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Part 45 - Swap Data Recordkeeping and Reporting Requirements

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Part 45 - Swap Data Recordkeeping and Reporting Requirements Part 45 - Swap Data Recordkeeping and Reporting Requirements SDR Regulatory Summary SDR Regulation Description Definitions and Swap Recordkeeping Definitions and Swap Recordkeeping Swap data reporting: creation data Swap data reporting: creation data Swap data reporting: continuation data Swap data reporting: continuation data USIs Unique Swap Identifiers LEIs Legal Entity Identifiers UPIs Unique Product Identifiers Determination of reporting party Determination of which counterparty must report Third-party data reporting Third-Party facilitation of data reporting Unacceptable Swaps Data reporting for swaps in a swap asset class not accepted by any SDR Voluntary Supp. Reporting Voluntary supplemental reporting Required data standards Required data standards Errors and Omissions Reporting of errors and omissions in previously reported data Compliance Dates Compliance Dates Definitions and Swap Recordkeeping Rule Ref. Definitions and Swap Recordkeeping §45.2 Definitions. Swap Recordkeeping - Recordkeeping by SEFs, DCMs, DCOs, SD & MSPs - these entities must keep full, complete and systematic records, §45.2(a) together with all pertinent data and memoranda, of all activities relating to the business of such entity or person with respect to swaps. Recordkeeping by Non-SDs and Non-MSPs - must keep full, complete and systematic records, together with all pertinent data and memoranda, §45.2(b) with respect to each swap in which they are a counterparty (note: this is more limited than for the entities listed in §45.2(a). Record Retention and Retention Form - all records kept pursuant to this section must be kept throughout the life of the swap and for a period of at least 5 years following the final termination of the swap. For record retention, SEFs/DCMs/DCOs/SDs/MSPs must keep records in electronic §45.2(c)-(d) form, or kept in paper form only if they were originally created and exclusively maintained in paper form, so long as they are retrievable and the information in them is reportable. For Non-SDs/Non-MSPs, records may be kept either electronically or in paper form, so long as they are retrievable and the information in them is reportable. Record Retrievability - For SEFs/DCMs/DCOs/SDs/MSPs, each record must be readily accessible via real time electronic access throughout the life of the swap and for 2 years following the final termination of the swap, and shall be retrievable by the registrant within 3 business days through §45.2(e) the remainder of the period following the final termination of the swap. For Non-SDs/Non-MSPs, records must be retrievable within 5 business days through the period during which it is required to be kept. Recordkeeping by SDR - SDRs must keep full, complete and systematic records, together with all pertinent data and memoranda, of all activities §45.2(f) relating to the business of the SDR and all swap data reported to the SDR. Record retention and retrievability by SDR - records maintained by an SDR must be kept throughout the existence of the swap and for 5 years following final termination of the swap, during which time the records must be readily accessible by the SDR and available to the Commission via §45.2(g) real time electronic access and thereafter for a period of at least 10 add'l years in archival storage from which they are retrievable by the SDR within 3 business days. Record Inspection - all aforementioned entities, including Non-SDs and Non-MSPs, must allow all records to be open to inspection upon request §45.2(h) by the Commission, DOJ, SEC, or any other prudential regulator. Changes Needed: Processes: Systems: Swap Data Reporting: Creation Data Rule Ref. Swap Data Reporting: Creation Data In general - the obligation for registered entities and counterparties to start reporting swap creation data electronically to an SDR begins on the §45.3 applicable compliance date (see "Compliance Dates" tab). For swaps executed prior to the applicable compliance date, see Part 46. Swaps executed on or pursuant to the rules of the SEF or DCM - facility (SEF or DCM) is required to report all swap creation data ASATP after execution. This must include all confirmation data and all PET data. If such a swap is also cleared by a DCO, the DCO must report all the confirmation data ASATP after clearing. The DCO will have satisfied its obligation by reporting PET data and confirmation data, which includes all §45.3(a) the terms defined in the Appendix. It must also include internal identifiers assigned b the automated systems of the DCO to the two transactions resulting from novation to the clearing house. PET Data for Off-facility swaps subject to mandatory clearing - for all off-facility swaps subject to mandatory clearing (except for exempted end- users and exempt insurance companies as defined by the CEA), required swap creation data must be reported as follows: the reporting §45.3(b) counterparty (see §45.8) must report all PET data for the swap within the applicable reporting timeline. PET Data for Off-facility swaps that are voluntarily submitted for clearing and accepted by DCO - if accepted by the DCO before the applicable deadline and before the reporting counterparty submits the PET data, then the reporting counterparty is excused from reporting the §45.3(b)(1) required swap creation data and the DCO must submit the PET data. PET Data for Off-facility swaps that are voluntarily submitted for clearing and accepted by DCO - if the reporting counterparty is a SD or MSP, then the reporting counterparty must report all PET data ASATP after execution, but no later than 30 minutes during the first year of §45.3(b)(1)(i) compliance, or 15 minutes after execution. PET Data for Off-facility swaps that are voluntarily submitted for clearing and accepted by DCO - if the reporting party is a non-SD or non- MSP counterparty, the reporting counterparty must report all PET data ASATP after execution, but no later than 4 business hours after execution §45.3(b)(1)(ii) during the first year; 2 business hours after execution during the second year; and 1 business hour after execution thereafter. Confirmation Data for Off-facility swaps that are accepted for clearing by the DCO - the DCO must report all confirmation data ASATP after §45.3(b)(2) clearing. This will include confirmation and PET data, as well as internal identifiers. Confirmation Data for Off-facility swaps that are NOT accepted for clearing - then the reporting counterparty reports all confirmation data during the applicable timelines outlined in §45.1. If this data is not yet technologically practicable to be submitted electronically, then the reporting counterparty may submit such confirmation data to the SDR by transmitting an image of the document or documents constituting the confirmation. §45.3(b)(3) However, beginning 180 days after the compliance date, all reporting counterparties must report all confirmation data to the SDR electronically. Confirmation Data for Off-facility swaps that are NOT accepted for clearing - if the swap is not accepted for clearing and the reporting party is a SD or MSP, then the reporting counterparty must report all confirmation data ASATP after confirmation, but no later than 30 minutes if it is §45.3(b)(3)(i) confirmed electronically; or 24 business hours after confirmation if confirmation is not electronic. Confirmation Data for Off-facility swaps that are NOT accepted for clearing - if the swap is not accepted for clearing and the reporting party is a Non-SD or Non-MSP, then the reporting party must report all confirmation data ASATP but no later than the end of the second business day after §45.3(b)(3)(ii) the date of confirmation during the first year of compliance; and the end of the first business day after the date of confirmation thereafter. §45.3(c)(1) Off-facility swaps not subject to mandatory clearing but with SD or MSP reporting party - N/A - Credit, equity, FX and IR swaps. PET Data for Off-facility swaps not subject to mandatory clearing but with SD or MSP reporting party - for Other Commodity Swaps - the reporting counterparty must report all PET data within the applicable reporting deadline below. However, if the swap is voluntarily submitted for clearing and accepted by the DCO before the deadline and before the reporting party reports, the reporting party is excused from reporting creation data. If, however, the non-reporting party to a txn is a SD, MSP or a financial entity and the verification of PET data occurs electronically, §45.3(c)(2)(i) then the reporting party must report all PET data ASATP after execution, but no later than: 4 hours after execution during the first year following compliance and 2 hours after execution thereafter. Confirmation Data for Off-facility swaps not subject to mandatory clearing but voluntarily submitted and accepted for clearing by a DCO - §45.3(c)(2)(ii) for Other Commodity Swaps - the DCO must report all confirmation data for the swap ASATP after clearing. Confirmation Data for Off-facility swaps not subject to mandatory clearing but NOT voluntarily submitted for clearing - for Other Commodity Swaps - the reporting counterparty must report all confirmation data ASATP after confirmation, but no later than 30 minutes after confirmation if confirmation is electronic, or 24 business hours after confirmation if confirmation is not electronic. For the first 180 days of §45.3(c)(2)(iii) compliance, reporting parties can submit images or documents constituting confirmation if it is not technologically practicable to submit confirmation data electronically. However, after the 180 days, all reporting parties must submit confirmation data to the SDR electronically. PET Data for Off-facility swaps not subject to mandatory clearing with a Non-SD or Non-MSP counterparty - the reporting counterparty must report all PET data ASATP after execution, but no later than 48 business hours after execution during the first year following compliance; 36 business hours after execution during the second year following compliance; and 24 business hours after execution thereafter.
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