Release Number 8836-23

CFTC Seeks Public Comment on Proposed Rule to Amend Capital and Financial Reporting Requirements of Swap Dealers and Major Swap Participants

December 15, 2023

— The Commodity Futures Trading Commission today issued for public comment a proposed rule to amend the capital and financial reporting requirements of Swap Dealers (SDs) and Major Swap Participants (MSPs).

The proposal would codify the staff interpretation in CFTC Staff Letter No. 21-15 relating to the tangible net worth capital approach for calculating capital under CFTC Regulation 23.101, as well as the no-action position in CFTC Staff Letter No. 21-18, as further extended by CFTC Staff Letter No. 23-11, regarding alternate financial reporting requirements for SDs subject to the capital requirements of a prudential regulator.

The proposed amendments would also revise certain Part 23 regulations regarding the financial reporting requirements of SDs, including the required timing of certain notifications; the process for approval of subordinated debt for capital; and the information requested on financial reporting forms to conform to the rules. The proposed amendments are intended to make it easier for SDs and MSPs to comply with the CFTC’s financial reporting obligations and demonstrate compliance with minimum capital requirements.

The comment period will be open for 60 days after publication on, and close on February 13, 2024.

Comments must be in writing and may be submitted electronically through the CFTC Comments online process. All comments received will be posted on