Release Number 8121-20
February 20, 2020
CFTC Unanimously Approves Proposed Rules to Improve Data Quality, Streamline Regulations at February 20 Open Meeting
Washington, D.C. — The Commodity Futures Trading Commission at its open meeting today unanimously approved two proposed rules to revise CFTC regulations for swap data reporting, dissemination, and public reporting requirements for market participants. The Commission also unanimously approved reopening the comment period of a proposed rule to amend certain agency regulations related to swap data repositories. All three measures are intended to improve data quality and streamline CFTC regulations.
Proposed Rule: Amendments to the Real-Time Public Reporting Requirements (Part 43)
The Commission unanimously approved proposed revisions to its regulations for real-time public reporting and dissemination requirements for swap data repositories (SDRs), derivatives clearing organizations (DCOs), swap execution facilities (SEFs), designated contract markets (DCMs), swap dealers (SDs), major swap participants (MSPs), and swap counterparties that are neither SDs nor MSPs. The Commission also approved proposed revisions that, among other things, will change the “block trade” definition and the block swap categories; update the block thresholds and cap sizes; and adjust the delay for the public dissemination of block transactions.
This proposed rule has a 90-day comment period following approval by the Commission.
Proposed Rule: Amendments to the Swap Data Recordkeeping and Reporting Requirements (Part 45)
The Commission unanimously approved proposed revisions to its regulations that establish swap data recordkeeping and reporting requirements for SDRs, DCOs, SEFs, DCMs, SDs, MSPs, and swap counterparties that are neither SDs nor MSPs. The Commission also approved proposed 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 SDs or MSPs.
This proposed rule has a 90-day comment period following approval by the Commission.
The Commission unanimously approved the reopening of the comment period for the proposed rule Certain Swap Data Repository and Data Reporting Requirements that was published in the Federal Register on May 13, 2019. The proposed rule amends certain regulations applicable to swap data repositories, reporting counterparties, and other market participants. The proposed amendments would, among other things, update requirements for SDRs to verify swap data with reporting counterparties, update requirements to correct swap data errors and omissions, and update and clarify certain SDR operational and governance requirements.
The comment period will be reopened for 90 days ending on May 20, 2020. This will allow market participants to comment on this proposed rule in conjunction with the two proposals approved today.
All three measures are part of the Commission’s efforts to improve the quality, accuracy, and completeness of the data reported to the Commission. They are also intended to streamline data reporting, and clarify obligations for market participants.
Additional information on these rulemakings, including statements of the Chairman and the Commissioners, is available here.
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