Commodity Futures Trading Commission and Securities and Exchange Commission seek input on harmonizing swap and security-based swap data reporting

The Commodity Futures Trading Commission and Securities and Exchange Commission have issued a joint request for public comment on possible changes to the data reporting frameworks for swaps and security-based swaps. The review is aimed at aligning, modernizing and simplifying the two regimes so the agencies can reduce unnecessary reporting burden and operational complexity while continuing to collect the data needed for market oversight. The request asks whether changes to the design, scope and structure of existing reporting requirements would improve consistency between the two frameworks. It focuses on five areas: harmonization across frameworks, transparency and data quality, operational complexity, standardized identifiers and reference data, and implementation considerations. The agencies said the exercise is intended to improve market transparency, data quality and regulatory oversight while preserving their distinct statutory mandates under the Dodd-Frank Act. The comment period will remain open for 60 days after the request is published in the Federal Register.