CFTC Final Rule: Registration and Regulation of Swap Data Repositories
|FINAL RULE: On August 4, 2011, the CFTC held an open meeting to discuss three final rulemakings under the Dodd-Frank Act. Among the rules approved at the meeting was a final rule regarding Part 49 of the Commodity Exchange Act - Swap Data Repositories.|
|Proposal Date||Final Rule Issue||Effective Date*|
|December 23, 2010||September 1, 2011||October 31, 2011|
- Provisional registration may continue "as warranted" and not be subject to sunset provisions.
- SDR user agreements must be reasonably designed to prevent the invalidation of swap terms.
- SDRs may not be required to confirm the accuracy of swap data received by a SEF, DCO, or certain other third-party providers. Data received directly from a swap dealer or major swap participant must be "affirmatively communicated."
- Real-time reporting rules will be implemented subsequent to finalization of such rulemakings.
- Regarding access to swap data, a regulator may only access data if acting within its jurisdiction and must execute a confidentiality agreement. Either party to a swap may access the data. SDRs may not make commercial use of real-time data prior to public dissemination.
- Regarding governance and compliance, disclosure of Section 8 information is prohibited. The SDR must notify the commission within two days upon the removal of it chief compliance officer ("CCO").
The effective date for the final rule is October 31, 2011, although entities wishing apply for registration as SDRs will not yet be required to do so. Mandatory registration and compliance will not occur until the commission completes its rulemaking on swaps definitions and sets an implementation timetable.
For an overview of the duties and core principles of SDRs, please refer to the related documents below.
Related Documents: Fact Sheet, Q&A, and Federal Register Entry
- Final Rules Regarding Registration and Regulation of Swap Data Repositories. CFTC. Retrieved on August 4, 2011.