CFTC approved three final rules to revise its regulations for swap data reporting, dissemination, and public reporting requirements for market participants. These three final rules will be effective 60 days after their publication in the Federal Register. CFTC also approved a final rule that will permit derivatives clearing organizations organized outside the U.S. to be registered with CFTC. This rule shall be effective 30 days after its publication in the Federal Register.
Amendments to the Real-Time Public Reporting Requirements. CFTC approved a final rule that revises its regulations for 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 also made revisions that, among other things, will change the “block trade” definition and the block swap categories; update the block thresholds and cap sizes; and address issues that market participants have had in publicly reporting certain types of swaps.
Amendments to the Swap Data Recordkeeping and Reporting Requirements. CFTC approved a final rule that revises the regulations that establish 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. This will, for the first time, give CFTC access to uncleared margin data, thus significantly improving its ability to monitor systemic risk. CFTC also finalized 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 burdens for reporting counterparties that are not swap dealers or major swap participants.
Amendments to Regulations on Certain Swap Data Repository and Data Reporting Requirements. CFTC approved amendments to parts 43, 45, and 49 of its regulations to improve the accuracy of data reported to, and maintained by, swap data repositories, and to provide enhanced and streamlined oversight of SDRs and data reporting generally. Among other changes, the amendments modify existing requirements for swap data repositories to establish policies and procedures to confirm the accuracy of swap data with both counterparties to a swap and require reporting counterparties to verify the accuracy of swap data pursuant to those swap data repository procedures. The amendments also update existing requirements related to corrections for data errors and certain provisions related to swap data repository governance.
Registration with Alternative Compliance for Non-U.S. Derivatives Clearing Organizations. CFTC approved the adoption of a rule that will permit derivatives clearing organizations organized outside the U.S. to be registered with CFTC, yet comply with the core principles applicable to derivatives clearing organizations as in the Commodity Exchange Act through compliance with their home country regulatory regimes, subject to certain conditions and limitations. CFTC also approved amendments to certain related delegation provisions in its regulations.
Effective Date: FR+60 Days/FR+30 Days
Keywords: Americas, US, Banking, Securities, Reporting, Dodd-Frank Act, Swap Data, Swaps, Swap Participants, Systemic Risk, Resolution, CFTC
Across 35 years in banking, Blake has gained deep insights into the inner working of this sector. Over the last two decades, Blake has been an Operating Committee member, leading teams and executing strategies in Credit and Enterprise Risk as well as Line of Business. His focus over this time has been primarily Commercial/Corporate with particular emphasis on CRE. Blake has spent most of his career with large and mid-size banks. Blake joined Moody’s Analytics in 2021 after leading the transformation of the credit approval and reporting process at a $25 billion bank.
Previous ArticleAPRA Consults on Alignment of Daily Liquidity Report for Banks
The European Banking Authority (EBA) published the final draft regulatory technical standards specifying and, where relevant, calibrating the minimum performance-related triggers for simple.
The European Central Bank (ECB) is undertaking the integrated reporting framework (IReF) project to integrate statistical requirements for banks into a standardized reporting framework that would be applicable across the euro area and adopted by authorities in other EU member states.
The European Banking Authority (EBA) has been awarded the top European Standard for its environmental performance under the European Eco-Management and Audit Scheme (EMAS).
The Monetary Authority of Singapore (MAS) set out the Financial Services Industry Transformation Map 2025 and, in collaboration with the SGX Group, launched ESGenome.
The Basel Committee on Banking Supervision met, shortly after a gathering of the Group of Central Bank Governors and Heads of Supervision (GHOS), the oversight body of BCBS.
The International Organization of Securities Commissions (IOSCO) welcomed the work of the international audit and assurance standard setters—the International Auditing and Assurance Standards Board (IAASB)
The Bank of England (BoE) published a Statistical Notice (2022/18), which informs that due to the Bank Holiday granted for Her Majesty Queen Elizabeth II’s State Funeral on Monday September 19, 2022.
The French Prudential Control and Resolution Authority (ACPR) announced that the European Banking Authority (EBA) has updated its filing rules and the implementation dates for certain modules of the EBA reporting framework 3.2.
The European Central Bank (ECB) published a paper that examines how credit rating agencies accepted by the Eurosystem, as part of the Eurosystem Credit Assessment Framework (ECAF)
The Australian Prudential Regulation Authority (APRA) announced reduction in the aggregate Committed Liquidity Facility (CLF) for authorized deposit-taking entities to ~USD 33 billion on September 01, 2022.