New Recordkeeping Requirements for Swaps – Teigland-Hunt LLP Client AlertNov 04, 2010
The Commodity Futures Trading Commission (“CFTC”) recently issued an interim final rule (the “Rule”) requiring the reporting of swap transactions that were open as of July 21, 2010, the date of enactment of the Dodd‐Frank Act (“Pre‐Enactment Unexpired Swaps”). Comments onthe Rule will be accepted by the CFTC until November 15, 2010.
Because the rules for swap data repositories (“SDRs”) and reporting have not yet been issued, counterparties to Pre‐Enactment Unexpired Swaps currently are obligated only to keep records with respect to Pre‐Enactment Unexpired Swaps. This recordkeeping requirement applies to all counterparties to Pre‐Enactment Unexpired Swaps, whether or not they will eventually be the reporting party.