Regulatory Alerts2012-09-11 | 2012-21414Added · Updated
Confirmation, Portfolio Reconciliation, Portfolio Compression, and Swap Trading Relationship Documentation Requirements for Swap Dealers and Major Swap Participants
The Commodity Futures Trading Commission adopted final rules implementing Title VII of the Dodd-Frank Act to establish standards for swap dealers and major swap participants. These regulations mandate timely and accurate swap confirmation, portfolio reconciliation, portfolio compression, and comprehensive documentation of swap trading relationships. The rules apply prospectively to swaps entered into after the compliance date and clarify that non-compliance does not automatically invalidate transactions or provide a basis for private rights of action absent fraud.
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