The CFTC Adopts Final Rules on the Recordkeeping and Reporting of Historical Swaps
The CFTC has adopted final rules governing the recordkeeping and reporting of historical swaps—imposing comprehensive recordkeeping and reporting obligations on all historical swap counterparties, including end-users. The historical swaps covered by these final rules encompass (i) swaps entered into before July 21, 2010 and still outstanding as of July 21, 2010 and (ii) swaps entered into on or after July 21, 2010, but prior to the applicable compliance date set forth in the rules. Counterparties to historical swaps would be well-advised to undertake a comprehensive review of both current and recently expired swap positions as well as consider updates to their recordkeeping policies and technological capabilities.