CFTC Adopts Amendments to Swap Data Recordkeeping and Reporting Requirements for Cleared Swaps (Fed. Reg.)

The CFTC adopted final revisions to Part 45 of the CFTC regulations that provide additional clarity to swap counterparties and registered entities with regard to their reporting obligations for cleared swap transactions. The final amendments were published in the Federal Register. 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 up to the discretion of the entity submitting the first report on such swap.

The final amendments will become effective on July 27, 2016, except for the removal of CEA Section 45.4(b)(2)(ii), which became effective on June 27, 2016. The mandatory compliance date for the adopted amendments is December 27, 2016. The CFTC noted that until such date, all existing reporting obligations under part 45 (other than those contained in the removed paragraph (b)(2)(ii) of § 45.4) will remain in effect, including existing obligations on reporting continuation data on original swaps, as well as creation and continuation data on clearing swaps.