CFTC Approves Revisions To Reporting Requirements For Cleared Swaps

The CFTC approved unanimously revisions to part 45 of the CFTC regulations. The final amendments (i) delineate the swap data reporting requirements associated with each of the swaps involved in a cleared swap transaction, and (ii) leave the choice of the swap data repository ("SDR") for each swap in a cleared swap transaction to the entity submitting the first report on such swap.

The revisions impose reporting obligations for clearing swaps on derivatives clearing organizations ("DCOs") where such entities act as counterparties (which usually occurs as part of the clearing process). In such a capacity, DCOs are required to report primary economic terms, legal entity identifiers, and unique swap identifiers where relevant. The amendments remove the existing confirmation data reporting requirements for swaps intended to be cleared at the time of execution, and eliminate the requirement that a swap dealer / major swap participant reporting counterparty must report