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
FED finalized a rule that updates capital planning requirements to reflect the new framework from 2019 that sorts large banks into categories, with requirements that are tailored to the risks of each category.
ECB published results of the quarterly lending survey conducted on 143 banks in the euro area.
ESAs published the final draft implementing technical standards on reporting of intra-group transactions and risk concentration of financial conglomerates subject to the supplementary supervision in EU.
EBA published the annual report on asset encumbrance of banks in EU.
MAS revised the guidelines that address technology and cyber risks of financial institutions, in an environment of growing use of cloud technologies, application programming interfaces, and rapid software development.
FED updated the reporting form and instructions for the FR Y-9C report on consolidated financial statements for holding companies.
EBA issued a consultation paper on the guidelines on monitoring of the threshold and other procedural aspects of the establishment of intermediate EU parent undertakings, or IPUs, as laid down in the Capital Requirements Directive.
EC published Regulation 2021/25 that addresses amendments related to the financial reporting consequences of replacement of the existing interest rate benchmarks with alternative reference rates.
BIS published a bulletin, or a note, that examines the cyber threat landscape in the context of the pandemic and discusses policies to reduce risks to financial stability.
HM Treasury, also known as HMT, has updated the table containing the list of the equivalence decisions that came into effect in UK at the end of the transition period of its withdrawal from EU.