Swap Data Reporting and Recordkeeping

On December 18, the Securities and Exchange Commission adopted some amendments to its rules concerning the cross-border application of certain security-based swap requirements under the Securities Exchange Act of 1934 and issued a statement that it will be allowing some time-limited relief for reporting parties when security-based swap reporting goes into effect.
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The Commodity Futures Trading Commission will host an open meeting at 10:00 a.m. on Tuesday, April 23, at which it expects to cover the following topics:

  1. notice of proposed rulemaking regarding amendments to regulations on certain swap data depository and swap data reporting requirements;
  2. notice of proposed rulemaking regarding amendments to derivatives clearing organization general

National Futures Association (NFA) has revised the process by which each swap dealer (SD) and major swap participant (MSP) applicant demonstrates its ability to comply with Commodity Futures Trading Commission regulations implementing Section 4s of the Commodity Exchange Act (4s Regulations), including but not limited to regulations relating to capital and margin requirements, reporting and recordkeeping and business conduct standards. Effective immediately, applicants will demonstrate compliance with each 4s Regulation by submitting an attestation that the applicant has adopted policies and procedures or other appropriate documentation reasonably designed to ensure that the applicant is in compliance with the 4s Regulation.
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On June 30, the Commodity Futures Trading Commission’s Division of Market Oversight and Division of Clearing and Risk (Divisions) provided conditional no-action relief to Cantor Futures Exchange, L.P. (CX), Cantor Clearinghouse, L.P. (CC) and the North American Derivatives Exchange, Inc. (Nadex) from reporting certain information to a swap data repository (SDR), subject to certain conditions.

On January 13, the Commodity Futures Trading Commission approved for publication in the Federal Register proposed amendments to Part 49 of the CFTC’s regulations relating to access to swap data held by Swap Data Repositories (SDR). Among other revisions, the proposal: (1) eliminates the requirement that foreign and domestic authorities seeking access to SDR swap data first indemnify the CFTC and each SDR from which such authorities access swap data; (2) permits, subject to satisfying certain conditions, domestic regulators to access SDR swap data by entering into confidentiality arrangements with the CFTC, and other domestic authorities, and all foreign authorities to receive such swap data after being deemed “appropriate” by the CFTC.
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On June 14, 2016, the Commodity Futures Trading Commission announced the approval of amendments to Part 45 of the CFTC’s regulations, which pertain to the reporting and recordkeeping obligations involved in cleared swaps transactions. The amendments seek to clarify certain aspects of the existing Part 45 rules, including the roles of registered entities and swap counterparties, and streamline data collection and maintenance.
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