Swap Data Repositories: Interpretative Statement Regarding the Confidentiality and Indemnification Provisions of Section 21(d) of the Commodity Exchange Act (CFTC Proposed Interpretive Statement)

See: 77 FR 26709

The CFTC issued a Proposed Interpretative Statement regarding the confidentiality and indemnification provisions in the Dodd-Frank Act. The proposal generally exempts foreign regulators from the indemnification and confidentiality provision in the Dodd-Frank Act, and ensures that foreign regulators have access to data in Swap Data Repositories. This exemption only applies to data that is required to be reported and if the SDR is recognized by the country's law and regulation. The proposed interpretative statement clarifies that the provisions of CEA Section 21(d) should not operate to inhibit or prevent foreign regulatory authorities from accessing data in which they have an independent and sufficient regulatory interest, even if that data also has been reported pursuant to the CEA and CFTC regulations.

Comments Due: Comments must be received on or before June 6, 2012.

Cross References: Commodity Exchange Act Section 21(d); Dodd-Frank Act Sections 728 and 752.

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