Swap Data Recordkeeping and Reporting Requirements: Pre-Enactment and Transition Swaps
The Commodity Futures Trading Commission (``Commission'' or ``CFTC'') adopted rules under Part 46 to further implement the Commodity Exchange Act (``CEA'' or ``Act'') with respect to the new statutory framework regarding swap data recordkeeping and reporting established by the Dodd-Frank Wall Street Reform and Consumer Protection Act (``Dodd-Frank Act''). The Dodd-Frank Act, directs that rules adopted by the Commission shall provide for the reporting of data relating to swaps entered into before the date of enactment of the Dodd-Frank Act, the terms of which have not expired as of the date of enactment of the Dodd-Frank Act (``pre-enactment swaps'') and data relating to swaps entered into on or after the date of enactment of the Dodd-Frank Act and prior to the compliance date specified in the Commission's final swap data reporting rules (``transition swaps''). These final rules establish swap data recordkeeping and reporting requirements for pre-enactment swaps and transition swaps.
10/12/2012 MSPs must report credit swaps and interest rate swaps.
1/10/2013 MSPs must report equity swaps, foreign exchange swaps, and other commodity swaps.
1/30/2013 SDs whose swap dealing activities exceeded either of the notional thresholds during the month of October, 2012 are required to be in compliance with the historical swap data reporting requirements of Part 46 for credit swaps and interest rate swaps (“Compliance Date 1 Swaps”). See Division of Market Oversight No-Action Letter, CFTC Letter No. 12-32 PDF Image, issued November 19, 2012.
3/30/2013 SDs whose swap dealing activities exceeded either of the notional thresholds during the month of October, 2012 are required to be in compliance with the historical swap data reporting requirements of Part 46 for equity swaps, foreign exchange swaps and other commodity swaps (“Compliance Date 2 Swaps”). See Division of Market Oversight No-Action Letter, CFTC Letter No. 12-41 PDF Image, issued December 5, 2012. See also Division of Market Oversight No-Action Letter, CFTC Letter No. 12-32 PDF Image, issued November 19, 2012.
4/10/2013 Non-SD/MSP counterparties are required to be in compliance with Part 46 for swaps in all asset classes.