On April 25, the Commodity Futures Trading Commission approved a proposed rule intended to improve the quality of swap data and update and streamline regulations related to the operations and governance of swap data repositories (SDRs) (Rule Proposal). Among other items, the Rule Proposal is intended to update requirements related to the following: 1) the verification by SDRs of swap data with reporting counterparties; 2) the correction of swap data errors and omissions for SDRs, reporting counterparties, and other market participants; and 3) the availability of swap data to the CFTC and the public (as required by the Commodity Exchange Act). Additionally, the Rule Proposal is intended to update SDR governance regulations for purposes of streamlining SDR requirements. The comment period for the Rule Proposal will end 75 days after its publication in the Federal Register.
The Rule Proposal is available here.