Part 20 report updates. The Commodity Futures Trading Commission’s Division of Market Oversight issued an updated Guidebook and Appendices for Part 20 Reports, which provides guidance and comprehensive instructions for submitting large swaps trader reports to the CFTC under Part 20 of its regulations. The updates include technical corrections and improved FpML and FIXML reporting formats. CFTC staff will implement the improved validation rules in a test environment on July 6, 2015, and the improved validation rules are expected to go live on August 31, 2015. (6/22/2015) CFTC press release.
Division of Market Oversight. The CFTC’s Division of Market Oversight will hold a public roundtable on July 15, 2015, to discuss the Commodity Exchange Act’s trade execution requirement and the process of making Made Available to Trade determinations. (6/22/2015) CFTC press release.
CFTC grants extended relief from reporting valuation data for cleared swaps.The CFTC’s Division of Market Oversight has extended until June 30, 2016, relief from the obligation to report valuation data for cleared swaps to swap dealers (SDs) and major swap participants (MSPs) and will not recommend that the agency pursue enforcement action against SDs and MSPs for failing to report valuation data. (6/15/2015) CFTC press release.
CFTC clarifies regulations regarding accountant improper professional conduct. The CFTC published a final rule clarifying the standard used to determine when an accountant has engaged in improper or unethical professional conduct. The rule will be effective July 10, 2015. (6/10/2015) CFTC final rule.
CFTC chair floats plan to close swaps transaction loopholes. In a speech before the Futures Industry Association (FIA) International Derivatives Conference in London, CFTC Chair Timothy Massad suggested a plan that would require foreign affiliates of US financial institutions to comply with US regulations regarding swap trading even in the case of “deguaranteed” transactions, according to a report inThe Wall Street Journal. Massad indicated the plan is still under internal discussion. (6/9/2015) Swaps loophole.