CFTC Proposes to Renew Information Collection on Swap Data Reporting
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
Featured Experts
Scott Dietz
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.
Laurent Birade
Advises U.S. and Canadian financial institutions on risk and finance integration, CCAR/DFAST stress testing, IFRS9 and CECL credit loss reserving, and credit risk practices.
María Cañamero
Skilled market researcher; growth strategist; successful go-to-market campaign developer
Previous Article
IMF Publishes Reports on 2018 Article IV Consultation with PortugalNext Article
BoM Revises Guideline on Credit Concentration RiskRelated Articles
BIS and Central Banks Experiment with GenAI to Assess Climate Risks
A recent report from the Bank for International Settlements (BIS) Innovation Hub details Project Gaia, a collaboration between the BIS Innovation Hub Eurosystem Center and certain central banks in Europe
Nearly 25% G-SIBs Commit to Adopting TNFD Nature-Related Disclosures
Nature-related risks are increasing in severity and frequency, affecting businesses, capital providers, financial systems, and economies.
Singapore to Mandate Climate Disclosures from FY2025
Singapore recently took a significant step toward turning climate ambition into action, with the introduction of mandatory climate-related disclosures for listed and large non-listed companies
SEC Finalizes Climate-Related Disclosures Rule
The U.S. Securities and Exchange Commission (SEC) has finalized the long-awaited rule that mandates climate-related disclosures for domestic and foreign publicly listed companies in the U.S.
EBA Proposes Standards Related to Standardized Credit Risk Approach
The European Banking Authority (EBA) has been taking significant steps toward implementing the Basel III framework and strengthening the regulatory framework for credit institutions in the EU
US Regulators Release Stress Test Scenarios for Banks
The U.S. regulators recently released baseline and severely adverse scenarios, along with other details, for stress testing the banks in 2024. The relevant U.S. banking regulators are the Federal Reserve Bank (FED), the Federal Deposit Insurance Corporation (FDIC), and the Office of the Comptroller of the Currency (OCC).
Asian Governments Aim for Interoperability in AI Governance Frameworks
The regulatory landscape for artificial intelligence (AI), including the generative kind, is evolving rapidly, with governments and regulators aiming to address the challenges and opportunities presented by this transformative technology.
EBA Proposes Operational Risk Standards Under Final Basel III Package
The European Union (EU) has been working on the final elements of Basel III standards, with endorsement of the Banking Package and the publication of the European Banking Authority (EBA) roadmap on Basel III implementation in December 2023.
EFRAG Proposes XBRL Taxonomy and Standard for Listed SMEs Under ESRS
The European Financial Reporting Advisory Group (EFRAG), which plays a crucial role in shaping corporate reporting standards in European Union (EU), is seeking comments, until May 21, 2024, on the Exposure Draft ESRS for listed SMEs.
ECB to Expand Climate Change Work in 2024-2025
Banking regulators worldwide are increasingly focusing on addressing, monitoring, and supervising the institutions' exposure to climate and environmental risks.
