CFTC Swap Data Recordkeeping and Reporting Requirements for End-Users


Overview of the Dodd-Frank Recordkeeping

and Reporting Requirements

The Dodd-Frank Wall Street Reform and Consumer Protection Act (“Dodd-Frank”) imposes certain recordkeeping and reporting obligations on parties to swap transactions.

While compliance with the final reporting rules passed in December of 2011 is not yet required, the CFTC currently imposes a recordkeeping obligation of transaction data by parties to a swap transaction entered into at any time after the enactment of Dodd-Frank on July 21, 2010 or that were unexpired as of such date.

New Reporting and Recordkeeping Rules

The CFTC recently adopted two final rules that impose recordkeeping and reporting obligations on market participants. On December 20, 2011, the CFTC adopted Part 45, Swap Data Recordkeeping and Reporting Requirements (“SDR Reporting Rule”) and Part 43, Real-Time Public Reporting of Swap Transaction Data Obligations (“Real-Time Reporting Rule”; collectively the “SDR and Real-Time Reporting Rules”). While the rules mainly apply to swap dealers (“SDs”), major swap participants (“MSPs”), swap execution facilities (“SEFs”), designated contract markets (“DCMs”), derivatives clearing organizations (“DCOs”) and swap data repositories (“SDRs”), they do impose certain recordkeeping obligations on end-users and, in some cases, regulatory and real time reporting obligations of swap transactions.

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