Commodity Futures Trading Commission: Core Principles and Other Requirements for Swap Execution Facilities
GAO-13-701R, Jun 17, 2013
GAO reviewed the Commodity Futures Trading Commission's (Commission) final rule on Core Principles and Other Requirements for Swap Execution Facilities. GAO found that (1) the final rule implements certain statutory provisions enacted by Title VII of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act). The final rules, guidance, and acceptable practices, which apply to the registration and operation of a new type of regulated entity named a swap execution facility (SEF), implement the Dodd-Frank Act's new statutory framework that, among other requirements, adds a new section 5h to the Commodity Exchange Act (CEA or Act) concerning the registration and operation of SEFs, and adds a new section 2(h)(8) to the CEA concerning the execution of swaps on SEFs; and (2) the Commission complied with applicable requirements in promulgating the rule.