Swap Data Recordkeeping and Reporting Requirements (Final Rule)

The CFTC is adopting final rules to implement the Dodd-Frank Act's new statutory framework regarding swap data recordkeeping and reporting requirements for all swap transactions. The rules apply to swap data recordkeeping and reporting requirements for swap data repositories, derivatives clearing org (non-SD/MSP counterparties) (including, without limitation, counterparties entitled to elect the clearing requirement exception pursuant to CEA § 2(h)(7) with respect to particular swaps). The rules being adopted apply to swap data recordkeeping and reporting requirements for swap data repositories, derivatives clearing organizations, designated contract markets, swap execution facilities, swap dealers, major swap participants, and swap counterparties who are neither swap dealers nor major swap participants. These entities must keep records throughout the existence of a swap and for five years following termination of the swap. SDRs must keep records throughout the existence of the swap and for fifteen years following termination of the swap.