CFTC proposed renewal of an information collection on the swap data recordkeeping and reporting requirements related to pre-enactment and transition swaps. The regulation imposes recordkeeping and reporting requirements on swap dealers, major swap participants, and swap counterparties that are neither swap dealers nor major swap participants. Comments must be submitted on or before June 11, 2019.
The collection of information is needed to ensure that CFTC and other regulators have access to data regarding pre-enactment and transition swaps, as required by the Commodity Exchange Act and amended by the Dodd-Frank Act. The Dodd-Frank Act directed CFTC to adopt rules providing for the reporting of data related to swaps entered into before the date of enactment of the Dodd-Frank Act, the terms of which had not expired as of the date of enactment of the Dodd-Frank Act (pre-enactment swaps). The Act also required CFTC to adopt rules providing for the reporting of data related to swaps entered into on or after the date of enactment of the Dodd-Frank Act and prior to the compliance date specified in CFTC's final swap data reporting rules (transition swaps). On June 12, 2012, CFTC adopted regulation 46, which imposes recordkeeping and reporting requirements relating to pre-enactment and historical swaps. With respect to the collection of information, CFTC invites comments on:
- Whether the proposed collection of information is necessary for the proper performance of the functions of CFTC, including whether the information will have a practical use
- The accuracy of CFTC's estimate of the burden of the proposed collection of information, including the validity of the methodology and assumptions used
- Ways to enhance the quality, usefulness, and clarity of the information to be collected
- Ways to minimize the burden of collection of information on those who are to respond, including through the use of appropriate automated electronic, mechanical, or other technological collection techniques or other forms of information technology.
Related Link: Federal Register Notice
Comment Due Date: June 11, 2019
Keywords: Americas, US, Banking, Securities, Transition Swaps, Reporting, Swap Data, Dodd-Frank Act, Information Collection, Swap Dealers, Major Swap Participants, CFTC
Scott is a Director in the Regulatory and Accounting Solutions team responsible for providing accounting expertise across solutions, products, and services offered by Moody’s Analytics in the US. He has over 15 years of experience leading auditing, consulting and accounting policy initiatives for financial institutions.
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