Last month, the Commodity Futures Trading Commission (CFTC) issued a request for public comment on its swap data recordkeeping and reporting requirements under Part 45 of its regulations. The CFTC adopted Part 45 in 2012 pursuant to the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank), and the requirements under Part 45 took effect in the latter part of 2012 and in 2013.

The CFTC has had difficulty using the swaps data it has received pursuant to the Part 45 rules. In January of this year, the CFTC announced the formation of an internal working group whose goals are to (1) identify and make recommendations to resolve reporting challenges, and (2) consider data field standardization and consistency in reporting by market participants. In addition, the CFTC has entered into a memorandum of understanding with the Treasury’s Office of Financial Research to conduct a joint assessment of the quality, types and formats of data collected pursuant to the Part 45 rules.

The request for public comment that was issued last month is consistent with these efforts: it is intended to help the CFTC determine whether or what clarifications, enhancements or guidance with respect to the Part 45 requirements is appropriate. The request for public comment contains approximately 70 questions addressing topics such as: (1) the reporting of primary economic terms; (2) confirmation and continuation data; (3) the manner in which the reporting rules address different transaction types, business models and data flows present in the swaps markets; (4) the reporting of cleared swaps; and (5) data harmonization. Market participants’ comments must be received by the CFTC on or before May 27, 2014.

Market participants that have experienced difficulty in complying with the Part 45 recordkeeping and reporting requirements, or who would like additional guidance from the CFTC with respect to compliance with Part 45, may wish to consider submitting comments to the CFTC by May 27, 2014.