Washington, D.C – January 31st, 2022. The Commodity Futures Trading Commission’s Division of Data (DOD) today issued a no-action letter regarding the compliance dates for the November 25, 2020 amendments to the swap data reporting rules.
The amendments became effective on January 25, 2021 with a May 25, 2022 compliance date. The letter states that DOD will not recommend that the Commission take an enforcement action against an entity for failure to comply with the amendments before December 5, 2022.
Read the CFTC press release here.
REGnosys CEO Leo Labeis comments on the implications for financial institutions:
“Digital Regulatory Reporting (DRR) is a global industry-led programme to mutualise the cost of interpreting and complying with reporting requirements. Firms are collaborating using REGnosys’ platform and the ISDA Common Domain Model to build an open source, machine-executable interpretation of the rules, with an initial focus on both the CFTC Rewrite and EMIR Refit. Crucially, the new CFTC Rewrite deadline allows more time for financial institutions to review their regulatory reporting and take advantage of this strategic approach to tackle this and future updates.”
Contact us to find out more about REGnosys’s work on DRR.