Derivatives Clearing Organization General Provisions and Core Principles
The Commodity Futures Trading Commission (the CFTC) has adopted final rules implementing numerous general provisions and most core principles relating to derivatives clearing organizations (DCOs) at its October 18 open meeting. The final rules were approved by a 3-2 vote (Commissioners Sommers and O’Malia dissenting). The rules, which address15 of the 18 DCO Core Principles, were adopted largely as proposed. The CFTC did not adopt rules implementing the core principles relating to governance fitness standards, conflicts of interest and composition of governing boards. The effective dates for the final rules are staggered. Some rules will be effective 60 days after publication in the Federal Register, and others will be effective 180 days or a year after publication in the Federal Register.
The final rules can be found here.
