CFTC proposed renewal of an information collection on the swap data recordkeeping and reporting requirements related to pre-enactment and transition swaps. The regulation imposes recordkeeping and reporting requirements on swap dealers, major swap participants, and swap counterparties that are neither swap dealers nor major swap participants. Comments must be submitted on or before June 11, 2019.
The collection of information is needed to ensure that CFTC and other regulators have access to data regarding pre-enactment and transition swaps, as required by the Commodity Exchange Act and amended by the Dodd-Frank Act. The Dodd-Frank Act directed CFTC to adopt rules providing for the reporting of data related to swaps entered into before the date of enactment of the Dodd-Frank Act, the terms of which had not expired as of the date of enactment of the Dodd-Frank Act (pre-enactment swaps). The Act also required CFTC to adopt rules providing for the reporting of data related to swaps entered into on or after the date of enactment of the Dodd-Frank Act and prior to the compliance date specified in CFTC's final swap data reporting rules (transition swaps). On June 12, 2012, CFTC adopted regulation 46, which imposes recordkeeping and reporting requirements relating to pre-enactment and historical swaps. With respect to the collection of information, CFTC invites comments on:
- Whether the proposed collection of information is necessary for the proper performance of the functions of CFTC, including whether the information will have a practical use
- The accuracy of CFTC's estimate of the burden of the proposed collection of information, including the validity of the methodology and assumptions used
- Ways to enhance the quality, usefulness, and clarity of the information to be collected
- Ways to minimize the burden of collection of information on those who are to respond, including through the use of appropriate automated electronic, mechanical, or other technological collection techniques or other forms of information technology.
Related Link: Federal Register Notice
Comment Due Date: June 11, 2019
Keywords: Americas, US, Banking, Securities, Transition Swaps, Reporting, Swap Data, Dodd-Frank Act, Information Collection, Swap Dealers, Major Swap Participants, CFTC
Previous ArticleCFTC to Establish Climate-Related Market Risk Subcommittee
The Bank of England (BoE) published a consultation paper on approach to setting minimum requirement for own funds and eligible liabilities (MREL), an operational guide on executing bail-in, and a statement from the Deputy Governor Dave Ramsden.
The European Banking Authority (EBA) is seeking preliminary input on standardization of the proportionality assessment methodology for credit institutions and investment firms.
Certain regulatory authorities in the US are extending period for completion of the review of certain residential mortgage provisions and for publication of notice disclosing the determination of this review until December 20, 2021.
The Prudential Regulation Authority (PRA) published the policy statement PS18/21, which introduces an amendment in the definition of "higher paid material risk taker" in the Remuneration Part of the PRA Rulebook.
The European Banking Authority (EBA) published its annual report on asset encumbrance in banking sector.
The European Banking Authority (EBA) published a methodological guide to mystery shopping.
The Australian Prudential Regulation Authority (APRA) released a letter to authorized deposit-taking institutions to provide an update on key policy settings for the capital framework reforms, which will come into effect from January 01, 2023.
The Committee on Payments and Market Infrastructures (CPMI) and the International Organization of Securities Commissions (IOSCO) published a report that assesses the business continuity planning activities of financial market infrastructures or FMIs.
The Bank of England (BoE) published questions and answers (Q&A) on OSCA to BEEDS migration for statistical reporting as well a presentation from the project overview session held with statistical reporters.
The Basel Committee on Banking Supervision (BCBS) is consulting on a technical amendment to the Basel Framework to reflect a new process reviewing the global systemically important bank (G-SIB) assessment methodology.