CFTC Final Interpretative Guidance on Applicability of Indemnification and Confidentiality Obligations under CEA Section 21(d) to Foreign Regulators

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Derivatives Insight -

New section 2(a)(13)(G) of the Commodities Exchange Act ("CEA"), promulgated pursuant to the Dodd-Frank Act, requires all swaps to be reported to swap data repositories ("SDRs"). Under CEA section 21(c)(7), SDRs are required to make swap transaction data available to certain domestic and foreign regulators under specified circumstances. As a condition of being able to access such data from a SDR, regulators are required by CEA section 21(d) to abide by the confidentiality and indemnification requirements of section 8 of the CEA including to indemnify the SDR and the CFTC for any expenses arising out of litigation relating to the information provided by the SDR.

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