Securities Industry and Financial Markets Association v. Commodity Futures Trading Commission

Opinion

UNI'(I`F.`D S'I`A'I`I;'LS DIS'I`RICT COURT F()R TI~IIE l)IS"i`RIC"l` OF COLUMBIA

) SJ:`_~ICLJRl'I`IIZIS INDU STRY AND I*`INANCI/-\Ii `) MARKI;S'I`S ASSOCIA'}`I(`)N, er ci/., ) ) Plaiiitit`t`s, ) )

v. ) Civil Action No. 13-1916 (PL]`*`) ) UNITEl) S'i`A'ii`li:fS C()MMODI'I`Y FU"!`U`RIES ) TRADING COMMISSION, ) ) De'i"eiidaiit. ) ) ()RDER

For the reasons set forth in the ()pinion issued this saine day [Dkt. No. 58], it is hereby

()Rl)l§')l{l`;`ll`) that defendant’s inotion to dismiss [Dkt. No. 28] is GILANTED in part and Di§_“€Nli§*jD in part; it is

FUR'if`I--IIEI{ ()RIV)IV;YRI£I) that platintiffs’ claims relating to the Process ibr a Desigiiated Coiitract Market or Swap ll€xectitioii Facility To i\/lake a Swap Avaiiable to 'l`r‘ade, Swap 'I`raiisaetioii Coiiipliaiice and innpleiiieritatioii Scheduie, and 'I`rade Exeeution Requireiiient Un.dei' the Coniniodity l?lxchaiige Act (""l"rade Exeeution Rtile"), 78 Fed. Reg. 33606 (June 4, 2()13), are DlSMlSSllil) WI'l`l'IOli'l` PR]F)JIJDICIE for lack of standing; it is

i*`UR'l`i--IIY;EI{ ORDIV_~`.R!§§L) that piairitii"i"s’ motion for suinmary judgment [Dkt. No. 2}_'] is GIKAN"]`}EI) in part and Dl§iNIl§i]i) in part; it is

Flll?."l`l‘il§§l{ C)RI)IFIRIT£L) that defi`

23] is GR/-\N"i"IED in part and DIENII`:§I) in part; it is

l*`UR'l`l-ll¥`.l{ ORl)lY-£Rlf£l) thatjttdgnaeiit is entered in favor ofdefendaiit as to

plaintiffs’ elainis relating to the following agency actions:

l.

interpretive Gtiidaiice and Policy Stateiiieiit Regarding Coriipliance with Certain Sweip Reguiatioiis ("Cross~t$ordel‘ Aetioii"), 78 Fed. Rcg. 45292 (July 26, 2()13);

liarge 'l"rader Reportiiig 'for Physicai Coniinodity Swaps ("l_azirge 'l`radei' Reporting Rtile"), 76 Fed. Reg. 43851 (Juiy 22, 2011);

Ctistonier Cleztring Docunieritatiori, 'l"imiiig of Acceptance for Clearing, and Clearing l\/leinbei‘ Risk Maiiageiiierit ("Straiglit-'l`lirougli Processing l{t\le"), 77 Fed_ Reg. 21278 (April 9, 2()12)', and

Ciearing Requireiiieiit l)eterniiiiatioii Under Section Q(h) of the CEA ("Clearilig Detenninatioii Rule"), 77 Fed. Reg. 74284 (Dec. 13, 2012); it is

l"`lll{"l"leel!§_"ll{ C)I{`I)I`;`SRI~F`,D that the following agency actions are Rl`fiM/-\NDEI)

Wi']"l`eiOlJ"l" V/-\CA’}`LFR to the United States Coinniodity l*`utures Tradiiig Conirnissioii for

further proceedings consistent with the Opinion issued this same day:

l.

Real-'l`iine Public Reportiiig of Swap "l`ransaction Data ("Real~'l`iiiie Reporting Rule"), 77 lied. Reg. 1182 (Jan. 9, 2012);

Recordl

Reg. 2136 (Jan. 13, 2012);

Registration of Swap l`)ealers and Major Swap Participaiits ("Swap l`;`ntity Registratioii Rtile"), 77 I~"`ed. Reg. 2613 (Jan. }9, 2012);

Swap Dealer and l\/lajor Swztp Participaiit Reeordkeepiiig, Reportiiig, and l)uties Rules; l~"`tittlres Coinniissioii l\/lercliaiit and introducing Brol

l"`tirtliei' l_)ei'iriitioii of "Swap Dealer," "Seetirity-Based Swap l‘)ealei‘," "Majoi' Swap Participatiit," "l\/I_ajol' Security-Based Swap Participaiit," and "I‘;`,ligible

Coiitract Participziiit" ("lfjiitity l`)efliiitioii Rule"), 77 Fed. Reg. 30596 (l\/lay 23,

20:2);

6. Swap Data Ruecordkeepiiag and Reportiiig Requirerneiits: Pre-li§iiactniexit and "i`raiisitiori Swaps ("l-listoricai SDR Reporting Rule"), 77 i*`ed. Reg. 35200 (June 12, 2012);

7. Coiitiniiatioii, Port'l"olio Recoziciliation, Portfolio Coiiipression, and Swap 'l"radiiig Reizitioiisliip Docuineiitatioii Requirerneiits for Swap Dealers and l\/laioi' Swap li’a:‘ticipaiits ("Portfolio Reconeiliatioii and Documentation Rule"), 77 Fed. Reg. 55904 (Sep. l l, 2012); and

8. Core Priiieiples and Other Requireiiients for Swap Execution l*`acilities ("Slz`ili` Registratioii Rule"), 78 Fed. Reg. 33476 (June 4, Z(ll 3); it is

PAUL L. FIKIEDMAN United States l)istriet judge

SO ORDlIZRlF`,D.

DATE; al \\¢,,\ \~.\