CFTC’s Division of Market Oversight Issues Advisory Reminding Market Participants of Certain Swap Data Reporting Requirements (with Eastwood Comment and Webinar Invitation)

The CFTC's Division of Market Oversight (DMO) issued an Advisory reminding market participants that as per CFTC Rules Parts 43and 45, swap dealers (SDs) were required to begin reporting data regarding equity, foreign exchange and other commodity swaps on February 28, 2013. Additionally, SDs must be in compliance with their reporting obligations with respect to historical swaps in these three asset classes by March 30th.

The Advisory also reminds market participants that CFTC Rules Part 43 (Real Time Public Reporting), Part 45 (Swap Data Reporting and Recordkeeping Requirements) and Part 46 (Swap Data Recordkeeping and Reporting Requirements: Pre-Enactment and Transition Swaps) apply to the reporting of data regarding swaps (not futures contracts), and that parties with reporting obligations under the swap data reporting rules remain "fully responsible for the timely and accurate fulfillment of their reporting obligations, even if they contract with a third party service provider to facilitate reporting."

The CFTC further notes that February 28th marked the beginning of required reporting by major swap participants for all asset classes under all of the CFTC's swap data reporting rules. Entities that are not SDs or major swap participants must be in compliance with the CFTC's swap data reporting rules by April 10, 2013.

Eastwood Comment: The Advisory is a basic "reminder" to report and didn't provide any substantive additional guidance. Please also note that Cadwalader attorney Athena Eastwood will be leading a webinar with Kara Dutta, Assistant General Counsel of IntercontinentalExchange, on SDR reporting; the webinar is scheduled for 12:30 p.m. on March 22. See this link for more information on the webinar.

See: Division of Market Oversight Advisory.