Swap Data Recordkeeping and Reporting Requirements

Section 2(a)(13)(G) of the Commodity Exchange Act (“CEA”) requires that all swaps, whether cleared or uncleared, must be reported to SDRs. CEA section 21(b) directs the Commission to prescribe standards for swap data recordkeeping and reporting, which are to apply to both registered entities and counterparties involved with swaps. The Commission established these regulations in Part 45 of the Commission’s regulations. The regulations establish swap reporting and recordkeeping requirements for swap execution facilities (“SEFs”), designated contract markets (“DCMs”), swap data repositories (“SDRs”), derivatives clearing organizations (“DCOs”), swap dealers (“SDs”), major swap participants (“MSPs”), and non-SD/MSP/DCO counterparties. On November 25, 2020, the Commission published the final rule amending regulations in Parts 45 concerning swap data recordkeeping and reporting requirements (“Swap Data Reporting Rule”). Regulation 45.7 requires swaps to be identified in all recordkeeping and all swap data reporting by means of a Unique Product Identifier (“UPI”) and product classification system after the Commission designates a UPI and product classification system that satisfies the requirements set forth in the section. As part of that rulemaking, the Commission provided that the burden for the product fields reported in place of UPIs would be accounted for as part of the burden estimates associated with §§ 45.3 and 45.4 until the Commission designated a UPI. On February 24, 2023, the Commission issued an order designating a UPI and product classification system to be used in swap recordkeeping and data reporting for swaps in the credit, equity, foreign exchange, and interest rate asset classes. Now that the Commission has designated a UPI and product classification system for certain asset classes, the Commission is revising Information Collection 3038-0096 to take into account the revised burden associated with reporting pursuant to the newly designated UPI and product classification system, in compliance with the Paperwork Reduction Act (“PRA”) and Office of Management and Budget (“OMB”) regulations. These information collection requirements impact SDRs, SEFs, DCMs, and reporting counterparties that report swap data for the Commission to perform its regulatory duties of risk monitoring and ensuring compliance with its rules, among other items. As part of this update, the Commission is addressing the burden estimates pertaining to information collections for § 45.7.

The latest form for Swap Data Recordkeeping and Reporting Requirements expires 2026-10-31 and is listed under ICR 202306-3038-007.

Swap Data Recordkeeping and Reporting Requirements

Federal Enterprise Architecture: General Government - Legislative Functions