Swap Data Regulation - Comment Letters
|Proposal Date||Comment Deadline||Final Rule Issue|
|October 14, 2010||November 15, 2010||June 12, 2012|
|Final Rule Issue||Effective Date||Compliance Date|
|December 20, 2011||March 9, 2012||December 31, 2012|
|Proposal Date||Final Rule Issue||Effective Date*|
|December 23, 2010||September 1, 2011||October 31, 2011|
|Final Rule Issue||Effective Date||No-Action Relief, Part 43/45||No-Action Relief, Part 23|
|January 13, 2012||March 13, 2012||July 1, 2013 (IRS, CDS); Aug. 19 for other swaps||June 30, 2013|
|Final Rule Issue||Effective Date||Compliance Date|
|June 12, 2012||August 13, 2012||April 10, 2013|
|Reopened Comment Period Deadline||Final Rule Issue||Effective Date|
|July 22, 2013||March 19, 2015||May 18, 2015|
|Final Rule Issue/New Proposal||Proposal Comment Deadline||Effective Date, Final Rule|
|March 19, 2015||May 4, 2015||May 18, 2015|
Comment letters addressing swap data regulation rulemakings.
Comment letters addressing regulations common to all swap entities - Derivative Clearing Organizations (DCOs), Designated Contract Markets (DCMs), Swap Execution Facilities (SEFs), and Swap Data Repositories (SDRs) can be found under "Swap Entities Regulation - Comment Letters."
- 1 Procedures To Establish Appropriate Minimum Block Sizes for Large Notional Off-Facility Swaps and Block Trades
- 2 Pre-enactment and Transition Swap Data Recordkeeping and Reporting Requirements
- 3 Real Time Public Reporting of Swap Transaction and Pricing Data
- 4 Swap Dealers and Major Swap Participants Regulation - Reporting and Recordkeeping - Comment Letters
- 5 Registration and Regulation of Swap Data Repositories
- 6 Interim Final Rule Regarding Reporting of Pre-enactment Swap Transactions
- 7 SEC Comment Letters
- 8 References
Procedures To Establish Appropriate Minimum Block Sizes for Large Notional Off-Facility Swaps and Block Trades
At its February 23, 2012 open meeting, the CFTC approved a proposed rulemaking that would group swaps into separate categories, establish minimum sizes for block trades and large notional off-facility swaps in each category, and protect the identities of swap counterparties in connection with the real-time public reporting of swap transaction and pricing data.
This rule was originally proposed in conjunction with the final real-time reporting rules at its December 20, 2011 open meeting. The block trade rules were not part of the final rule, but rather have been re-proposed in this rulemaking.
On May 18, 2012, the CFTC approved a final rulemaking on swaps executed prior to passage of the Dodd-Frank Act ("pre-enactment swaps"), and swaps executed prior to passage of the Dodd-Frank Act, and transition swaps, those entered into between the law’s enactment date and the applicable compliance date for swap data recordkeeping and reporting ("transition swaps"). The goal of the final rule for these swaps, collectively called "historical swaps," is to specify what records must be kept and what data must be reported. The rule is also designed to ensure that historical swap data is available to regulators through swap data repositories (SDRs).
When final rules are issued, some or all of this data on existing swaps may be required to be submitted to either to the commission, or to a swap data repository.
The requires the parties to a swap report the data to a "real-time disseminator" such as a swap data repository, or to a third party such as a designated contract market (DCM) or swap execution facility (SEF). The data shall be made public "as soon as technologically practicable." Block trades and "large notional swaps" transactions are allowed a time delay of up to 15 additional minutes before dissemination by the third party disseminator. The rule also specifies tests to be conducted to determine the appropriate minimum block size for block trades and large notional transactions.
The CFTC proposed rules on reporting, recordkeeping, public information and daily trading records requirements for swap dealers and major swap participants, at the December 1, 2010 Open Meeting. Specifically, swap dealers and major swap participants will be required to retain and submit certain records. The final rule was approved at CFTC Open Meeting, February 23, 2012
- registration requirements will include the adoption of a new registration form—Form SDR;
- SDR duties will include data acceptance; confirmation recordkeeping; real-time reporting, monitoring, screening and analyzing of data; maintenance of data privacy; regulator access; and adoption of emergency procedure requirements; and
- SDR core principles will include considerations for antitrust, governance, and conflicts of interest.
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. According to the rule, parties to a swap transaction will be required to report information on transactions that were entered into prior to Dodd-Frank but remain unexpired after rules are finalized. The rule also details the types of information that must be retained by swap participants.
SEC Comment Letters
The SEC issued its proposed rules regarding security-based swap data repositories at theSEC Open Meeting, November 19, 2010. The proposal centers on Regulation SBSR which will "provide for the reporting of security-based swap information to registered security-based swap data repositories or the Commission and the public dissemination of security-based swap transaction, volume, and pricing information."
On November 19, 2010, the SEC held an open meeting concerning rules entailing how security-based swap transactions should be reported and publicly disseminated under the Dodd-Frank Act. Among the topics at this meeting were the parties responsible for reporting security-based swap information, the specific information to be reported, and the destination of the reported information. Proposed rules were added to the Federal Register on December 2, 2010.
- CFTC Open Meeting on One Final Rule and One Proposed Rule. CFTC. Retrieved on February 24, 2012.
- Open Meeting on Sixth Series of Proposed Rules under the Dodd-Frank Act. CFTC. Retrieved on February 16, 2011.
- Open Meeting on First Series of Proposed Rules under the Dodd-Frank Act. CFTC. Retrieved on March 3, 2011.
- Press Release - SEC Proposes Rules on Security-Based Swap Reporting. SEC. Retrieved on November 19, 2010.