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CFTC Approves Revisions to Swap Data Reporting, Dissemination and Public Reporting Requirements for Market Participants

On February 20, the Commodity Futures Trading Commission (CFTC) unanimously approved two proposed rules to revise its regulations relating to swap data reporting, dissemination and public reporting requirements for market participants.

First, the CFTC approved proposed amendments to Part 43 of its regulations, which establish real-time public reporting and dissemination requirements for swap data repositories (SDRs), derivatives clearing organizations (DCOs), swap execution facilities (SEFs), designated contract markets (DCMs), swap dealers (SDs), major swap participants (MSPs) and swap counterparties that are neither SDs nor MSPs. The proposed revisions, among other things, would revise the definition of “block trade” and the block swap categories; update the block thresholds and cap sizes; and adjust the permitted delay for the public dissemination of block transactions. The proposed amendment is available here.

Second, the CFTC amended Parts 45, 46 and 49 of the CFTC’s regulations, which set out swap data recordkeeping and reporting requirements for SDRs, DCOs, SEFs, DCMs, SDs, MSPs and swap counterparties that are neither SDs nor MSPs. The proposed revisions would streamline the requirements for reporting new swaps, define and adopt swap data elements that harmonize with international technical guidance, and reduce reporting burdens for reporting counterparties that are not SDs or MSPs. The proposed amendment is available here.

Comments on the proposed amendments must be filed with the CFTC by May 20.

Separately, the CFTC unanimously approved the reopening of the comment period for the proposed rule “Certain Swap Data Repository and Data Reporting Requirements” that was published in the Federal Register on May 13, 2019. The proposed rule would amend Part 49 of the CFTC’s regulations pertaining to SDRs, reporting counterparties and other market participants to update requirements for SDRs to verify swap data with reporting counterparties, update requirements to correct swap data errors and omissions and update and clarify certain SDR operational and governance requirements. The proposed amendment is available here.

Comments must be filed with the CFTC by May 20.

The CFTC’s press release is available here.

©2020 Katten Muchin Rosenman LLP

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About this Author

Kevin M. Foley, Finance Lawyer, Katten Llaw Firm
Partner

Kevin M. Foley has extensive experience in commodities law and advises a wide range of clients, both in the United States and abroad, on compliance with the Commodity Exchange Act and the rules of the Commodity Futures Trading Commission (CFTC) affecting traditional exchange-traded products, as well as the over-the-counter markets involving swaps and other derivative instruments. His clients include futures commission merchants, derivatives clearing organizations, designated contract markets, foreign boards of trade and an industry trade association.

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Guy Dempsey Jr., Bank Regulations Legal Specialist, Katten Muchin
Partner

Guy C. Dempsey Jr. concentrates his practice on derivatives and structured products and on bank regulation. He advises clients on derivatives transactions of all types across all asset classes, as well as on the corporate governance, regulatory, collateral, compliance, insolvency and litigation issues associated with such products.

Much of Guy’s work involves helping bank and non-bank clients analyze the details and impact of the Dodd-Frank Act. He maintains deep knowledge of the banking laws and regulations relating to capital markets activities.

212-940-8593
Associate

Adam Haft is an associate in the Financial Services practice.

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