The CFTC approved proposed changes to its rules that would (i) remove indemnification requirements for the use of swap data by other regulators, and (ii) integrate existing advisory guidance in Parts 3 and 9 of its rules relating to the registration and review of exchange disciplinary actions in order to incorporate swap execution facilities ("SEFs") and update provisions currently applicable to designated contract markets ("DCMs").
Generally, the approved changes would establish that domestic and foreign authorities may access swap data in Swap Data Repositories ("SDRs") by entering into a confidentiality arrangement with the CFTC if the CFTC deems the authorities to be "appropriate" recipients for the data. The proposed amendments to Part 49 also would implement Title LXXXVI of the FAST Act.
The proposed amendments to Parts 3 and 9 of CFTC regulations would require SEFs and DCMs to publish final disciplinary and access denial actions on their websites.
Comments on both proposals must be submitted within 60 days after their publication in the Federal Register.
In a related statement, outgoing CFTC Chair Timothy Massad summarized the proposed amendments to swap data access provisions:
"Today's proposal removes [the indemnification] requirement in the CFTC's own rules, makes other changes consistent with Congressional action, and creates a process for when and how other regulators gain access to SDR information that will protect confidentiality."
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