CFTC's amendment to swap data reporting
Five key points from the CFTC's amendment to swap data reporting
In July 2017, the Commodity Futures Trading Commission (CFTC) announced that it would rewrite its reporting rules for swap dealers (SDs). The agency's previous reporting rules’ often vague requirements and implementation processes have been challenging for the industry, resulting in poor data quality, duplicative reporting, and enforcement actions.
Though the change in administrations made it hard for SDs to predict the CFTC’s course of action, the confirmation of Christopher Giancarlo as CFTC Chairman coupled with the agency’s review of the reporting rules has given the industry much needed clarity into the timing for reform.
This regulatory brief discusses (a) the difficulties the industry has faced regarding enforcement of the CFTC’s reporting rules; (b) how the CFTC has tried to address the issues associated with the reporting rules; and (c) what SDs should do now.
A publication of PwC's financial services regulatory practice