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Wednesday, January 22, 2014

CFTC Launches Working Group on Swap Reporting

The CFTC announced the creation of an intra-agency working group to review record-keeping and reporting requirements for swap transactions under the Dodd-Frank Act. The implementation of Dodd-Frank’s swap reporting mandate has been difficult for both the CFTC and industry participants. Commissioner Scott O’Malia said:
By seeking public comment on part 45 and related reporting rules, the staff will develop a better understanding of specific changes that can be made to enhance regulatory compliance and data harmonization and reduce misreporting of data that has undermined the Commission’s ability to use its regulatory data.
The group is directed to recommend solutions to reporting difficulties, review industry compliance, weigh standardization and reporting consistency and consider additional guidance and improvements. By March 15, the group is expected to request public comments.

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