SEC and CFTC Launch Joint Review of Swap Reporting Rules; Some Transactions Require 128 Data Fields

The SEC and CFTC launched a joint review of swap and security-based swap reporting requirements on Thursday, seeking feedback on whether existing frameworks remain necessary after more than a decade of Dodd-Frank-era data collection. The agencies published a joint request for comment asking whether current reporting obligations could be simplified and whether all reported data provides meaningful regulatory value.

According to the consultation, certain swap transactions currently require reporting of as many as 128 separate data elements. Regulators acknowledged that large volumes of reported data do not automatically translate into better oversight, and that reporting complexity may have led to inconsistent or duplicative information. The SEC and CFTC also requested feedback on whether existing rules remain appropriate for blockchain-based swap transactions. The 60-day comment period began this week.