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July 10, 2017

CFTC announced the launch of a comprehensive review of the swap data reporting regulations found in Parts 43, 45, and 49 of its regulations. The review is aimed to identify the regulatory changes that will simplify reporting and/or improve data accuracy and completeness. CFTC is soliciting input from all entities involved in swaps reporting and the comment period will end on August 21, 2017. The CFTC's Division of Market Oversight expects that the adoption of final rules and their industry implementation would occur by the end of 2019.

“The CFTC's Division of Market Oversight has taken stock of our progress implementing the standards agreed to at the Pittsburgh G-20 summit and codified in Dodd-Frank, and has produced a roadmap laying out future steps we could take to ensure we have complete, accurate, and high-quality data to fulfill our statutory responsibilities, ” said the Acting Chairman J. Christopher Giancarlo of CFTC. The roadmap to achieve high quality swaps data for the review process lays out two tranches of rule changes. The first tranche will address swap data repository operations and the confirmation of data accuracy by swap counterparties. The second tranche will address reporting workflows, including standardization of data fields and potential delayed reporting deadlines. The focus will be on ensuring that the CFTC receives accurate, complete, and high-quality data on swaps transactions for its regulatory oversight role and on streamlining reporting. The aim is to right-size the number of data elements that are reported to meet the agency’s priority use-cases for swaps data.

Comment Due Date: August 21, 2017

Keywords: Americas, Banking, SDR, Roadmap, Dodd Frank Act, CFTC

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