This Client Alert White Paper serves as a comprehensive guide to the new rule, which largely supersedes prior CFTC guidance that had informed market practice for over seven years.

Key Points:

..The new rule became effective on November 13, 2020, but SDs/MSPs are not required to comply with the new rule until September 14, 2021.

..The requirements of the new rule do not apply to swaps executed prior to September 14, 2021.

..Reliance on certain counterparty representations is permitted until December 31, 2027, for representations obtained prior to November 13, 2020.

..Notwithstanding the delayed compliance schedule, certain foreign-based swaps are exempt as of November 13, 2020.