Swap Data Recordkeeping and Reporting Requirements: Pre-Enactment and Transition Swaps; Final Rule (CFTC)

See: 77 FR 35200

The CFTC is adopting rules to further implement the Commodity Exchange Act (CEA) with respect to the new statutory framework regarding swap data recordkeeping and reporting established by the Dodd-Frank Act. The Dodd-Frank Act, which amended the CEA, directs that rules adopted by the CFTC shall provide for the reporting of data relating to swaps entered into before the date of enactment of the Dodd-Frank Act, the terms of which have not expired as of the date of enactment of the Dodd-Frank Act ("pre-enactment swaps") and data relating to swaps entered into on or after the date of enactment of the Dodd-Frank Act and prior to the compliance date specified in the CFTC's final swap data reporting rules ("transition swaps"). These final rules establish swap data recordkeeping and reporting requirements for pre-enactment swaps and transition swaps.

Effective Date: The effective date of this part is August 13, 3012.

Compliance Dates: (1) Swap dealers and major swap participants shall commence full compliance with this part with respect to credit swaps and interest rate swaps on the later of: July 16, 2012; or 60 calendar days after publication in the Federal Register of the later of the CFTC's final rule defining the term "swap" or the CFTC's final rule defining the terms "swap dealer" and "major swap participant;" (2) Swap dealers and major swap participants shall commence full compliance with this part with respect to equity swaps, foreign exchange swaps, and other commodity swaps on or before 90 days after the compliance date for credit swaps and interest rate swaps; (3) Non-SD/MSP counterparties shall commence full compliance with this part with respect to all swaps on or before 90 days after the compliance date applicable to swap dealers and major swap participants with respect to equity swaps, foreign exchange swaps, and other commodity swaps.

Cross References: CFTC Rules Part 46; CFTC Interim Final Rules Part 44; Proposed/Adopted but not yet effective CFTC Rules publication; Dodd-Frank Sections 723, 727, 728 and 729.

For more information about this document, you may contact one of the following Cadwalader attorneys: Steven D. Lofchie; Robert Zwirb.