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CFTC Adopts Swap Data Recordkeeping and Reporting Requirements

February 7, 2012

On January 9 and 13, 2012, the Commodity Futures Trading Commission ("CFTC") published final rules regarding real-time reporting and public dissemination, regulatory reporting and recordkeeping requirements for swap transaction data. The final rules apply to all market participants and are intended to facilitate regulatory oversight, promote transparency and enhance price discovery in the swaps markets by making swap transaction and pricing data available to regulators and the public in real-time while protecting the anonymity of market participants. Swap transactions must be reported to registered Swap Data Repositories ("SDRs") and disseminated by the SDRs to the public as soon as technologically practicable following execution and upon any material amendment. Swap participants are also required to keep records of each swap and make such records available to the CFTC upon request. The final rules do not require compliance before July 16, 2012 or, in the case of most end-users, before January 2013.

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