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    CFTC Extends Comment Period for a Proposal on Swap Data Reporting

    October 29, 2019

    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. 

     

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    Comment Due Date: January 27, 2020

    Keywords: Americas, US, Banking, Securities, Swap Data, SDR, Governance, Reporting, CFTC

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