Swap Data Regulation - White Papers
|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|
White papers, consultations, and other research addressing swap data.
August 24, 2011
Recommendations from the task force:
- Minimum data reporting requirements, including transaction economics, counterparty information, underlier information, operational data and event data;
- Access to data, for entities such as market regulators, central banks, prudential supervisors and resolution authorities;
- Methodology and mechanism for aggregation of data to include "Legal Entity Identifiers" ("LEIs");
- International LEI development and principles to be determined and harmonized by regulators and industry participants; and
- Development of a standard international product classification system.
CFTC/SEC: Joint Study on the Feasibility of Mandating Algorithmic Descriptions for Derivatives - April 7, 2011
April 7, 2011
One of the mandates of the Dodd-Frank Act was a requirement that the Commodity Futures Trading Commission (CFTC) and the Securities and Exchange Commission (SEC) jointly study the feasibility and logistics of adopting standardized, computer-readable algorithmic descriptions to describe complex financial derivatives, and whether these descriptions, combined with "standardized legal definitions, may serve as the binding legal definition of derivative contracts."
Staff concluded that the industry is capable of adapting a common set of computer-readable descriptions, including unique entity and product identifiers, but that, prior to the adoption of regulations, the industry must agree to standards and a cost-benefit analysis should be conducted.
- CFTC-SEC delivers report on mandating algorithmic description for derivatives. CommodityOnline. Retrieved on April 11, 2011.