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Cadwalader's Reg-tracker for late January

Regulatory team, Cadwalader Wickersham & Taft, New York, 21 January 2021


Our Regulatory Tracker is a list of effective dates, comment deadlines, compliance dates and expiration dates for the United States of America.

25 January: CFTC Effective Date: swap data recordkeeping and reporting requirements. The Commodity Futures Trading Commission is amending certain regulations that oblige swap data repositories (SDRs), derivatives clearing organisations (DCOs), swap execution facilities (SEFs), designated contract markets (DCMs), swap dealers (SDs), major swap participants (MSPs) and swap counterparties that are neither SDs nor MSPs to keep records of swap data and send off reports. The changes, among other things, will streamline the rules that govern the reporting of new swaps, define and adopt swap data elements that are in harmony with international technical guidance and reduce reporting burdens for reporting counterparties that are neither SDs nor MSPs.

25 January: ISDA - IBOR fallbacks supplement and protocol. This is the effective date that has ISDA announced for the IBOR Fallbacks Supplement to the 2006 ISDA Definitions and the ISDA 2020 IBOR Fallbacks Protocol.

25 January: CFTC - certain swap data repository and data reporting requirements. The CFTC is amending its regulations to improve the accuracy of data reported to, and maintained by, swap data repositories (SDRs), and to do more to oversee SDRs and data reporting generally. Among other things, the amendments will modify existing requirements for SDRs to establish policies and procedures to confirm the accuracy of swap data with both counterparties to swaps and require reporting counterparties to verify the accuracy of swap data pursuant to those SDR procedures. The amendments also update existing requirements related to corrections for data errors and certain provisions related to SDR governance.

29 January: SEC - Amendments to the commission's rules of practice. The regulator is changing these rules to require persons involved in commission administrative proceedings to file and serve documents electronically.

  • This week the SEC has already adopted a new rule, using its powers under the Investment Company Act 1940, to streamline and enhance the way it regulates funds that invest in other funds (i.e. “fund of funds” or FoF arrangements). In connection with the new rule, it has rescinded rule 12d1-2 (which it previously issued in accordance with the Act) and certain exemptive relief that it has granted to firms from sections 12(d)(1)(A), (B), (C), and (G) of the Act, thereby permitting certain FoF arrangements. Finally, it has adopted related amendments to rule 12d1-1 (also issued under the Act) and to Form N-CEN.

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