CFTC Seeks Comment on the Collection of Certain Information by Swap Dealers and Major Swap Participants (Fed. Reg.)

The CFTC's proposed renewal of rules mandating the collection of certain information by the CFTC was published for comment in the Federal Register. "The information collection obligations imposed by the regulations are necessary to ensure that each swap dealer and major swap participant maintains the required records of their business activities and an audit trail sufficient to conduct comprehensive and accurate trade reconstruction. The information collections contained in the regulations are essential to ensuring that swap dealers and major swap participants document their swaps, reconcile their swap portfolios to resolve discrepancies and disputes, and wholly or partially terminate some or all of their outstanding swaps through regular portfolio compression exercises."

The CFTC seeks comment on the collections of information (3038-0068, 0083 and 0088) mandated by CFTC Rules 23.500 ("Definitions") to 23.505 ("End User Exception Documentation") (regarding Confirmation, Portfolio Reconciliation, Portfolio Compression, and Swap Trading Relationship Documentation Requirements for Swap Dealers and Major Swap Participants).

Comments on the proposal are due by January 25, 2016.