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COMMODITY FUTURES TRADING COMMISSION
17
CFR
Part
46
3038-AD48
Swap Data Recordkeeping
and
Reporting Requirements: Pre-Enactment
and
TransitionSwapsAGENCY: Commodity
FuturesTradingCommission.
ACTION: Finalrulemaking.SUMMARY:
The Commodity Futures
Trading
Commission
("Commission"
or
"CFTC")
is
adopting
rules
to
fmiher
implement
the
Commodity Exchange Act
("CEA"
or
"Act")
with
respect
tothe
new
statutory
framework
regarding
swap
data
recordkeeping
and
reporting established
by
the
Dodd-Frank
Wall
Street
Reform
and
Consumer
Protection Act ("Dodd'Frank
Act").The
Dodd-Frank Act, which
amended
the CEA,
directs
that rules
adopted
by
the Commission
shallprovide
for
the
repotiing
of
data
relating
to
swapsentered
into
before
the date
of
enactment of
the
Dodd-Frank
Act,
the
terms
of
which
have not expired
as
of
he
date
of
enactment of
the Dodd-Frank
Act ("pre-enactment
swaps")
and data
relating
to
swaps
entered
into on
or
after the
date
of enactmentofthe
Dodd-Frank
Act
and
prior
to
the
compliance
date
specified
in the
Commission's
final
swap
data
repotiing rules ("transition
swaps").
These final rules
establish
swap
data
recordkeeping
and
reporting requirements
for
pre-enactment
swaps and
transition
swaps.
DATES:
The
effective
date
of this part
is
[insert
date
60
days
after issuance
of
this rule].Compliance dates:
(1)
Swap dealers and major swap participants shall commence. fullcompliance with this patt with respect to credit swaps and interest rate swaps on the later
of:
July
16,2012;
01'
60
calendar
days
after publication in
the
Federal Register
of
the later oftheCommission's final rule defining
the
term "swap"
01'
the Commission's final rule defining theterms "swap dealer" and "major
swap
participant;"
(2)
Swap dealers
and
major swapparticipants shall commence full compliance with this part with respect
to
equity swaps, foreign
1
 
exchange
swaps,
and
other
commodityswaps
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
patt 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, foreignexchange
swaps,
and
other
commodity swaps.
FOR FURTHER INFORMATION CONTACT:
David
Taylor,
AssociateDirector, Division
of
Market
Oversight,202-418-5488,dtaylor@cftc.gov;
Commodity
Futures TradingCommission,
Three
Lafayette
Centre,
1155
21st
Street
NW,
Washington,
DC
20851.
SUPPLEMENTARY INFORMATION:
The
Commission
is
adopting
new
part 46
of
its
regulations relating
to
recordkeeping
and
reporting requirements applicable
to
both pre-enactment and transition
swaps.
These
rules, when adopted, will
supersede
interim final
rules
previously adopted
bythe
COl1llllission
in patt
44
of
its regulations.
Table of Contents
1.
BACKGROUND
........................................................................................................................ 5
A.
Introquction ........................................................................................................................... 5
B.
Swap
Data
Provision~
of
he
Dodd-Frank Act.. .................................................................... 5
C.
The
COl1llllission's
Patt
45
Rules
on
Swap
Data Recordkeeping
and
RepOliing
Requirements ............................................................................................................................
10
D.
The Interim Final
Rules for
Pre-Enactment and Transition
Swaps
....................................
11
E.
Summary
of
he
Proposed Part
46
Rule ..............................................................................
15
1.
FUNDAMENTAL
GOALS
.............................................................................................
15
2.
HISTORICAL
SWAP
RECORDKEEPING
...................................................................
15
3.
HISTORICAL
SWAP DATA
REPORTING ..................................................................
164.
UNIQUE IDENTIFIERS
.................................................................................................
17
5.
DETERMINATION
OF
WHICH
COUNTERPARTY
MUSTREPORT
......................
17
6.
THIRD-PARTY
FACILITATION
OF
REPORTING .....................................................
18
7.
REPORTING A
SWAP
TO
A
SINGLE
SDR ................................................................
18
8.
REPORTING
SWAPS
IN
ANASSET
CLASS
NOT
ACCEPTED BY
ANY SDR
.....
18
9.
DATA
STANDARDS
.....................................................................................................
19
10.
REPORTING
ERRORS
IN
PREVIOUSLY
REPORTED DATA
................................
19
F.
Overview
of
CommentsReceived
.......................................................................................
19
2
 
II.
PART
46 OF
THE
COMMISSION'S
REGULATIONS
........................................................
19
A.
Recordkeeping Requirements .............................................................................................
20
1.
PROPOSED RULE ..........................................................................................................
20
2.COMMENTS
RECEIVED ..............................................................................................
21
3.
FINAL RULE ..................................................................................................................
23
B.
Swap Data Reporting ..........................................................................................................
25
1.
PROPOSED RULE .................... , ....................................................................................
25
2.
COMMENTS
RECEIVED ..............................................................................................
26
3.
FINAL
RULE.
.................................................................................................................
30
C.
Unique Identifiers ................................................................................................................
37
1.
PROPOSED
RULE.
.........................................................................................................
37
2.
COMMENTS
RECEIVED ..............................................................................................
38
3.
FINAL
RULE.
.................................................................................................................
39
D.
Determination
of
the Reporting Counterparty ....................................................................
40
1.
PROPOSED
RULE.
.........................................................................................................
402.
COMMENTS RECEIVED ..............................................................................................
403.
FINAL RULE ..................................................................................................................
42
E.
Third-Party Facilitation
of
Data Reporting .........................................................................
45
1.
PROPOSED RULE ..........................................................................................................
45
2.
COMMENTS RECEIVED ..............................................................................................
45
3.
FINAL RULE ..................................................................................................................
45
F.
Reporting
to
a Single
Swap
Data Repository ....................... : .............................................
451.
PROPOSED RULE ..........................................................................................................
452.
COMMENTS RECEIVED ..............................................................................................
45
3.
FINAL RULE ..................................................................................................................
45
G.
Data Reporting for Swaps in a
Swap
Asset Class Not Accepted
by
any
Swap
DataRepository ................................................................................................................................
451.
PROPOSED RULE ..........................................................................................................
45
2.
COMMENTS RECEIVED ..............................................................................................
46
3.
FINAL RULE ..................................................................................................................
46H.
Required Data Standards .....................................................................................................
47
1.
PROPOSED
RULE.
.........................................................................................................
47
2.
COMMENTS RECEIVED ..............................................................................................
47
3.
FINAL RULE ..................................................................................................................
47
I.
RepOliing
of
Errors and Omissions in Previously
RepOlied
Data .......................................
47
1.
PROPOSED RULE ..........................................................................................................
47
2.
COMMENTS RECEIVED ..............................................................................................
47
3.
FINAL
RULE
..................................................................................................................
47
J.
Compliance Dates .................................................................................................................
48
1.
PROPOSED RULE ..........................................................................................................
482.
COMMENTS RECEIVED ..............................................................................................
483.
FINAL RULE ..................................................................................................................
48
3
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