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ARTICLE · 22 OCTOBER 2015

CFTC Brings Enforcement Action For Swap Reporting Violations

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The Commodity Futures Trading Commission (CFTC) recently brought its first enforcement action arising from the Dodd-Frank requirement that swap transactions be reported to a registered swap data repository (SDR).

United StatesFinance and Banking
Kathy Rocklen
Kathy Rocklen
Benjamin Catalano
Benjamin Catalano
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The Commodity Futures Trading Commission (CFTC) recently brought its first enforcement action arising from the Dodd-Frank requirement that swap transactions be reported to a registered swap data repository (SDR). The CFTC has emphasized that the accuracy and completeness of swap reporting is essential to enhance market transparency, promote standardization and reduce systemic risk. According to CFTC Director of Enforcement Aitan Goelman, when reporting parties fail to meet their reporting obligations, the CFTC cannot carry out its vital mission of protecting market participants and promoting market integrity.

Swap market participants are subject to multiple CFTC regulations related to swap data reporting, recordkeeping and supervision.

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