CFTC proposed to renew an information collection on the swap data recordkeeping and reporting requirements. These recordkeeping and reporting requirements (OMB Control No. 3038-0096) apply to swap dealers, major swap participants, and swap counterparties that are neither swap dealers nor major swap participants. Comments must be submitted by November 25, 2019.
This information collection is needed to ensure that CFTC and other regulators have access to swap data as required by the Commodity Exchange Act, as amended by the Dodd-Frank Act. The Dodd-Frank Act directed CFTC to adopt rules providing for the reporting of data relating to swaps. CFTC had, in 2012, adopted Regulation 45, which imposes recordkeeping and reporting requirements for pre-enactment and historical swaps. With respect to the collection of information, CFTC is inviting comments on:
- Whether the proposed collection of information is necessary for proper performance of the functions of CFTC, including whether the information will have a practical use
- The accuracy of CFTC's estimate of the burden of the proposed collection of information, including the validity of the methodology and assumptions used
- Ways to enhance the quality, usefulness, and clarity of the information to be collected
- Ways to minimize the burden of collection of information on those who are to respond, including through the use of appropriate automated electronic, mechanical, or other technological collection techniques or other forms of information technology.
Related Link: Federal Register Notice
Comment Due Date: November 25, 2019
Keywords: Americas, US, Banking, Securities, Reporting, Swap Data, Swap Dealers, Major Swap Participants, Information Collection, Dodd-Frank Act, CFTC
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