Users of derivatives—even those who only use them to
hedge their commercial risks—have recordkeeping and
reporting requirements that they should carefully consider.
The Dodd-Frank Wall Street Reform and Consumer Protection Act
(Dodd-Frank) applies to all swap users. If your company is an
end-user—not a swap dealer or major swap participant, but
a user of swaps to hedge commercial risks—you need to be
aware of the recordkeeping and reporting obligations Dodd-Frank
imposes on you. In this On the Subject, we set out these
requirements for end-users.
Recordkeeping Requirements for End-Users
To start with recordkeeping, the requirements depend on when the
swap is entered into: (1) Pre-enactment Swaps (entered into before
July 21, 2010, and still open as of that date), (2) Transition
Swaps (entered into after July 21, 2010, but prior to the effective
date (not yet known) of the U.S. Commodity Futures Trading
Commission's (CFTC) final reporting rules), or (3)
