Featured Product

    CFTC Finalizes Rules on Swap Data Reporting Requirements in US

    September 17, 2020

    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

    Featured Experts
    Related Articles
    News

    ESAs Publish Reporting Templates for Financial Conglomerates

    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.

    January 18, 2021 WebPage Regulatory News
    News

    EBA Publishes Report on Asset Encumbrance of Banks in EU

    EBA published the annual report on asset encumbrance of banks in EU.

    January 18, 2021 WebPage Regulatory News
    News

    US Agencies Publish Updates for Call Reports, FFIEC 101, and FR Y-9C

    FED updated the reporting form and instructions for the FR Y-9C report on consolidated financial statements for holding companies.

    January 15, 2021 WebPage Regulatory News
    News

    EBA Proposes Guidelines for Establishing Intermediate Parent Entities

    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.

    January 15, 2021 WebPage Regulatory News
    News

    EC Adopts Financial Reporting Changes Arising from Benchmark Reforms

    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.

    January 14, 2021 WebPage Regulatory News
    News

    BIS Bulletin Examines Key Elements of Policy Response to Cyber Risk

    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.

    January 14, 2021 WebPage Regulatory News
    News

    HMT Updates List of Post-Brexit Equivalence Decisions in UK

    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.

    January 14, 2021 WebPage Regulatory News
    News

    EBA Issues Erratum for Technical Package on Reporting Framework 3.0

    EBA published an erratum for technical package on phase 1 of the reporting framework 3.0.

    January 14, 2021 WebPage Regulatory News
    News

    APRA Publishes FAQ on Measurement of Credit Risk Weighted Assets

    APRA updated a frequently asked question (FAQ), for authorized deposit-taking institutions, on the measurement of credit risk weighted assets.

    January 14, 2021 WebPage Regulatory News
    News

    ECB Letter Sets Out Strategies to Address Issue of Nonperforming Loans

    ECB published a letter from Andrea Enria, the Chair of the Supervisory Board of ECB, answering questions raised by the President of the Bundestag (the German federal parliament) on how ECB assesses the financial stability of the euro area in the context of the significant level of nonperforming loans.

    January 14, 2021 WebPage Regulatory News
    RESULTS 1 - 10 OF 6450