CFTC Order Requiring Use of UPI and Product Classification System Becomes Effective

A CFTC Order requiring the use of a designated unique product identifier and product classification system for swap recordkeeping and data reporting became effective on February 24, 2023. The Order was published in the Federal Register.

As previously covered, pursuant to CFTC Rule 45.7 ("Unique product identifiers"), the CFTC designated the unique product identifier and classification system and firms subject to the requirements of Part 45 will be required to use those systems beginning on the January 29, 2024 compliance date.