Swap Data Reporting and 

Recordkeeping

July 25, 2013

Prepared by CFTC Staff for the Agricultural Advisory Committee
Regulatory and Public Reporting Requirements

• Regulatory & Public Reporting Rules – CFTC finalized the reporting rules (parts 43 

and 45) in December 2011 and the historical swap reporting regulations (part 46) in 

June 2012. 

• Provisionally Registered SDRs– CFTC has provisionally registered 3 SDRs to date. 

• Part 45 - Phased reporting of regulatory (nonpublic) swap transaction data to SDRS:

 Interest Rate and Credit Default Swap Asset Classes 

 SDs & MSPs began reporting December 31, 2012 & February 28, 2013 

 Financial entities began reporting April 10, 2013

 Non-SD, non-MSP, non-financial entities began reporting on July 1, 2013

– Associated backloaded data to be reported by August 1, 2013

 Equity, Foreign Exchange and Other Commodity Asset Classes

 SDs & MSPs began reporting February 28, 2013

 Financial entities began reporting May 29, 2013

 Non-SD/MSP, non-financial entities to begin reporting on August 19, 2013

– Associated backloaded data to be reported by September 19, 2013

• Part 43 - Publicly reported swap transaction data to be publicly disseminated using 

the same phased compliance schedule as required for part 45 above.

• Part 46 – Phased historical swap transaction data reported to SDRs by October 31, 

2013 for Non-Financial Entities and September 30, 2013 for Financial Entities 
Who Reports?

Reporting Hierarchy – Section 45.8 (Determination of Which Party Must Report) 

provides a hierarchy to determine which counterparty is required to report the swap 

transaction data to an SDR.

Swap Dealer

Major Swap Participant

Financial Entity

“Tie-breaker”

1) On a SEF or DCM: parties decide

2) Off platform: parties agreement to be included as a term to the contract

US Person: Both counterparties are “Nons”, and one is a non-US person

Non-US Persons

1) If trade executed on a SEF, DCM or DCO, parties agree 
What’s an LEI? What’s a CICI? 

Legal Entity Identifier (“LEI”) 

Each counterparty to any swap subject to the jurisdiction of the Commission

shall be identified in all recordkeeping and all swap data reporting by means of a 

single legal entity identifier as specified in this section. (§ 45.6)

CFTC Interim Compliant Identifier (“CICI”)

• A CICI is a unique code associated with a single legal entity in accordance with the 

ISO 17442 standard. 

• The CICI is the temporary identifier recognized by the Commission, until such time 

as a global LEI system is approved the Commission. 

• A CICI will become an LEI once the global LEI system is finalized.

• The CICI Utility has been designated by the CFTC as the sole provider of CICIs.

• The CICI utility is publicly available at: https://www.ciciutility.org/

 Search for existing CICIs 

 Register for a CICI

 FAQ 
Reporting Relief

Reporting Relief Provided - CFTC has provided reporting relief in the form of no-action 

letters and interpretive guidance.

 No-Action Letter 13-08: Trade Option Exemption

 No-Action Letter 13-09: Swaps Between Affiliated Counterparties 

 No-Action Letter 13-10: Delayed Reporting for Certain Counterparties

 No-Action Letter 13-34: Cleared Swap Valuation Reporting

 No-Action Letter 13-35: Bespoke Transactions

 No-Action Letter 13-36: CDS Clearing Related Swaps

 No-Action Letter 13-41: Privacy and Masking
Resources

Resources- The Commission’s Web Site provides access to not only the rules, but also 

the no-action letters, interpretive guidance, exemptive orders, FAQ, Q&As, Fact Sheets 

and more.

Commission Web site: www.cftc.gov

• Final Rules: 

 Part 43 

 Part 45

 Part 46

• Provisionally Registered SDRS - find which asset classes they support

 CME

 DTCC

 Ice Trade Vault

• FAQs, Q&As, Fact Sheets

• Reporting Relief
The Best Resource - Commission Web Site

www.cftc.gov
The Best Resource - Commission Web Site 2
The Best Resource - Commission Web Site 3