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Federal Register/Vol. 85, No. 230/Monday, November 30, 2020

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Federal Register/Vol. 85, No. 230/Monday, November 30, 2020 76450 Federal Register / Vol. 85, No. 230 / Monday, November 30, 2020 / Rules and Regulations Commission’s requirement that certain the Commission. It is appropriate to apply SUPPLEMENTARY INFORMATION: commonly traded interest rate swaps and this exemption to the holding companies of credit default swaps be cleared following these financial entities. Electronic Availability their execution.2 The new exemptions may One commenter, Better Markets, expressed This document and additional be elected by several classes of counterparties concern that the number of entities that will information concerning OFAC are that may enter into these swaps, namely: now have an exemption from the clearing available on OFAC’s website requirement has grown over time, leading to Sovereign nations; central banks; (www.treasury.gov/ofac). ‘‘international financial institutions’’ of the potential for greater risk, reduction in which sovereign nations are members; bank liquidity in cleared markets, and complexity Background holding companies, and savings and loan in managing the exemptions. As described in holding companies, whose assets total no the preamble to the final rule, swap data On March 8, 2015, the President, more than $10 billion; and community repository data indicates that over the past invoking the authority of, inter alia, the development financial institutions several years the number and scope of swaps International Emergency Economic recognized by the U.S. Treasury Department. entered into by these institutions that will be Powers Act (50 U.S.C. 1701–1706), Today’s final rule notes that many of these included within the exemptions has been issued Executive Order (E.O.) 13692 of entities have actually relied on existing relief, relatively limited. Given this data, these March 8, 2015, ‘‘Blocking Property and electing not to clear swaps that are generally concerns, today, do not outweigh the benefits Suspending Entry of Certain Persons subject to the clearing requirement. I strongly of the final rule. However, the Commission should periodically review the SDR data to Contributing to the Situation in support the policy of international ‘‘comity’’ Venezuela’’ (80 FR 12747, March 11, described in the final rule, recognizing that reassess whether the clearing requirement sovereign nations and their instrumentalities exemptions are cumulatively having a 2015). In E.O. 13692, the President should generally not be subject to the material impact on the extent of swap found that the situation in Venezuela, Commission’s regulations. I trust that by clearing given the intent of the Dodd-Frank including the Government of issuing this rule, the United States, the Act. The Commission can then evaluate Venezuela’s erosion of human rights Federal Reserve, and other U.S. government whether, on a going forward basis, any guarantees, persecution of political instrumentalities will receive the same changes to the exemptions may be warranted. opponents, curtailment of press treatment in foreign jurisdictions. I commend the staff of the Division of freedoms, use of violence and human Clearing and Risk for this well developed and Appendix 4—Statement of Commissioner drafted final rule. The clarity and rights violations and abuses in response Dan M. Berkovitz completeness of the final release helps to antigovernment protests, and I am voting for the final rule codifying establish a sound basis for the Commission arbitrary arrest and detention of certain limited exemptions from the swap to approve the final rule. antigovernment protestors, as well as clearing requirement that currently exist [FR Doc. 2020–25394 Filed 11–27–20; 8:45 am] the exacerbating presence of significant public corruption, constitutes an through Commission guidance or staff no BILLING CODE 6351–01–P action relief. The exemptions are consistent unusual and extraordinary threat to the with longstanding Commission policies. national security and foreign policy of Analysis of available historical data shows the United States, and declared a DEPARTMENT OF THE TREASURY that the number and notional amount of national emergency to deal with that swaps that would be exempted are relatively Office of Foreign Assets Control threat. limited and not likely to materially impact The President has issued six systemic risk. Furthermore, the swaps exempted from clearing will be subject to 31 CFR Part 591 additional Executive Orders pursuant to uncleared swap margin requirements, if the national emergency declared in E.O. applicable, thereby mitigating the risks of not Publication of Web General Licenses 13692: E.O. 13808 of August 24, 2017, clearing these swaps. Issued Pursuant to the Venezuela ‘‘Imposing Additional Sanctions With The final rule codifies in rule text Sanctions Regulations Respect to the Situation in Venezuela’’ exemptions for swaps entered into by foreign (82 FR 41155, August 29, 2017); E.O. central banks, sovereign entities at the AGENCY: Office of Foreign Assets 13827 of March 19, 2018, ‘‘Taking national level, and certain international Control, Treasury. Additional Steps to Address the institutions that previously have been ACTION: Publication of Web General Situation in Venezuela’’ (83 FR 12469, exempted from the clearing requirement Licenses. through no action relief or guidance. In this March 21, 2018); E.O. 13835 of May 21, 2018, ‘‘Prohibiting Certain Additional regard, the final rule represents a proper SUMMARY: The Department of the Transactions With Respect to exercise of international comity in Treasury’s Office of Foreign Assets Venezuela’’ (83 FR 24001, May 24, recognition of the governmental nature and Control (OFAC) is publishing three non-speculative purposes of these sovereign 2018); E.O. 13850 of November 1, 2018, Venezuela-related web general licenses entities and international institutions. ‘‘Blocking Property of Additional in the Federal Register: General License The final rule also provides clearing Persons Contributing to the Situation in 5C, which has been superseded, General exemptions for certain interest rate swaps of Venezuela’’ (83 FR 55243, November 2, License 5D, which has been superseded, community development financial 2018); E.O. 13857 of January 25, 2019, institutions, subject to a number of and General License 5E, each of which ‘‘Taking Additional Steps To Address significant limits, and for swaps entered into was previously issued on OFAC’s the National Emergency With Respect to by bank or savings and loan holding website. companies that have no more than $10 Venezuela’’ (84 FR 509, January 30, billion in consolidated assets. In each case, DATES: General License 5E was issued 2019); and E.O. 13884 of August 5, the exemption only applies if the swap is on October 6, 2020 and the 2019, ‘‘Blocking Property of the used to hedge or mitigate commercial risks. authorizations in it will be effective Government of Venezuela’’ (84 FR Congress provided in Commodity Exchange January 19, 2021. 38843, August 7, 2019). Act section 2(h)(7)(C) for an exclusion from FOR FURTHER INFORMATION CONTACT: OFAC, in consultation with the the clearing requirement for banks and OFAC: Assistant Director for Licensing, Department of State, issued Venezuela- savings associations with less than $10 202–622–2480; Assistant Director for related General License (GL) 5 on July billion in assets to the extent determined by Regulatory Affairs, 202–622–4855; or 19, 2018, pursuant to E.O. 13835, to 2 The swap clearing requirement is codified in Assistant Director for Sanctions authorize certain transactions related to part 50 of the Commission’s regulations (17 CFR Compliance & Evaluation, 202–622– the Petro´leos de Venezuela S.A. 2020 part 50). 2490. 8.5 Percent Bond that were prohibited VerDate Sep<11>2014 17:14 Nov 27, 2020 Jkt 253001 PO 00000 Frm 00032 Fmt 4700 Sfmt 4700 E:\FR\FM\30NOR1.SGM 30NOR1 TKELLEY on DSKBCP9HB2PROD with RULES Federal Register / Vol. 85, No. 230 / Monday, November 30, 2020 / Rules and Regulations 76451 by Subsection 1(a)(iii) of E.O. 13835. On Office of Foreign Assets Control Dated: October 6, 2020 October 24, 2019, OFAC issued GL 5A, Venezuela Sanctions Regulations 31 Dated: November 24, 2020. which replaced and superseded GL 5. CFR part 591 Andrea Gacki, GL 5A delayed until January 22, 2020 Director, Office of Foreign Assets Control. the effectiveness of the authorization General License No. 5D [FR Doc. 2020–26345 Filed 11–27–20; 8:45 am] that was previously contained in GL 5. Authorizing Certain Transactions BILLING CODE 4810–AL–P On January 17, 2020, OFAC issued GL Related to the Petro´leos de Venezuela, 5B, which replaced and superseded GL S.A. 2020 8.5 Percent Bond on or After 5A. GL 5B further delayed until April October 20, 2020 22, 2020 the effectiveness of the DEPARTMENT OF HOMELAND (a) Except as provided in paragraph SECURITY authorization that was previously (b) of this general license, on or after contained in GL 5. On April 10, 2020, October 20, 2020, all transactions Coast Guard OFAC issued GL 5C, which replaced related to, the provision of financing for, and superseded GL 5B. GL 5C further and other dealings in the Petro´leos de 33 CFR Part 165 delayed until July 22, 2020 the Venezuela, S.A. 2020 8.5 Percent Bond effectiveness of the authorization that that would be prohibited by Subsection [Docket Number USCG–USCG–2020–0645] was previously contained in GL 5. On l(a)(iii) of Executive Order (E.O.) 13835 RIN 1625–AA00 July 15, 2020, OFAC issued GL 5D, of May 21, 2018, as amended by E.O. which replaced and superseded GL 5C. 13857 of January 25, 2019, and Safety Zone; Neuse River, New Bern, GL 5D further delayed until October 20, incorporated into the Venezuela NC 2020 the effectiveness of the Sanctions Regulations, 31 CFR part 591 AGENCY: Coast Guard, DHS. authorization that was previously (the VSR), are authorized. ACTION: contained in GL 5. On October 6, 2020, (b) This general license does not Temporary final rule. OFAC issued GL 5E, which replaced authorize any transactions or activities SUMMARY: The Coast Guard is and superseded GL 5D.
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