April 12, 2011
CFTC Issues Notice of Proposed Rulemaking on Swap Data Recordkeeping and Reporting Requirements for Pre-Enactment and Transition Swaps
Washington, DC – The Commodity Futures Trading Commission (“CFTC”) today announced that it has proposed rules establishing swap data recordkeeping and reporting requirements for counterparties to pre-enactment swaps (those executed prior to enactment of the Dodd-Frank Act) and transition swaps (those entered into between the enactment date and the future effective date for final rules concerning swap recordkeeping and reporting). A Notice of Proposed Rulemaking, Swap Data Recordkeeping and Reporting Requirements: Pre-Enactment and Transition Swaps, has been submitted to the Federal Register and will be published shortly.
The proposed rule provides clarity concerning what records must be kept and what data must be reported to swap data repositories with respect to these historical swaps. The rule proposes limited recordkeeping requirements for counterparties to historical swaps. For swaps in existence on or after the date of publication of the proposed rule, counterparties would be required to keep records of specified, minimum primary economic terms for the swaps.
The proposed rule is also designed to ensure that data needed by regulators concerning historical swaps is available to regulators through swap data repositories (“SDRs”) beginning on the effective date for swap data reporting.
Last Updated: April 12, 2011