CFTC extended the comment period for a proposed rule that is intended to improve the accuracy of data reported to, and maintained by, swap data repositories (SDRs). The comment period is being extended for 90 days to January 27, 2020. The comment period for the proposed rule was originally scheduled to close on July 29, 2019. CFTC then subsequently extended the comment period for 90 days to October 28, 2019. This extension of the comment period will allow interested persons additional time to analyze the proposal and prepare their comments.
The regulations CFTC is proposing to amend concern data reporting and recordkeeping duties generally and other duties for SDRs. Among other changes, the proposed amendments:
- Modify existing requirements for SDRs to establish policies and procedures to confirm the accuracy of swap data with both counterparties to a swap
- Further require reporting counterparties to verify the accuracy of swap data pursuant to those SDR procedures
- Introduce certain amendments to parts 23, 43, 45, and 49 to provide enhanced and streamlined oversight over SDRs and data reporting in general
- Update and clarify SDR operational requirements to ensure that data is available to CFTC and the public as required by the Commodity Exchange Act
This proposed rule is the first rule that is part of the Roadmap to Achieve High Quality Swaps Data, which is a comprehensive review of the swap reporting regulations that was announced in July 2017. This proposal is the first of the three anticipated Roadmap rulemakings that should achieve the Roadmap’s overall goals of improving the quality, accuracy, and completeness of data reported to CFTC, streamlining data reporting, and clarifying obligations for market participants. CFTC does not expect to further extend the comment period for this rule in the absence of the additional Roadmap rulemakings. In the instance where the additional Roadmap rulemakings are not proposed before the expiration of the extended comment period, CFTC anticipates reopening this comment period when the remaining Roadmap rulemakings are proposed.
Comment Due Date: January 27, 2020
Keywords: Americas, US, Banking, Securities, Swap Data, SDR, Governance, Reporting, CFTC
Previous ArticleCFPB Amends Regulation C on Home Mortgage Disclosures
The European Commission (EC) published the Delegated Regulation 2021/1527 with regard to the regulatory technical standards for the contractual recognition of write down and conversion powers.
The Australian Prudential Regulation Authority (APRA) published a new set of frequently asked questions (FAQs) to provide guidance to authorized deposit-taking institutions on the interpretation of APS 120, the prudential standard on securitization.
The Single Resolution Board (SRB) published a Communication on the application of regulatory technical standard provisions on prior permission for reducing eligible liabilities instruments as of January 01, 2022.
The Australian Prudential Regulation Authority (APRA) published a new set of frequently asked questions (FAQs) to clarify the regulatory capital treatment of investments in the overseas deposit-taking and insurance subsidiaries.
The European Banking Authority (EBA) published the final report on the guidelines specifying the criteria to assess the exceptional cases when institutions exceed the large exposure limits and the time and measures needed for institutions to return to compliance.
The Prudential Regulation Authority (PRA) issued the policy statement PS20/21, which contains final rules for the application of existing consolidated prudential requirements to financial holding companies and mixed financial holding companies.
The European Banking Authority (EBA) revised the guidelines on stress tests to be conducted by the national deposit guarantee schemes under the Deposit Guarantee Schemes Directive (DGSD).
The European Commission (EC) announced that Nordea Bank has signed a guarantee agreement with the European Investment Bank (EIB) Group to support the sustainable transformation of businesses in the Nordics.
The Hong Kong Monetary Authority (HKMA) issued a circular, for all authorized institutions, to confirm its support of an information note that sets out various options available in the loan market for replacing USD LIBOR with the Secured Overnight Financing Rate (SOFR).
The Office of the Comptroller of the Currency (OCC) issued a new "Problem Bank Supervision" booklet of the Comptroller's Handbook. The booklet covers information on timely identification and rehabilitation of problem banks and their advanced supervision, enforcement, and resolution when conditions warrant.