Tue, May 26, 2015
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. Comment - Top hedge fund managers talk about how easy their jobs have gotten, BlackRock to Schroders warn of Argentina’s $20bn bond glut, The 35-year “investment supercycle” is drawing to a close, says Bill Gross, Gundlach: When the Fed starts hiking rates, 'GET OUT' of this asset class[more]

    Top hedge fund managers talk about how easy their jobs have gotten From Businessinsider.com.au: Time was, before the financial crisis hit, corporate boards treated multi-billion dollar hedge fund managers like Jehovah’s Witnesses pounding on their doors and flashing bibles. But no more.

  2. T Rowe's challenge to Dell deal may fuel critics of 'appraisal'[more]

    From Reuters.com: An increasingly popular tactic used by hedge funds and others to extract more money from buyouts could soon face a major courtroom test when a big investor in Dell Inc may argue that it should be paid a higher price for the 2013 acquisition of the PC maker. The strategy, known as "

  3. News Briefs - Ergen says LightSquared plan unfairly favors hedge funds, Why hedge fund managers make good advisory clients, I learned a lot about dad-bros after spending 4 days in Vegas with 2,000 hedge funders[more]

    Ergen says LightSquared plan unfairly favors hedge funds LightSquared Inc.’s bankruptcy plan gives hedge funds that invested in the broadband company a leg up while blocking telecommunications firms from competing with it, a fund owned by Dish Network Corp. Chairman Charles Ergen said in

  4. Opalesque Exclusive: SEC approves proposed changes to Form ADV, '40 Act - comment period to follow[more]

    Bailey McCann, Opalesque New York: Hedge funds and providers of liquid alternatives will want to pay close attention to proposed reforms approved by the SEC yesterday. The changes will require more frequent reporting, as well as a closer look into social media, liquid alternative strategies, and

  5. Opalesque Exclusive: Ovation Partners targets opportunities where few "natural lenders" participate[more]

    Benedicte Gravrand, Opalesque Geneva for New Managers: Changes in financial regulations post-2008 (Dodd-Frank and Basel III) are forcing banks to significantly alter their core lending businesses. And as mid-sized

 

banner