Wyoming Regional Airport, WY
Lat. 442056 N, long. 1053222 W
That airspace extending upward from the surface within 3.4 miles each side of the Northeast Wyoming Regional Airport 170
bearing extending from the 5-mile radius to 12 miles south of the airport.
Paragraph 6005 Class E Airspace Areas Extending Upward From 700 Feet or More Above the Surface of the Earth.

ANM WY E5 Gillette, WY Amended Northeast Wyoming Regional Airport, WY
Lat. 442056 N, long. 1053222 W
That airspace extending upward from 700
feet above the surface of the earth within 4
miles each side of the Northeast Wyoming Regional Airport 170 bearing extending from the 5-mile radius to 14 miles south of the airport, and that airspace 4 miles each side of the 350 bearing extending from the 5-mile radius to 11 miles north of the airport.
Issued in Seattle, Washington, on January 14, 2021.
Byron Chew, Acting Group Manager, Operations Support Group, Western Service Center.
FR Doc. 202101306 Filed 12221; 8:45 am BILLING CODE 491013P

COMMODITY FUTURES TRADING
COMMISSION
17 CFR Part 23

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Margin Requirements for Uncleared Swaps for Swap Dealers and Major Swap Participants Commodity Futures Trading Commission.
ACTION: Final rule.
AGENCY:

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The Commodity Futures Trading Commission Commission or CFTC is amending the margin requirements for uncleared swaps Final Rule for swap dealers SD
and major swap participants MSP
for which there is not a prudential regulator CFTC Margin Rule. The Final Rule amends the CFTC Margin Rule to permit the application of a minimum transfer amount MTA of up to $50,000 for each separately managed account SMA of a legal entity that is a counterparty to an SD or MSP in an uncleared swap transaction and to permit the application of separate MTAs for initial margin IM and variation margin VM.
DATES: This Final Rule is effective February 24, 2021.
FOR FURTHER INFORMATION CONTACT:
Joshua B. Sterling, Director, 202418
6056, jsterling@cftc.gov; Thomas J.
Smith, Deputy Director, 2024185495, tsmith@cftc.gov; Warren Gorlick, Associate Director, 2024185195, wgorlick@cftc.gov; Liliya Bozhanova, Special Counsel, 2024186232, lbozhanova@cftc.gov; or Carmen Moncada-Terry, Special Counsel, 202
4185795, cmoncada-terry@cftc.gov, Market Participants Division, Commodity Futures Trading Commission, Three Lafayette Centre, 1155 21st Street NW, Washington, DC
20581.
SUPPLEMENTARY INFORMATION:
SUMMARY:

I. Background A. Statutory and Regulatory Background In January 2016, the Commission adopted Regulations 23.150 through 23.161, namely the CFTC Margin Rule,1
to implement section 4se of the Commodity Exchange Act CEA,2
which requires SDs and MSPs for which there is not a prudential regulator 3
1 See generally Margin Requirements for Uncleared Swaps for Swap Dealers and Major Swap Participants, 81 FR 636 Jan. 6, 2016. The CFTC
Margin Rule, which became effective April 1, 2016, is codified in part 23 of the Commissions regulations. 17 CFR 23.15023.159, 23.161. In May 2016, the Commission amended the CFTC Margin Rule to add Regulation 23.160, 17 CFR 23.160, providing rules on its cross-border application. See generally Margin Requirements for Uncleared Swaps for Swap Dealers and Major Swap ParticipantsCross-Border Application of the Margin Requirements, 81 FR 34818 May 31, 2016.
Commission regulations are found at 17 CFR part 1 et seq. 2017, and may be accessed through the Commissions website, https www.cftc.gov.
2 7 U.S.C. 6se capital and margin requirements.
3 CEA section 1a39, 7 U.S.C. 1a39 defining the term prudential regulator to include the Board of Governors of the Federal Reserve System; the Office of the Comptroller of the Currency; the Federal Deposit Insurance Corporation; the Farm Credit Administration; and the Federal Housing Finance Agency. The definition of prudential regulator
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covered swap entity or CSE to meet minimum IM and VM
requirements adopted by the Commission by rule or regulation.
Regulations 23.152 and 23.153 require CSEs to collect or post, each business day, VM 4 for uncleared swap transactions with each counterparty that is an SD, MSP, or financial end user,5
and IM 6 for uncleared swap transactions for each counterparty that is an SD, MSP, or a financial end user that has material swaps exposure.7 IM
posted or collected by a CSE must be held by one or more custodians that are not affiliated with the CSE or the counterparty.8 VM posted or collected by a CSE is not required to be maintained with a custodian.9
To alleviate the operational burdens associated with making de minimis margin transfers without resulting in an unacceptable level of uncollateralized credit risk, Regulations 23.152b3 and 23.153c provide that a CSE is not required to collect or post IM or VM
with a counterparty until the combined amount of such IM and VM, as computed under Regulations 23.154 and 23.155 respectively, exceeds an MTA of $500,000.10 The term MTA or minimum transfer amount is further defined in Regulation 23.151 as a combined amount of IM and VM, not exceeding $500,000, under which no exchange of IM or VM is required.11
Once the MTA is exceeded, the SD or MSP must collect or post the full specifies the entities for which these agencies act as prudential regulators.
4 VM or variation margin, as defined in Regulation 23.151, is the collateral provided by a party to its counterparty to meet the performance of its obligation under one or more uncleared swaps between the parties as a result of a change in the value of such obligations since the trade was executed or the last time such collateral was provided. 17 CFR 23.151.
5 See definition of financial end user in Regulation 23.151. In general, the definition covers entities involved in regulated financial activity, including banks, brokers, intermediaries, advisers, asset managers, collective investment vehicles, and insurers. 17 CFR 23.151.
6 IM or initial margin is the collateral calculated as provided by 23.154 of the Commissions regulations that is collected or posted in connection with one or more uncleared swaps pursuant to 23.152. IM is intended to secure potential future exposure following default of a counterparty i.e., adverse changes in the value of an uncleared swap that may arise during the period of time when it is being closed out. See CFTC
Margin Rule, 81 FR at 683.
7 17 CFR 23.152; 17 CFR 23.153.
8 See 17 CFR 23.157a.
9 Regulation 23.157 does not require VM to be maintained in a custodial account. 17 CFR 23.157.
10 17 CFR 23.152b3; 17 CFR 23.153c; 81 FR
at 653.
11 17 CFR 23.151 defining the term minimum transfer amount.

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