Impending Swap Reporting Requirements to Impact All Swap Market Participants

All swap market participants, including commercial end-users, should be aware of the upcoming April 10 deadline for Commodity Futures Trading Commission (CFTC) swap reporting and recordkeeping requirements under Parts 43, 45 and 46.1 These impending requirements are notable in their breadth, with many of the requirements applying to U.S. swap counterparties that are not required to register with the CFTC as swap dealers or major swap participants (non-SD/MSPs). The new reporting requirements will in some instances make non-SD/MSPs responsible for reporting both new and certain pre-existing (even terminated or expired) swaps, FX forwards and FX swaps that are exempt from many other Dodd-Frank Act regulations, inter-affiliate swaps, and swaps entered into with foreign entities that are not registered with the CFTC, including certain foreign banks and financial institutions.

The CFTC and its staff are considering a range of requests to provide some form of relief from its Parts 43, 45 and 46 reporting and recordkeeping rules or to delay the April 10 compliance date. We are monitoring developments but have no way to know when or if an announcement of relief or a delayed compliance date will be forthcoming. If such an announcement is made, we will quickly issue a follow-up client alert. In the interim, please call us if you have any questions or concerns relating to your compliance obligations under Parts 43, 45 and 46.

Please see full memorandum below for more information.

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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