Tue, Jul 29, 2014
A A A
Welcome Guest
Free Trial RSS
Get FREE trial access to our award winning publications
Industry Updates

Investment fund deadline for swap data reporting, recordkeeping and CICIs Is April 10

Friday, March 22, 2013
Opalesque Industry Update: The Commodity Futures Trading Commission (CFTC)’s April 10, 2013 deadline for investment funds that are U.S. Persons to comply with swap data reporting and recordkeeping rules is fast approaching. Investment funds must also obtain a CFTC Interim Compliant Identifier (CICI) by this deadline date.

Reporting

If an investment fund is trading with a CFTC-registered swap dealer, the swap dealer is obligated to report the swap, and the investment fund has no reporting requirement. However, if the fund is a U.S. Person and is trading with (1) another financial entity that is not a swap dealer (including such fund's affiliates), (2) a non-financial entity, or (3) a non-U.S. swap dealer, there may be a reporting obligation. In those situations where an investment fund will be required to report a swap, such reporting will typically be made through a swap data repository. Investment funds should contact a swap data repository to coordinate the operational aspects of reporting. For more details, please see the SRZ Alert “CFTC Publishes Final Swap Data Rules and Real-Time Reporting Rules.”

Recordkeeping

Advisers to investment funds are obligated to keep records with respect to each swap for which an investment fund is a counterparty. Such records must be maintained for the life of the swap and five subsequent years, and must be accessible within five days of a request. These requirements generally overlap with those already-applicable to registered investment advisers, but advisers should consider maintaining the required records in a format that will be easily accessible.

CICI

Investment funds must obtain a CFTC Interim Compliant Identifier by the April 10 deadline if they intend to transact in swaps. CFTC Rule Part 45 requires the use of a CICI in all swap reporting. A CICI is also required when adhering to the ISDA August 2012 DF Protocol and it may be used in Question 5(d) of Form PF (for the Legal Entity Identifier of the reporting fund). A CICI may be obtained through http://www.ciciutility.org. Funds must self-certify the CICI data record, even if the CICI has been issued through a third-party registrant. For a more detailed discussion related to CICIs, please see the SRZ Alert “Update for Swap Counterparties: New Web Portal Launched to Assign CFTC Interim Compliant Identifiers.”

Shulte, Roth & Zable

BM

What do you think?

   Use "anonymous" as my name    |   Alert me via email on new comments   |   
Today's Exclusives Today's Other Voices More Exclusives
Previous Opalesque Exclusives                                  
More Other Voices
Previous Other Voices                                               
Access Alternative Market Briefing
  • Top Forwarded
  • Top Tracked
  • Top Searched
  1. Opalesque Roundtable: Success in hedge fund marketing not linked to performance, but investor appetite[more]

    Komfie Manalo, Opalesque Asia: Success in marketing a fund is not linked to the performance, but to investor appetite, to the way you can market the fund, and to how much time you can spend to raise assets, said Antoine Rolland, the CEO of incubator and seeding firm

  2. Hedge fund manager Winton Capital making headway with long-only strategy[more]

    From PIonline.com: North American investors are helping Winton Capital Management Ltd. make progress — albeit slowly — toward its founder's goal of becoming a $100 billion company. The firm's ticket to quadrupling its assets under management is unlikely to be one of its scientifically designed manag

  3. Opalesque Radio: Now is a good time to buy protection cheaply in the options market[more]

    Benedicte Gravrand, Opalesque Geneva: Investors are showing an increased interest in risk parity funds and strategies, Opalesque reported last year. Risk parity strategies have the

  4. The Big Picture: Charlemagne Capital smoothes risk out of frontier market investing with portfolio approach[more]

    Benedicte Gravrand, Opalesque Geneva: Opalesque recently talked to one of the portfolio managers of the Oaks funds, which are emerging and frontier market hedge funds focusing on equity long/short with a directional approach. They are run by

  5. Winton’s low-cost equities fund tops $1bn for first time[more]

    From FT.com: Winton, the London-based hedge fund, has increased the assets in its low-cost equities fund to more than $1bn for the first time in a sign that traditional stock managers may come under increasing pressure from computer-driven rivals. Winton, which manages about $25bn in total ass