Featured Product

    CFTC Extends Comment Period for a Proposal on Swap Data Reporting

    October 29, 2019

    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. 

     

    Related Links

    Comment Due Date: January 27, 2020

    Keywords: Americas, US, Banking, Securities, Swap Data, SDR, Governance, Reporting, CFTC

    Featured Experts
    Related Articles
    News

    ESAs Issue Multiple Regulatory Updates for Financial Sector Entities

    The three European Supervisory Authorities (ESAs) issued a letter to inform about delay in the Sustainable Finance Disclosure Regulation (SFDR) mandate, along with a Call for Evidence on greenwashing practices.

    November 15, 2022 WebPage Regulatory News
    News

    FSB and NGFS Publish Initial Findings from Climate Scenario Analyses

    The Financial Stability Board (FSB) and the Network for Greening the Financial System (NGFS) published a joint report that outlines the initial findings from climate scenario analyses undertaken by financial authorities to assess climate-related financial risks.

    November 15, 2022 WebPage Regulatory News
    News

    FSB Issues Reports on NBFI and Liquidity in Government Bonds

    The Financial Stability Board (FSB) published a letter intended for the G20 leaders, highlighting the work that it will undertake under the Indian G20 Presidency in 2023 to strengthen resilience of the financial system.

    November 14, 2022 WebPage Regulatory News
    News

    ISSB Makes Announcements at COP27; IASB to Propose IFRS 9 Amendments

    The International Sustainability Standards Board (ISSB) of the IFRS Foundations made several announcements at COP27 and with respect to its work on the sustainability standards.

    November 10, 2022 WebPage Regulatory News
    News

    IOSCO Prioritizes Green Disclosures, Greenwashing, and Carbon Markets

    The International Organization for Securities Commissions (IOSCO), at COP27, outlined the regulatory priorities for sustainability disclosures, mitigation of greenwashing, and promotion of integrity in carbon markets.

    November 09, 2022 WebPage Regulatory News
    News

    EBA Finalizes Methodology for Stress Tests, Issues Other Updates

    The European Banking Authority (EBA) issued a statement in the context of COP27, clarified the operationalization of intermediate EU parent undertakings (IPUs) of third-country groups

    November 09, 2022 WebPage Regulatory News
    News

    EU Finalizes Rules Under Crowdfunding Service Providers Regulation

    The European Union has finalized and published, in the Official Journal of the European Union, a set of 13 Delegated and Implementing Regulations applicable to the European crowdfunding service providers.

    November 08, 2022 WebPage Regulatory News
    News

    OSFI Sets Out Work Priorities and Reporting Updates for Banks

    The Office of the Superintendent of Financial Institutions (OSFI) published an annual report on its activities, a report on forward-looking work.

    November 07, 2022 WebPage Regulatory News
    News

    APRA Finalizes Changes to Capital Framework, Issues Other Updates

    The Australian Prudential Regulation Authority (APRA) finalized amendments to the capital framework, announced a review of the prudential framework for groups.

    November 03, 2022 WebPage Regulatory News
    News

    BIS Hub and Central Banks Conduct CBDC and DeFI Pilots

    The Bank for International Settlements (BIS) Innovation Hubs and several central banks are working together on various central bank digital currency (CBDC) pilots.

    November 03, 2022 WebPage Regulatory News
    RESULTS 1 - 10 OF 8596