At an open meeting, the CFTC voted unanimously to adopt (i) amendments to the Part 43, Part 45, and Part 49 swap data reporting requirements and (ii) an alternative compliance mechanism for non-U.S. derivatives clearing organizations registered, or registering, with the CFTC. The CFTC also issued a supplemental notice of proposed rulemaking to withdraw certain proposed Part 190 bankruptcy rules concerning bankruptcy proceedings of commodity brokers.

  • Amendments to the Part 43, Part 45, and Part 49 Swap Data Reporting Requirements: The CFTC adopted previously proposed amendments to various swap data reporting requirements (see previous coverage), including: (i) changing the "block trade" definition and updating the methodologies for calculating block thresholds and cap sizes; (ii) adding new requirements that swap dealers, major swap participants, and derivatives clearing organizations ("DCOs") report margin and collateral data for uncleared swaps; and (iii) updating swap data verification and error correction requirements.
  • Registration with Alternative Compliance for Non-U.S. Derivatives Clearing Organizations: The CFTC adopted its previously proposed rule (see previous coverage) permitting non-U.S. DCOs that do not pose a "substantial risk" to the U.S. financial system to register with the CFTC and comply with the CEA's core principles that apply to DCOs, through compliance with the non-U.S. DCOs' home country regulatory regimes.
  • Supplemental Notice of Proposed Rulemaking - Part 190 Bankruptcy Regulations: The CFTC approved a supplemental notice of proposed rulemaking revising certain previously proposed regulations aimed at updating the rules governing commodity brokers' bankruptcy proceedings (see previous coverage here and here). The supplemental proposal addresses certain questions posed regarding resolution proceedings for systemically important DCOs under Title II of Dodd-Frank.

Primary Sources

  1. CFTC Press Release: CFTC Finalizes Rules to Improve Swap Data Reporting, Approves Other Measures at September 17 Open Meeting
  2. CFTC Voting Draft: Real-Time Public Reporting Requirements (Part 43)
  3. CFTC Voting Draft: Swap Data Recordkeeping and Reporting Requirements (Part 45)
  4. CFTC Voting Draft: Amendments to the CFTC Part 49 Swap Data Repository Verification Requirements
  5. CFTC Voting Draft: Registration With Alternative Compliance for Non-U.S. Derivatives Clearing Organizations
  6. CFTC Voting Draft: Supplemental Notice of Proposed Rulemaking Regarding Part 190 Bankruptcy Regulations

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.