Tue, Mar 19, 2024
A A A
Welcome Guest
Free Trial RSS pod
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   |   
Previous Opalesque Exclusives                                  
Previous Other Voices                                               
Access Alternative Market Briefing

 



  • Top Forwarded
  • Top Tracked
  • Top Searched
  1. KKR raises $6.4bn for the largest pan-Asia infrastructure fund[more]

    Laxman Pai, Opalesque Asia: The New York-based global investment firm KKR has raised a record $6.4bn for its second Asia-focused infrastructure fund, underlining investors' continued appetite for private markets. According to a media release from the alternative assets manager, the figure top

  2. Bucking the trend, top hedge fund makes plans for a second SPAC[more]

    From Institutional Investor: SPACs aren't dead. At least not to the folks at Cormorant Asset Management. The life sciences firm, whose hedge fund topped its peers in 2023, is confident it will match the success of its first blank-check company. Last week, the life sciences and biopharma speciali

  3. Benefit Street Partners closes fifth fund on $4.7 billion[more]

    Bailey McCann, Opalesque New York: Benefit Street Partners has closed its fifth flagship direct lending vehicle, BSP Debt Fund V, with $4.7 billion of investable capital across the strategy. Benefit Street invests primarily in privately originated, floating rate, senior secured loans. The fun

  4. 4 hedge fund themes that are working in 2024[more]

    From The Street: A poor earnings report from Tesla (TSLA) has not hurt the indexes on Thursday. The decline in Tesla stock, which is losing its position in the Magnificent Seven pantheon, is more than offset by strong earnings from IBM (IBM) and ServiceNow (NOW) . In addition, the much higher-t

  5. Opalesque Exclusive: A global macro fund eyes opportunities in bonds[more]

    Bailey McCann, Opalesque New York for New Managers: Munich-based ThirdYear Capital rebounded in 2023, following a tough year for global macro. The firm's flagship ART Global Macro strategy finished the year up 1