Swap Data Reporting and Recordkeeping

On April 28, the Division of Data of the Commodity Futures Trading Commission issued a renewal of the temporary no-action relief available to entities (Relief Counterparties) that submit certain swaps for clearing by derivatives clearing organizations that operate pursuant to CFTC exemptive orders or staff no-action letters (Relief DCOs). CFTC Letter No. 21-12 extends relief

On April 22, the Commodity Futures Trading Commission’s Division of Data, Division of Market Oversight and Division of Clearing and Risk (collectively, the Divisions) issued CFTC Letter No. 21-11, which (1) provides no-action relief to KalshiEX LLC (Kalshi), a designated contract market, and LedgerX, LLC (LedgerX), a derivatives clearing organization, from reporting to swap data repositories data for binary option transactions executed on or subject to the rules of Kalshi and cleared by LedgerX; and (2) exempts Kalshi and LedgerX from certain related recordkeeping requirements.
Continue Reading CFTC Issues Conditional Relief From Reporting Fully Collateralized Binary Option Data to Swap Data Repositories

On November 19, the Commodity Futures Trading Commission’s Division of Market Oversight (DMO) issued a staff letter extending no-action relief to certain CFTC-registered swap dealers (SDs) and major swap participants (MSPs). The no-action relief, which was initially granted in 2013 and subsequently extended several times, was set to expire on December 1.
Continue Reading CFTC Extends Temporary Swap Data Reporting Relief for Certain International Swap Dealers and Major Swap Participants

The Commodity Futures Trading Commission will hold an open meeting on September 17, from 10:00 a.m. to 3:00 p.m. ET, to consider adopting several final rules, including with respect to:

  1. registration with alternative compliance for non-US derivative clearing organizations;
  2. amendments to real-time public reporting requirements under the CFTC’s Part 43 rules;
  3. amendments to swap data recordkeeping and reporting requirements under the CFTC’s Part 45 rules; and
  4. amendments to the CFTC’s regulations relating to certain swap data repository and data reporting requirements.


Continue Reading CFTC to Hold an Open Commission Meeting on September 17

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

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.
Continue Reading SEC Adopts Final SBS Cross-Border Rule Amendments and Sets Compliance Date for SBS Dealer Registration

On July 22, the Commodity Futures Trading Commission announced that it is extending the comment period for the proposal to improve data quality and streamline regulations for swap data reporting until October 28.
Continue Reading CFTC Extends Public Comment Period for Proposed Amendment to Swap Data Reporting Regulations

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.
Continue Reading NFA Adopts 4s Attestation Process for Swap Dealers and Major Swap Participants