The Commodity Futures Trading Commission said a new final order would sunset the routine position-reporting requirements of part of the large Trader reporting rules for physical commodity swaps.
As part of the changes to Part 20 of the reporting rules, clearing organizations, clearing members, and swap dealers will no longer be required to file the daily and event-based position reports currently required.
“American financial market participants should not be saddled with costly and duplicative reporting requirements that do not improve the quality of our regulation,” CFTC Chair Michael S. Selig said. “This order relieves industry of a significant and unnecessary burden while ensuring the Commission retains full access to the position information it needs to protect these markets.”
The commission issued the order under a sunset provision built into Part 20 when it was first adopted as a temporary measure in 2011. The rule predates the commission’s broader swap data reporting framework. Since the rule’s adoption, the swap data reporting framework has matured through various other rules, officials said, namely the registration of swap data repositories under Part 49, the swap data reporting requirements in Parts 43 and 45, and the position limits in Part 150.
The commission said it was retaining recordkeeping and special-call provisions of Part 20 that will require entities to keep records of their paired swap and swaption transactions, as well as future-equivalent conversion methods, and to furnish them upon special calls.