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Swap Dealers › Recordkeeping Requirements

Swap Dealers are individuals or entities who "hold themselves out as dealers in swaps, make markets in swaps, regularly enter into swaps with counterparties as an ordinary course of business for its own... more +
Swap Dealers are individuals or entities who "hold themselves out as dealers in swaps, make markets in swaps, regularly enter into swaps with counterparties as an ordinary course of business for its own account, or engage in any activity causing the individual or entity to be come commonly known in the trade as a dealer or market maker of swaps." Swap Dealers are defined under the Commodity and Exchange Act and must register as such under the Commodity Futures Trading Commission's Final Rules.  less -
Cadwalader, Wickersham & Taft LLP

CFTC’s Recent Revisions to Reporting Rules for Futures, Options and Swaps

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On April 30, 2024 the Commodity Futures Trading Commission (“CFTC” or the “Commission”) finalized amendments to its rules governing reporting requirements for large trader futures and options positions, the latest in a series...more

Guidepost Solutions LLC

Emerging Expectations from the Latest Enforcement Actions Over Off-Channel Communications

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Since December 2021, the U.S. Securities and Exchange Commission (SEC) and Commodity Futures Trading Commission (CFTC) have levied almost $3.0 billion in penalties for longstanding failures by 39 broker-dealers, swap dealers,...more

Davis Wright Tremaine LLP

CFTC Division of Enforcement, FY 2023: A Year in Review and Looking Ahead

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On November 7, 2023, the Division of Enforcement ("Division") of the United States Commodity Futures Trading Commission ("CFTC") released its annual report of the results of its enforcement efforts, announcing that it had...more

Davis Wright Tremaine LLP

Swaps Enforcement Update: Business Conduct Standards for Swap Dealers and Major Swap Participants

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While the initial swap dealer enforcement actions brought by the Commodity Futures Trading Commission (CFTC) focused on swap data reporting failures, recent enforcement efforts have focused on compliance with business conduct...more

WilmerHale

SEC Adopts Amendments to Electronic Recordkeeping Requirements for Broker-Dealers and Security-Based Swap Dealers

WilmerHale on

On October 12, 2022, the Securities and Exchange Commission (SEC or Commission) voted to adopt amendments to the electronic recordkeeping requirements for broker-dealers and security-based swap dealers contained in Rules...more

Goodwin

SEC Revamps Broker-Dealer Recordkeeping Requirements; "Audit Trail" Alternative Replaces "WORM" Format

Goodwin on

The SEC recently adopted new recordkeeping requirements for broker-dealers and “SBS entities” (security-based swap dealers and major security based swap participants). Most notably, the SEC will no longer require...more

Cadwalader, Wickersham & Taft LLP

Eleven Financial Institutions Pay $700 Million to Settle Recordkeeping and Supervision Violations Related to Off-Channel Business...

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On September 27, the Commodity Futures Trading Commission (“CFTC”) issued orders to settle charges against 11 major U.S. and international financial institutions and their swap dealer (“SD”) and futures commission merchant...more

K&L Gates LLP

Deference and Comity: CFTC Approves Cross-Border Swaps Final Rule

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INTRODUCTION - The Commodity Futures Trading Commission (CFTC or Commission) recently voted 3–2 to approve a final rule (Final Rule) on the cross-border application of certain swap provisions under the Commodity Exchange Act...more

WilmerHale

The SEC's Security-Based Swap Recordkeeping and Reporting Rules

WilmerHale on

On September 19, 2019, the Securities and Exchange Commission (SEC or Commission) adopted new rules and amendments establishing recordkeeping and reporting requirements for security-based swap dealers (SBSDs), major...more

Katten Muchin Rosenman LLP

Bridging the Weeks - October 2019

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Last week, the Commodity Futures Trading Commission publicized a cascade of settlements of enforcement actions alleging breaches of laws and rules related to supervision, spoofing, reporting, and misappropriation of...more

Orrick - Finance 20/20

SEC Adopts New Rules and Amendments Under Title VII of Dodd-Frank

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On September 19, the SEC adopted new rules and amendments under Title VII of the Dodd-Frank Act establishing recordkeeping and reporting requirements for security-based swap dealers and major security-based swap participants,...more

A&O Shearman

A Corporate End User’s Handbook for Dodd-Frank Derivatives Compliance

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The Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank), signed into law on July 21, 2010, was the largest overhaul of the U.S. derivatives market in history. While there are still a few parts of Dodd-Frank...more

A&O Shearman

National Futures Association Simplifies Section 4s Submission and Review Process for Swap Dealer Registration

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On July 24, 2017, the National Futures Association (“NFA”) adopted measures to streamline the process for registration of swap dealers pursuant to Section 4s of the Commodity Exchange Act. Previously, entities seeking to...more

K&L Gates LLP

CFTC Amends Recordkeeping Requirements

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On May 23, 2017, the Commodity Futures Trading Commission (“CFTC” or “Commission”) adopted amendments to its general regulations regarding the retention and production of regulatory records, which are set forth in CFTC...more

Orrick, Herrington & Sutcliffe LLP

Orrick's Financial Industry Week In Review

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Financial Industry Developments - CFTC Division of Market Oversight Reminds Market Participants of the Upcoming Expiration of Certain No-Action Relief From the Ownership and Control Final Rule - On November 16,...more

Cadwalader, Wickersham & Taft LLP

CFTC Issues $560,000 Penalty for Inaccurate Large Trader Reporting of Swaps

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On July 6, 2016, the Commodity Futures Trading Commission (“CFTC” or the “Commission”) fined Barclays Bank PLC (“Barclays”) $560,000 for inaccurate large trader reporting of swaps positions. This is the third and largest...more

Orrick, Herrington & Sutcliffe LLP

Derivatives in Review - April 2016

Orrick, Herrington & Sutcliffe LLP on

Novo Banco and CDS – A Post-Mortem - The 2014 ISDA Credit Derivatives Definitions updated the previous set of credit derivatives definitions to, among other things, include a credit event for “Governmental Intervention.”...more

Katten Muchin Rosenman LLP

Bridging the Week - March 2016 #3

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Industry Comments to Regulation AT Argue CFTC Proposed Rules Too Prescriptive; Registration and Source Code Requirements Particularly Objectionable - After declining multiple requests to extend the comment period that...more

Katten Muchin Rosenman LLP

CFTC Approves Final Rule Eliminating Certain Reporting and Recordkeeping Requirements for Trade Option End-Users

Katten Muchin Rosenman LLP on

On March 16, the Commodity Futures Trading Commission unanimously approved a final rule removing reporting and recordkeeping requirements for trade option counterparties that are neither swap dealers nor major swap...more

Dechert LLP

NFA Adopts Cybersecurity Guidance

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The National Futures Association (NFA) adopted on October 23, 2015 an “Interpretive Notice to NFA Compliance Rules 2-9, 2-36, and 2-49: Information Systems Security Programs” (Notice). The Notice requires each NFA Member to...more

Goodwin

Financial Services Weekly News - November 2015

Goodwin on

Regulatory Developments - Client Alert: SEC Issues New Guidance on Excluding Shareholder Proposals under Rule 14a-8: Goodwin Procter’s Capital Markets practice has released a client alert on the SEC’s Division of...more

Foley Hoag LLP - Security, Privacy and the...

CFTC Approves NFA Interpretive Notice on Information Systems Security Programs, Including Cybersecurity Guidance

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The CFTC recently approved the National Futures Association’s interpretive notice (the “Cybersecurity Notice”) on the general requirements that members should implement for their information systems security programs...more

Orrick, Herrington & Sutcliffe LLP

Orrick's Financial Industry Week in Review

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CFTC Issues Proposed Amendments to Swap Data Recordkeeping and Reporting Requirements for Cleared Swaps - On August 19, The U.S. Commodity Futures Trading Commission (CFTC) proposed amendments to existing rules relating...more

Dechert LLP

CFTC Permits Additional Third-Party Recordkeepers for Registered CPOs

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The Division of Swap Dealer and Intermediary Oversight (DSIO Staff) of the U.S. Commodity Futures Trading Commission (CFTC) issued exemptive relief on September 8, 2014 to permit a registered commodity pool operator (CPO) to...more

Latham & Watkins LLP

SEC Proposed Rules: Recordkeeping and Reporting for SBSDs, MSBSPs and BDs; Capital Rules for Certain SBSDs

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The SEC has proposed recordkeeping and reporting rules and capital charges for security-based swap dealers based on the current broker-dealer reporting and recordkeeping regime. Market participants in the derivatives...more

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