Commodity Futures Trading Commission: Swap Data Recordkeeping and Reporting Requirements
GAO-12-398R, Jan 27, 2012
GAO reviewed the Commodity Futures Trading Commission's (Commission) new rule on swap data recordkeeping and reporting requirements. GAO found that (1) the final rule implements the Commodity Exchange Act (CEA or Act) relating to swap data recordkeeping and reporting requirements. These sections of the CEA were added by the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act). The rules being adopted apply to swap data recordkeeping and reporting requirements for swap data repositories, derivatives clearing organizations, designated contract markets, swap execution facilities, swap dealers, major swap participants, and swap counterparties who are neither swap dealers nor major swap participants. The recordkeeping and reporting requirements of this rule further the goals of the Dodd-Frank Act to reduce systemic risk, increase transparency, and promote market integrity within the financial system; and (2) Commission complied with applicable requirements in promulgating the rule.