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The CFTC has approved for public comment a proposed rulemaking that could ease swaps reporting requirements for some counterparties, officials say.
The proposed rule would reduce reporting and record-keeping requirements for “trade option counterparties that are neither swap dealers nor major swap participants (Non-SD/MSPs), including commercial end-users that transact in trade options in connection with their businesses,” a CFTC statement says.
The vote to approve the proposed rule was unanimous and the proposed rulemaking will be open for comment for 30 days after publication in the Federal Register.
Specifically, the CFTC proposes to eliminate the Form TO annual notice reporting requirement for otherwise unreported trade options.
Instead, “a Non-SD/MSP would only need to provide notice to the commission’s Division of Market Oversight (DMO) within 30 days after entering into trade options (whether reported or unreported) that have an aggregate notional value in excess of $1 billion in any calendar year, officials say.
Alternatively, a Non-SD/MSP would provide notice by email to the DMO that it reasonably expects to enter into trade options, whether reported or unreported, having an aggregate notional value in excess of $1 billion during any calendar year,” the statement says
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