CFTC Consults on Rules on Swap Data Reporting Requirements in US
CFTC approved two proposed rules to revise its regulations for swap data reporting, dissemination, and public reporting requirements for market participants. Both the proposed rules have a ninety-day comment period that ends on May 20, 2020. CFTC also approved reopening the comment period of a proposed rule for 90 days to amend certain agency regulations related to swap data repositories. All three measures are intended to improve data quality and streamline CFTC regulations.
Proposed Amendments to the Real-Time Public Reporting Requirements. CFTC is proposing revisions to the regulations setting forth 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 is also proposing revisions that, among other things, change the “block trade” definition, change the block swap categories, update the block thresholds and cap sizes, and adjust the delay for the public dissemination of block transactions.
Proposed Amendments to the Swap Data Recordkeeping and Reporting Requirements. CFTC is proposing revisions to the regulations that set forth the 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. CFTC is proposing 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 burden for reporting counterparties that are not swap dealers or major swap participants.
Reopening Comment Period for the Proposed Rule on Certain Swap Data Repository and Data Reporting Requirements. On May 13, 2019, CFTC had issued a proposed rule to amend certain regulations applicable to swap data repositories, reporting counterparties, and other market participants. The proposed amendments would, among other things, update requirements for swap data repositories to verify swap data with reporting counterparties, update requirements to correct swap data errors and omissions, and update and clarify certain swap data repository operational and governance requirements. The comment period for the proposed rule was originally scheduled to close on July 29, 2019. CFTC subsequently extended the comment period twice: once for 90 days to October 28, 2019 and then for another 90 days to January 27, 2020. CFTC is now reopening the comment period again for an additional 90 days, which will end on May 20, 2020.
Related Links
- Amendments to Real-Time Public Reporting Requirements
- Amendments to Swap Data Recordkeeping and Reporting Requirements
- Certain Swap Data Repository and Data Reporting Requirements
Comment Due Date: May 20, 2020
Keywords: Americas, US, Banking, Securities, Reporting, Dodd-Frank Act, Swap Data, Swaps, CFTC
Featured Experts
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
Pierre-Etienne Chabanel
Brings expertise in technology and software solutions around banking regulation, whether deployed on-premises or in the cloud.
Previous Article
BoM Announces Support Measures to Address Impact of PandemicRelated Articles
EBA Finalizes Remuneration Standards for Investment Firms in EU
EBA finalized the two sets of draft regulatory technical standards on the identification of material risk-takers and on the classes of instruments used for remuneration under the Investment Firms Directive (IFD).
ECA Recommends Actions to Enhance Resolution Planning for Banks
EC published, in the Official Journal of the European Union, a notification that the European Court of Auditors (ECA) has published a special report on resolution planning in the Single Resolution Mechanism.
BoE Publishes Key Elements of the 2021 Stress Testing for Banks in UK
BoE published a scenario against which it will be stress testing banks in 2021, in addition to setting out the key elements of the 2021 stress test, guidance on the 2021 stress test, and the variable paths for the 2021 stress test.
PRA Proposes Rules on Identity Verification of Depositor Protection
PRA published a consultation paper (CP3/21) proposes rules regarding the timing of identity verification required for eligibility of depositor protection under the Financial Services Compensation Scheme (FSCS).
FSB Publishes Work Program for 2021
FSB published the work program for 2021, which reflects a strategic shift in priorities in the COVID-19 environment.
FCA Issues Update on Move to New Data Collection Platform
FCA announced that 50% firms have started using the new data collection platform RegData, which is slated to replace the existing platform known Gabriel.
Bundesbank Publishes Derivation Rules for Reporting by Banks
Bundesbank published Version 5.0 of the derivation rules for completeness check at the form level, with respect to the data quality of the European harmonized reporting system.
FED Revises Capital Planning and Stress Testing Requirements for Banks
FED finalized a rule that updates capital planning requirements to reflect the new framework from 2019 that sorts large banks into categories, with requirements that are tailored to the risks of each category.
ECB Releases Results of Bank Lending Survey for Fourth Quarter of 2020
ECB published results of the quarterly lending survey conducted on 143 banks in the euro area.
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.
