Featured Product

    CFTC Finalizes Rules on Swap Data Reporting Requirements in US

    September 17, 2020

    CFTC approved three final rules to revise its regulations for swap data reporting, dissemination, and public reporting requirements for market participants. These three final rules will be effective 60 days after their publication in the Federal Register. CFTC also approved a final rule that will permit derivatives clearing organizations organized outside the U.S. to be registered with CFTC. This rule shall be effective 30 days after its publication in the Federal Register.

    Amendments to the Real-Time Public Reporting Requirements. CFTC approved a final rule that revises its regulations for 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 also made revisions that, among other things, will change the “block trade” definition and the block swap categories; update the block thresholds and cap sizes; and address issues that market participants have had in publicly reporting certain types of swaps.

    Amendments to the Swap Data Recordkeeping and Reporting Requirements. CFTC approved a final rule that revises the regulations that establish 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. This will, for the first time, give CFTC access to uncleared margin data, thus significantly improving its ability to monitor systemic risk. CFTC also finalized 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 burdens for reporting counterparties that are not swap dealers or major swap participants.

    Amendments to Regulations on Certain Swap Data Repository and Data Reporting Requirements. CFTC approved amendments to parts 43, 45, and 49 of its regulations to improve the accuracy of data reported to, and maintained by, swap data repositories, and to provide enhanced and streamlined oversight of SDRs and data reporting generally. Among other changes, the amendments modify existing requirements for swap data repositories to establish policies and procedures to confirm the accuracy of swap data with both counterparties to a swap and require reporting counterparties to verify the accuracy of swap data pursuant to those swap data repository procedures. The amendments also update existing requirements related to corrections for data errors and certain provisions related to swap data repository governance.

    Registration with Alternative Compliance for Non-U.S. Derivatives Clearing Organizations. CFTC approved the adoption of a rule that will permit derivatives clearing organizations organized outside the U.S. to be registered with CFTC, yet comply with the core principles applicable to derivatives clearing organizations as in the Commodity Exchange Act through compliance with their home country regulatory regimes, subject to certain conditions and limitations. CFTC also approved amendments to certain related delegation provisions in its regulations.

     

    Effective Date: FR+60 Days/FR+30 Days

    Keywords: Americas, US, Banking, Securities, Reporting, Dodd-Frank Act, Swap Data, Swaps, Swap Participants, Systemic Risk, Resolution, CFTC

    Featured Experts
    Related Articles
    News

    BIS Examines Use of Big Data and Machine Learning at Central Banks

    BIS published a paper that provides an overview on the use of big data and machine learning in the central bank community.

    March 04, 2021 WebPage Regulatory News
    News

    APRA Finalizes Reporting Standard for Operational Risk Requirements

    APRA finalized the reporting standard ARS 115.0 on capital adequacy with respect to the standardized measurement approach to operational risk for authorized deposit-taking institutions in Australia.

    March 03, 2021 WebPage Regulatory News
    News

    ECB Publishes Guide for Determining Penalties for Regulatory Breaches

    ECB published a guide that outlines the principles and methods for calculating the penalties for regulatory breaches of prudential requirements by banks.

    March 02, 2021 WebPage Regulatory News
    News

    MAS Sets Out Good Practices to Manage Operational Risks Amid COVID

    MAS and The Association of Banks in Singapore (ABS) jointly issued a paper that sets out good practices for the management of operational and other risks stemming from new work arrangements adopted by financial institutions amid the COVID-19 pandemic.

    March 02, 2021 WebPage Regulatory News
    News

    ACPR Announces New Data Collection Application for Banks and Insurers

    ACPR announced that a new data collection application, called DLPP (Datalake for Prudential), for collecting banking and insurance prudential data will go into production on April 12, 2021.

    March 02, 2021 WebPage Regulatory News
    News

    BCB Maintains CCyB at 0%, Initiates First Cycle of Regulatory Sandbox

    BCB announced that the Financial Stability Committee decided to maintain the countercyclical capital buffer (CCyB) for Brazil at 0%, at least until the end of 2021.

    March 02, 2021 WebPage Regulatory News
    News

    EIOPA Launches Study on Non-Life Underwriting Risk in Internal Models

    EIOPA has launched a European-wide comparative study on non-life underwriting risk in internal models, also kicking-off of the data collection phase.

    March 01, 2021 WebPage Regulatory News
    News

    SRB Publishes Overview of Resolution Tools Available in Banking Union

    SRB published an overview of the resolution tools available in the Banking Union and their impact on a bank’s ability to maintain continuity of access to financial market infrastructure services in resolution.

    March 01, 2021 WebPage Regulatory News
    News

    EBA Consults on Pillar 3 Disclosure Standards for ESG Risks Under CRR

    EBA is consulting on the implementing technical standards for Pillar 3 disclosures on environmental, social, and governance (ESG) risks, as set out in requirements under Article 449a of the Capital Requirements Regulation (CRR).

    March 01, 2021 WebPage Regulatory News
    News

    ESAs Issue Advice on KPIs on Sustainability for Nonfinancial Reporting

    ESAs Issue Advice on KPIs on Sustainability for Nonfinancial Reporting

    March 01, 2021 WebPage Regulatory News
    RESULTS 1 - 10 OF 6655