Swap Data Regulation - Hearings & Testimony
|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|
Hearings and Testimony addressing swap data reporting and recordkeeping.
On August 5, 2011, the CFTC convened the first meeting of the Subcommittee of Data Standardization. Details of this and subsequent meetings can be found HERE.
Public Roundtable on Swap Data Recordkeeping and Reporting Requirements, June 8, 2011
On June 8, 2011, the CFTC held a public roundtable to discuss technical aspects of implementing infrastructures for issuance and maintenance of Unique Product Identifiers (UPIs), as they apply to CFTC’s proposed swap data recordkeeping and reporting rules, as well as other CFTC proposed rules. Issues addressed:
- existing systems of swap product classification and identification currently available;
- classification and identification work-streams for the purpose of achieving a universal method to describe and classify swap products; and
- Implementation of a universal system of swap product classification and identification for the purpose of meeting various CFTC requirements.
According to a joint CFTC/SEC staff study, prior to the mandating of standardized descriptions for all derivatives, the following are needed:
- a universal entity identifier and product or instrument identifiers;
- a further analysis of the costs and benefits of having all aspects of legal documents related to derivatives represented electronically; and
- a uniform way to represent financial terms not covered by existing definitions.
Documents Related to CFTC Staff Roundtable, June 8, 2011: List of Participants
- CFTC Staff Roundtable to Discuss Swap Data Recordkeeping and Reporting Requirements. CFTC. Retrieved on July 28, 2011.
- Study: Algorithmic Trading. CFTC. Retrieved on March 22, 2011.