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Commentary by Bob Zwirb

The CFTC voted unanimously to amend regulations to provide additional clarity to swap counterparties and registered entities regarding their reporting obligations for cleared swap transactions. The proposed amendments would also "improve the efficiency of data collection and maintenance associated with the reporting of the swaps." The proposed amendments would modify Part 45 of the CFTC's regulations, which implements the requirements of Section 21 of the Commodity Exchange Act. The CFTC stated that the proposed rules would: Clarify which entity has the obligation to choose the swap data

SIFMA submitted comments to the MSRB regarding the delayed compliance date for the first Form G-45 filings that are required under MSRB Rule G-45 ("Reporting of Information on Municipal Fund Securities"). SIFMA advised the MSRB to focus on the quality of the filing system itself as opposed to the speed of its implementation. See: SIFMA Comment Letter; MSRB Rule G-45. Related news: MSRB to Collect Additional Data Regarding 529 College Savings Plans (Reg. Notice 2014-03) (February 17, 2015); SEC Approves MSRB Rule G-45 as Modified by Amendment No. 1 (February 24, 2014).

The SEC Division of Investment Management issued guidance relating to the enhanced mutual fund disclosure amendments that were adopted in 2009. After finding that mutual fund prospectuses were too long and contained too much complex language, in 2009, the SEC amended Form N-1A , the registration form used by mutual funds, and Securities Act Rule 498 ("Summary Prospectuses for Open-End Management Investment Companies"). The amended Rule 498 provided a new option for satisfying prospectus delivery obligations with respect to mutual fund securities. According to the guidance, the amendments

The CFTC has issued this FAQ document to respond to questions from market participants and other interested parties on the reporting of cleared swaps as required under CFTC Rules Part 45 ("Swap Data Recordkeeping and Reporting Requirements"). This document is intended to help market participants better understand how to report cleared swaps, who has the obligation to report and the timing of reporting. Cross-Reference(s) : Dodd-Frank Section 728 (Swap data repositories). View FAQ here(links externally to CFTC website). See also : Yesterday's news link to an FAQ on the start of swap data

The Financial Reporting Manual - prepared by the staff of the Division of Corp. Fin. - has been updated and revised. The Manual is designed to be an internal reference document and to provide general guidance to Division staff. Click here to view manual and summary of changes (links externally to SEC website).