SEC, CFTC Seek Public Input on Data Reporting Frameworks for Security-Based Swap and Swap Markets

The Securities and Exchange Commission and the Commodity Futures Trading Commission issued two joint requests for public comment on Wednesday, seeking input on data reporting frameworks and derivatives product definitions.

The first request focuses on harmonizing, modernizing, and streamlining data reporting requirements for security-based swap and swap markets ^[1]. The agencies are evaluating whether changes to the design, scope, and structure of reporting requirements would lead to greater alignment between their respective frameworks ^[1]. The SEC and CFTC are seeking input on topics including transparency, data quality, and operational complexity ^[1]. The public comment period will remain open for 60 days following publication in the Federal Register ^[1][2].

SEC Chairman Paul S. Atkins said extensive data collection, if not appropriately calibrated, can hinder rather than enhance understanding and accountability ^[1]. CFTC Chairman Michael S. Selig said he looked forward to hearing from market participants about ways to cut red tape and reduce costs while still collecting the data needed for market oversight ^[1].

The second request for comment addresses derivatives product definitions and interpretive issues ^[2]. The agencies intend to use the feedback to support their ongoing evaluation of regulatory definitions and jurisdictional frameworks ^[2]. Topics under consideration include definitions of swaps and security-based swaps, the treatment of mixed swaps, and jurisdictional questions ^[2]. The comment period for this request will also remain open for 60 days following publication in the Federal Register ^[2].

Both requests encourage the public to provide input on operational, technological, and policy implications ^[1][2]. The agencies are working to preserve their distinct statutory mandates under the Dodd-Frank Act while pursuing greater interagency cooperation ^[1].