White House Reviews Early Proposals on Swaps Reporting Requirements

The White House is currently reviewing early proposals from the U.S. Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) regarding the reconsideration of swaps and securities-based swaps reporting requirements. According to ChainCatcher, these proposals are in the pre-rule stage, with plans to gather public feedback before finalizing regulatory details. Currently, the reporting rules for swaps and securities-based swaps in the U.S. are not unified, and some existing compliance exemptions are set to expire in 2029. Last month, the International Swaps and Derivatives Association and the Securities Industry and Financial Markets Association jointly urged regulators to standardize data reporting standards for these products. ICE Trade Vault LLC also made similar requests. The CFTC noted that this initiative is a joint effort between the two agencies. The SEC Chair had already arranged for the establishment of a unified reporting system during an industry conference in March. The implementation of the new regulations will require two rounds of agency voting and public consultation.