Regulatory Alerts2023-08-25 | 2023-17747Swap Confirmation Requirements for Swap Execution Facilities
The Commodity Futures Trading Commission proposes amendments to its swap execution facility regulations to address operational challenges in uncleared swap confirmations. The proposal allows SEFs to incorporate previously negotiated agreement terms by reference rather than obtaining full copies, and shifts the confirmation timing requirement to as soon as technologically practicable after execution. Additionally, the rule clarifies that confirmations legally supersede only conflicting terms in prior agreements and includes conforming changes to swap dealer documentation standards.
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