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.
- 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
Previous ArticleBoM Announces Support Measures to Address Impact of Pandemic
The Board of Governors of the Federal Reserve System (FED) adopted the final rule on Adjustable Interest Rate (LIBOR) Act.
The European Central Bank (ECB) published an updated list of supervised entities, a report on the supervision of less significant institutions (LSIs), a statement on macro-prudential policy.
The Hong Kong Monetary Authority (HKMA) published a circular on the prudential treatment of crypto-asset exposures, an update on the status of transition to new interest rate benchmarks.
The European Commission (EC) adopted the standards addressing supervisory reporting of risk concentrations and intra-group transactions, benchmarking of internal approaches, and authorization of credit institutions.
The China Banking and Insurance Regulatory Commission (CBIRC) issued rules to manage the risk of off-balance sheet business of commercial banks and rules on corporate governance of financial institutions.
The Hong Kong Monetary Authority (HKMA) made announcements to address sustainability issues in the financial sector.
The European Banking Authority (EBA) published regulatory standards on identification of a group of connected clients (GCC) as well as updated the lists of identified financial conglomerates.
The General Board of the European Systemic Risk Board (ESRB), at its December meeting, issued an updated risk assessment via the quarterly risk dashboard and held discussions on key policy priorities to address the systemic risks in the European Union.
The Financial Conduct Authority (FCA) is seeking comments, until December 21, 2022, on the draft guidance for firms to support existing mortgage borrowers.
The Financial Stability Board (FSB) published a report that assesses progress on the transition from the Interbank Offered Rates, or IBORs, to overnight risk-free rates as well as a report that assesses global trends in the non-bank financial intermediation (NBFI) sector.