CFTC approved two proposed rules to revise its regulations for swap data reporting, dissemination, and public reporting requirements for market participants. Both the proposed rules have a ninety-day comment period that ends on May 20, 2020. CFTC also approved reopening the comment period of a proposed rule for 90 days to amend certain agency regulations related to swap data repositories. All three measures are intended to improve data quality and streamline CFTC regulations.
Proposed Amendments to the Real-Time Public Reporting Requirements. CFTC is proposing revisions to the regulations setting forth real-time public reporting and dissemination requirements for swap data repositories, derivatives clearing organizations, swap execution facilities, designated contract markets, swap dealers, major swap participants, and swap counterparties that are neither swap dealers nor major swap participants. CFTC is also proposing revisions that, among other things, change the “block trade” definition, change the block swap categories, update the block thresholds and cap sizes, and adjust the delay for the public dissemination of block transactions.
Proposed Amendments to the Swap Data Recordkeeping and Reporting Requirements. CFTC is proposing revisions to the regulations that set forth the swap data recordkeeping and reporting requirements for swap data repositories, derivatives clearing organizations, swap execution facilities, designated contract markets, swap dealers, major swap participants, and swap counterparties that are neither swap dealers nor major swap participants. CFTC is proposing revisions that, among other things, streamline the requirements for reporting new swaps, define and adopt swap data elements that harmonize with international technical guidance, and reduce reporting burden for reporting counterparties that are not swap dealers or major swap participants.
Reopening Comment Period for the Proposed Rule on Certain Swap Data Repository and Data Reporting Requirements. On May 13, 2019, CFTC had issued a proposed rule to amend certain regulations applicable to swap data repositories, reporting counterparties, and other market participants. The proposed amendments would, among other things, update requirements for swap data repositories to verify swap data with reporting counterparties, update requirements to correct swap data errors and omissions, and update and clarify certain swap data repository operational and governance requirements. The comment period for the proposed rule was originally scheduled to close on July 29, 2019. CFTC subsequently extended the comment period twice: once for 90 days to October 28, 2019 and then for another 90 days to January 27, 2020. CFTC is now reopening the comment period again for an additional 90 days, which will end on May 20, 2020.
- Amendments to Real-Time Public Reporting Requirements
- Amendments to Swap Data Recordkeeping and Reporting Requirements
- Certain Swap Data Repository and Data Reporting Requirements
Comment Due Date: May 20, 2020
Keywords: Americas, US, Banking, Securities, Reporting, Dodd-Frank Act, Swap Data, Swaps, CFTC
Previous ArticleBoM Announces Support Measures to Address Impact of Pandemic
PRA published the policy statement PS8/21, which contains the final supervisory statement SS3/21 on the PRA approach to supervision of the new and growing non-systemic banks in UK.
EBA published a report that sets out the final draft regulatory technical standards specifying the conditions according to which consolidation shall be carried out in line with Article 18 of the Capital Requirements Regulation (CRR).
EBA updated the list of other systemically important institutions (O-SIIs) in EU.
BCBS published two reports that discuss transmission channels of climate-related risks to the banking system and the measurement methodologies of climate-related financial risks.
UK Authorities (FCA and PRA) welcomed the findings of FSB peer review on the implementation of financial sector remuneration reforms in the UK.
PRA and FCA jointly issued a letter that highlights risks associated with the increasing volumes of deposits that are placed with banks and building societies via deposit aggregators and how to mitigate these risks.
MFSA announced that amendments to the Banking Act, Subsidiary Legislation, and Banking Rules will be issued in the coming months, to transpose the Capital Requirements Directive (CRD5) into the national regulatory framework.
EC finalized the Delegated Regulation 2021/598 that supplements the Capital Requirements Regulation (CRR or 575/2013) and lays out the regulatory technical standards for assigning risk-weights to specialized lending exposures.
OSFI launched a consultation to explore ways to enhance the OSFI assurance over capital, leverage, and liquidity returns for banks and insurers, given the increasing complexity arising from the evolving regulatory reporting framework due to IFRS 17 (Insurance Contracts) standard and Basel III reforms.
ECB published results of the benchmarking analysis of the recovery plan cycle for 2019.