The National Futures Association ("NFA") submitted to the CFTC a proposed Interpretive Notice on NFA Compliance Rule 2-49. In conjunction with CFTC Rule 23.502(c), the NFA rule requires swap dealers ("SDs") to notify regulators promptly of any swap valuation dispute that exceeds $20 million in value. If adopted, the Interpretive Notice would require SDs to submit an electronic form providing certain data elements for each reportable swap valuation dispute.

The Interpretive Notice provides guidance on the types of disputes that must be reported. In addition, the Interpretive Notice would obligate SDs to make changes on the 15th and last business days of the month to previously filed notices if the amounts of the disputes had changed by at least $20 million, and to close out disputes that had been resolved.

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