The CFTC proposal designed to improve (i) the "quality of swap data" and (ii) swap data repository ("SDR") operations and governance was published in the Federal Register. This is the first action the CFTC has implemented pursuant to its "Roadmap to Achieve High Quality Swaps Data."
As previously covered, the CFTC proposed amendments to CFTC Rules Parts 23, 43, 45 and 49. The proposal would:
- establish policies and procedures for SDRs to verify the accuracy of swap data with both counterparties to a swap;
- improve requirements for reporting counterparties concerning swap data accuracy, pursuant to those SDR procedures;
- enhance SDR operational requirements to improve oversight; and
- "streamline the requirements for SDRs."
Comments on the proposal must be received by July 29, 2019.
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