Final Rule: Amendments to Swap Data Recordkeeping and Reporting Requirements for Cleared Swaps
Federal Register Publication Date: 06/27/2016
Summary: The CFTC adopted final regulations relating to swap data reporting in connection with cleared swaps for swap data repositories (‘‘SDRs’’), derivatives clearing organizations, designated contract markets, swap execution facilities, swap dealers (‘‘SDs’’), major swap participants (‘‘MSPs’’), and swap counterparties who are neither SDs nor MSPs. Commodity Exchange Act provisions relating to swap data recordkeeping and reporting were added by the Dodd-Frank Wall Street Reform and Consumer Protection Act. These regulations adopt without change revisions to the CFTC regulations as proposed in the Notice of Proposed Rulemaking issued August 31, 2015. These revisions clarify regulations to clearly delineate the swap data reporting requirements associated with each of the swaps involved in a cleared swap transaction. Additionally, these revisions leave the choice of SDR for each swap in a cleared swap transaction to the entity submitting the first report on such swap.