Federal Register: Interim Final Rule for Reporting Pre-Enactment Swap Transactions

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Gavel.png INTERIM FINAL RULE: Reporting Pre-Enactment Swap Transactions Approved at CFTC Open Meeting, October 1, 2010
Dodd-Frank Timeline, Swap Data Recordkeeping and Reporting Requirements for Pre-Enactment and Transition Swaps
Final Rule Issue Effective Date Compliance Date
June 12, 2012 August 13, 2012 April 10, 2013

On October 1, 2010, the Commodity Futures Trading Commission (CFTC) held the first of a series of open meetings to consider the issuance of proposed rulemakings under the Dodd-Frank Act. One of the agenda items was an interim final rule for reporting requirements for swap transactions.<ref>Open Meeting on First Series of Proposed Rules under the Dodd-Frank Act. CFTC. Retrieved on March 3, 2011.</ref>

Summary of the Interim Final Rule[edit]

Among other things, the Dodd-Frank Act requires that swaps be reported to a registered swap data repository (SDR) or to the commission if there is no registered SDR that would accept the swap. In order to create consistency within the swaps market, the commission proposed that any swap transaction that has not expired as of the final rule implementation date ("pre-enactment swaps"), will be required to register the transaction with the appropriate SDR. Specifically, the rule requires:

  • unexpired pre-enactment swaps to be reported no later than 60 days from the date the appropriate SDR is registered with the Commission, or by the compliance date established in the swap reporting rules required by the CEA, whichever comes first;
  • counterparties specified in Section 4r(a)(3) report information concerning pre-enactment unexpired swaps to the Commission on request during the interim period.

The interim final rule also contained a note recommending which information should be retained by all parties to a swap agreement, in anticipation of the final rules:

  • a copy of the transaction confirmation;
  • the time executed, if available;
  • price, and any other data related to the value of the swap; and
  • if accepted for clearing, the name of the clearing entity.

Related Documents: Fact Sheet, Q&A, and Rule Proposal as it Appeared in the Federal Register[edit]



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