CFTC – amended swap data recordkeeping and reporting

March 8, 2021 – CFTC reported information collection request sent to OMB for review, and comment, related to CFTC swap data recordkeeping and reporting requirements information collection. Proposed revisions due to the final rule on swap recordkeeping and reporting.

Swap Data Collection Background
The collection needed to ensure that the CFTC and other regulators have access to swap data as required by the Commodities Exchange Act (CEA), as amended by Dodd-Frank Act (DFA). On September 17, 2020, CFTC adopted the rule to swap data requirements under 17 CFR 45. Commission did not receive comments on the prior 60-day notice published December 2, 2020.

Swap Data Collection Revisions
The final rule created costs to update systems for reporting swap creation data reports. Additionally, expanded the daily valuation data reporting requirement for SD/MSP reporting counterparties to report margin, collateral data in addition to valuation data. Created costs for entities that were previously required to generate unique swap identifiers (USIs) to update systems to generate uniform transaction identifiers (UTIs).

Comments on proposed swap data recordkeeping and reporting revisions due April 7, 2021.

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