US Commodity Futures Trading Commission Division of Market Oversight Announces Review of Swaps Reporting Regulations
The U.S. Commodity Futures Trading Commission’s (CFTC) Division of Market Oversight (Division) announced the launch of an in-depth review of the swap data reporting regulations found in Parts 43, 45, and 49 of the CFTC’s regulations. In addition, the Division has opened a 40-day comment period to receive input on this effort from all entities involved in reporting swaps, which must be received by August 21, 2017.
The Division will focus on changing existing regulations and guidance with two main objectives: (1) to ensure that all data on swap transactions received by the CFTC for its regulatory oversight be accurate, complete, and of the highest quality; and (2) to streamline reporting, cut down the number of messages that must be reported, and find the right number of data elements that are reported to meet the agency’s priority use-cases for swaps data.
In conjunction with this announcement, the Division has also created a “Roadmap to Achieve High Quality Swaps Data” to set forth the blueprint for the review process, which lays out the two tranches of rule changes. The first tranche covers swap data repository (SDR) operations and ensuring data accuracy by swap counterparties. The second tranche addresses the general reporting of work flows, including standardization of data fields and potential delayed reporting deadlines.
View Comments on the CFTC’s website.
View CFTC’s “Roadmap to Achieve High Quality Swaps Data”.
View CFTC Staff Letter 17-33.TOPIC: Derivatives