CFTC extended the comment period for a proposed rule that is intended to improve the accuracy of data reported to, and maintained by, swap data repositories (SDRs). The comment period is being extended for 90 days to January 27, 2020. The comment period for the proposed rule was originally scheduled to close on July 29, 2019. CFTC then subsequently extended the comment period for 90 days to October 28, 2019. This extension of the comment period will allow interested persons additional time to analyze the proposal and prepare their comments.
The regulations CFTC is proposing to amend concern data reporting and recordkeeping duties generally and other duties for SDRs. Among other changes, the proposed amendments:
- Modify existing requirements for SDRs to establish policies and procedures to confirm the accuracy of swap data with both counterparties to a swap
- Further require reporting counterparties to verify the accuracy of swap data pursuant to those SDR procedures
- Introduce certain amendments to parts 23, 43, 45, and 49 to provide enhanced and streamlined oversight over SDRs and data reporting in general
- Update and clarify SDR operational requirements to ensure that data is available to CFTC and the public as required by the Commodity Exchange Act
This proposed rule is the first rule that is part of the Roadmap to Achieve High Quality Swaps Data, which is a comprehensive review of the swap reporting regulations that was announced in July 2017. This proposal is the first of the three anticipated Roadmap rulemakings that should achieve the Roadmap’s overall goals of improving the quality, accuracy, and completeness of data reported to CFTC, streamlining data reporting, and clarifying obligations for market participants. CFTC does not expect to further extend the comment period for this rule in the absence of the additional Roadmap rulemakings. In the instance where the additional Roadmap rulemakings are not proposed before the expiration of the extended comment period, CFTC anticipates reopening this comment period when the remaining Roadmap rulemakings are proposed.
Comment Due Date: January 27, 2020
Keywords: Americas, US, Banking, Securities, Swap Data, SDR, Governance, Reporting, CFTC
Previous ArticleCFPB Amends Regulation C on Home Mortgage Disclosures
BIS published the September issue of the Quarterly Review, which contains special features that analyze the rapid rise in equity funding for financial technology firms, the effectiveness of policy measures in response to pandemic, and the evolution of international banking.
The Basel Committee for Banking Supervision (BCBS) met in September 2021 and reviewed climate-related financial risks, discussed impact of digitalization, and welcomed efforts by the International Financial Reporting Standards (IFRS) Foundation to develop a common set of sustainability reporting standards
The Office of the Comptroller of the Currency (OCC) issued a Cease and Desist Order against MUFG Union Bank for deficiencies in technology and operational risk governance.
The European Commission (EC) published the Delegated Regulation 2021/1527 with regard to the regulatory technical standards for the contractual recognition of write down and conversion powers.
In a response to the questions posed by a member of the European Parliament, the President Christine Lagarde highlighted the commitment of the European Central Bank (ECB) to an ambitious climate-related action plan along with a roadmap, which was published in July 2021.
The Single Resolution Board (SRB) published a Communication on the application of regulatory technical standard provisions on prior permission for reducing eligible liabilities instruments as of January 01, 2022.
The Australian Prudential Regulation Authority (APRA) published a new set of frequently asked questions (FAQs) to provide guidance to authorized deposit-taking institutions on the interpretation of APS 120, the prudential standard on securitization.
The French Prudential Control and Resolution Authority (ACPR) published the corrective version of the RUBA taxonomy Version 1.0.1, which will come into force from the decree of January 31, 2022.
The European Commission (EC) announced that Nordea Bank has signed a guarantee agreement with the European Investment Bank (EIB) Group to support the sustainable transformation of businesses in the Nordics.
The Australian Prudential Regulation Authority (APRA) published a new set of frequently asked questions (FAQs) to clarify the regulatory capital treatment of investments in the overseas deposit-taking and insurance subsidiaries.