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Date de publication: 6 juin 2012
Auteur: Y B
Noter cette article :

La Commodity Futures Trading Commission a publié la nouvelle version de son guide "part 20 reports" sur les swaps.

le document est intitulé "Large Trader Reporting for Physical Commodity Swaps : Division of Market Oversight Guidebook for Part 20 Reports".

Introduction :

On July 22, 2011, the  Commodity Futures Trading  Commission  (“Commission” or “CFTC”) published large trader reporting rules for physical commodity swaps and swaptions (76 FR 43851).   The reporting rules became effective on September 20, 2011 and are codified in new Part 20 of the Commission’s regulations.  Section 20.3 of the reporting rules requires daily reports from clearing organizations.  Section 20.4 of the reporting rules requires daily reports from clearing members and swap dealers.   Clearing members that are required to provide § 20.4 reports are those entities that are authorized by a clearing organization to clear one or more paired swaps as that term is defined in § 20.1 and as described in this Guidebook (regardless of whether the entity actually does clear such swaps).  Reporting entities are required to report inter-affiliate transactions under Part 20 if they are separate legal entities.

Notably, § 20.1 defines a swaption as an option to enter into a swap or a swap that is an option.  Therefore, both options to enter into swaps and swaps that are options may be reportable as paired swaps under Part 20.   Swaps that come within the definition of a paired swap, as that term is defined in § 20.1 and as described in this Guidebook, solely by being linked to any Brent Crude Oil Commodity Reference Price (“CRP”), are not required to, but may voluntarily, be reported to the Commission until further notified by the Division.

Pursuant to §§ 20.7 and 20.8, this Guidebook  in part  establishes the form and manner of reporting and submitting information to the Commission.   On September 16, 2011, the Director of the Division of Market Oversight (“DMO” or “Division”), via a letter issued under § 20.10(c), determined to relieve clearing organizations and clearing members as a class from the reporting requirements of §§ 20.3 and 20.4 until November 21, 2011 for cleared swaps, and January 20, 2012 for uncleared swaps.  

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