The Commodity Futures Trading Commission and Securities and Exchange Commission issued a joint request for public comment on June 18 regarding opportunities to harmonize, modernize, and streamline data reporting requirements in the regulation of swap and security-based swap markets.
CFTC Chairman Michael S. Selig said, “I’m proud to be working alongside SEC Chairman Atkins to streamline and harmonize swap data reporting for registrants in accordance with our ongoing efforts to foster interagency cooperation. I look forward to hearing from market participants about the ways we can cut red tape and reduce costs, while still collecting the data we need to conduct our market oversight responsibilities.”
SEC Chairman Paul S. Atkins said, “Extensive data collection, if not appropriately calibrated, can hinder, rather than enhance, understanding and accountability. Working closely with the CFTC, we can ensure that we are collecting the data necessary to meet statutory objectives under a harmonized reporting regime. I welcome feedback on how we can improve our security-based swap data reporting regime in a manner that protects the integrity of the information and lowers costs.”
According to both agencies, this request is intended to help evaluate whether changes in design, scope, or structure of current reporting requirements could create greater alignment between their respective frameworks. The agencies seek input aimed at enhancing transparency in these markets while reducing operational complexity and promoting higher quality regulatory oversight.
The public is encouraged by both commissions to provide input on operational, technological, and policy implications outlined in their joint request for comment. The comment period will remain open for 60 days following publication in the Federal Register.
The U.S. Commodity Futures Trading Commission functions as an independent agency established in 1974 that enforces rules against market manipulation and fraud; it oversees derivatives markets such as futures, swaps, and certain options; ensures market integrity; safeguards customers; fosters transparent competition; participates internationally on derivatives regulation; offers public access to market reports; and operates within the regulatory sector—all according to its official website.