Reporting, Recordkeeping, Daily Trading Records, and Swap Documentation Requirements for Swap Dealers and Major Swap Participants; Corrections, 8752-8755 [2023-01979]
Download as PDF
<![CDATA[
8752
Federal Register / Vol. 88, No. 28 / Friday, February 10, 2023 / Rules and Regulations
Low, AK; therefore, notice and public
procedure under 5 U.S.C. 553(b) are
unnecessary.
lotter on DSK11XQN23PROD with RULES1
Regulatory Notices and Analyses
The FAA has determined that this
regulation only involves an established
body of technical regulations for which
frequent and routine amendments are
necessary to keep them operationally
current. It, therefore: (1) is not a
‘‘significant regulatory action’’ under
Executive Order 12866; (2) is not a
‘‘significant rule’’ under Department of
Transportation (DOT) Regulatory
Policies and Procedures (44 FR 11034;
February 26, 1979); and (3) does not
warrant preparation of a regulatory
evaluation as the anticipated impact is
so minimal. Since this is a routine
matter that only affects air traffic
procedures and air navigation, it is
certified that this rule, when
promulgated, does not have a significant
economic impact on a substantial
number of small entities under the
criteria of the Regulatory Flexibility Act.
Environmental Review
The FAA has determined that this
action of amending the using agency
information for R–2204 Oliktok Point
High and R–2204 Oliktok Point Low,
AK, qualifies for categorical exclusion
under the National Environmental
Policy Act (42 U.S.C. 4321 et seq.) and
its implementing regulations at 40 CFR
part 1500, and in accordance with FAA
Order 1050.1F ‘‘Environmental Impacts:
Policies and Procedures,’’ paragraph 5–
6.5a, which categorically excludes from
further environmental impact review
rulemaking actions that designate or
modify classes of airspace areas,
airways, routes, and reporting points
(see 14 CFR part 71, Designation of
Class A, B, C, D, and E Airspace Areas;
Air Traffic Service Routes; and
Reporting Points), and paragraph 5–
6.5d, which categorically excludes from
further environmental impact review
the modification of the technical
description of special use airspace
(SUA) that does not alter the
dimensions, altitudes, or times of
designation of the airspace (such as
changes in designation of the
controlling or using agency, or
correction of typographical errors). This
airspace action is an administrative
change to the description of restricted
areas R–2204 Oliktok Point High and R–
2204 Oliktok Point Low, AK, to update
the using agency name. It does not alter
the restricted area dimensions,
designated altitudes, times of
designation, or use of the airspace.
Therefore, this airspace action is not
expected to result in any significant
VerDate Sep<11>2014
15:43 Feb 09, 2023
Jkt 259001
environmental impacts. In accordance
with FAA Order 1050.1F, paragraph 5–
2 regarding Extraordinary
Circumstances, this action has been
reviewed for factors and circumstances
in which a normally categorically
excluded action may have a significant
environmental impact requiring further
analysis. The FAA has determined that
no extraordinary circumstances exist
that warrant preparation of an
environmental assessment or
environmental impact study.
COMMODITY FUTURES TRADING
COMMISSION
Lists of Subjects in 14 CFR Part 73
SUMMARY:
Airspace, Prohibited areas, Restricted
areas.
The Amendment
In consideration of the foregoing, the
Federal Aviation Administration
amends 14 CFR part 73 as follows:
PART 73—SPECIAL USE AIRSPACE
1. The authority citation for 14 CFR
part 73 continues to read as follows:
■
Authority: 49 U.S.C. 106(f), 106(g), 40103,
40113, 40120; E.O. 10854, 24 FR 9565, 3 CFR,
1959–1963 Comp., p.389.
§ 73.22
[Amended]
2. Section 73.22 is amended as
follows:
*
*
*
*
*
■
R–2204
Oliktok Point High, AK [Amended]
By removing the current using agency and
adding the following in its place:
Using Agency. U.S. Department of Energy,
Arctic Energy Office, Washington, DC.
*
*
R–2204
*
*
*
Oliktok Point Low, AK [Amended]
By removing the current using agency and
adding the following in its place:
Using Agency. U.S. Department of Energy,
Arctic Energy Office, Washington, DC.
*
*
*
*
*
Issued in Washington, DC, on February 6,
2023.
Brian Konie,
Acting Manager, Airspace Rules and
Regulations.
[FR Doc. 2023–02822 Filed 2–9–23; 8:45 am]
BILLING CODE 4910–13–P
PO 00000
17 CFR Part 23
Reporting, Recordkeeping, Daily
Trading Records, and Swap
Documentation Requirements for
Swap Dealers and Major Swap
Participants; Corrections
Commodity Futures Trading
Commission.
ACTION: Correcting amendments.
AGENCY:
The Commission is making
correcting amendments in its
regulations concerning swap
documentation, swap reporting, and
daily trading records requirements to
conform those regulations to previous
amendments of other regulations, and to
correct other minor errors. These
correcting amendments do not
substantively affect any Commission
requirements.
DATES:
Effective on March 13, 2023.
FOR FURTHER INFORMATION CONTACT:
Matthew Jones, Attorney Advisor, (202)
418–6710, majones@cftc.gov, or Philip
Newsom, Attorney Advisor; pnewsom@
cftc.gov, Market Participants Division,
Commodity Futures Trading
Commission, Three Lafayette Centre,
1155 21st Street NW, Washington, DC
20581.
In
September 2020, the Commodity
Futures Trading Commission
(Commission) adopted final rules to
revise, among other things, part 45 of its
regulations on swap data recordkeeping
and reporting requirements for swap
data repositories, derivatives clearing
organizations, swap execution facilities,
designated contract markets, swap
dealers (SDs), major swap participants
(MSPs), and swap counterparties that
are neither SDs nor MSPs.1 Part 23 of
the Commission’s regulations contains
multiple cross-references to, and relies
on terms defined in, part 45 of the
Commission’s regulations. The
Commission has identified the
following errors in part 23 relating to
part 45 as well as certain other similar
errors, and is correcting them as shown
in the regulatory text in this Federal
Register document.
In accordance with the
Administrative Procedure Act, the
Commission has good cause to find that
it is unnecessary to provide the public
SUPPLEMENTARY INFORMATION:
1 Swap Data Recordkeeping and Reporting
Requirements, 85 FR 75503 (Nov. 25, 2020) (the
‘‘2020 Final Rule’’) (updating the Commission
regulations in part 45 in addition to parts 46 and
49).
Frm 00024
Fmt 4700
Sfmt 4700
E:\FR\FM\10FER1.SGM
10FER1
Federal Register / Vol. 88, No. 28 / Friday, February 10, 2023 / Rules and Regulations
prior notice and an opportunity to
comment on these technical
amendments.2 As more fully described
below, the amendments make only
typographical and clerical changes that
are necessary to avoid confusion or
mistakes. There is no substantive
change on which the public could
comment. As the revisions to the
Commission’s regulations in this
rulemaking are only technical in nature
and will not cause any party to
undertake any new obligations, the
Commission has determined to publish
this rulemaking without prior notice
and comment. Similarly, because the
Commission is not promulgating,
changing, or deleting any regulatory
requirement, consideration of costs and
benefits and consideration of the public
interest to be protected by the antitrust
laws are not required by the Commodity
Exchange Act.3 Finally, these correcting
amendments do not implicate any
requirements under the Paperwork
Reduction Act of 1995.4
A. Correcting Cross-References
Commission regulation § 23.202
(Daily trading records) 5 erroneously
cross-references Commission
regulations § 45.4(a), (b), and (c). The
Commission is correcting the crossreferences to Commission regulations
§§ 45.5, 45.6, and 45.7, respectively.
Commission regulation § 23.205(a)
(Real-time public reporting of swap
transaction and pricing data) 6
erroneously cross-references the realtime public ‘‘recording’’ requirements in
part 43 of the Commission’s regulations.
The Commission is correcting the
reference to replace the word
‘‘recording’’ with the word ‘‘reporting.’’
B. Updating the Term ‘‘Unique
Transaction Identifier’’
The Commission is replacing the term
unique swap identifier (USI) with the
term unique transaction identifier (UTI).
The Commission previously updated
part 45 to make this change,7 but did not
make the necessary conforming changes
in part 23 where it is referenced.8
C. Updating the Term ‘‘Legal Entity
Identifier’’
The Commission is updating and
conforming its references to a
2 See
5 U.S.C. 553(b)(3)(B).
7 U.S.C. 19(b).
4 See 44 U.S.C. 3501 et seq.
5 17 CFR 23.202.
6 17 CFR 23.205(a).
7 See 2020 Final Rule at 75515 (‘‘The Commission
is amending § 45.5 to adopt requirements for UTIs,
the globally accepted transaction identifier,
replacing USIs in existing § 45.5.’’)
8 See 17 CFR 23.202(a)(2)(iii) and 17 CFR part 23,
subpart I, appendix 1, Exhibits A through D.
lotter on DSK11XQN23PROD with RULES1
3 See
VerDate Sep<11>2014
15:43 Feb 09, 2023
Jkt 259001
counterparty’s identifier to clarify that a
counterparty must provide its legal
entity identifier (LEI) or, when
applicable, an alternate identifier.9 Part
23 does not consistently use the term
LEI (in one instance using the term
unique counterparty identifier
instead),10 and does not clearly address
the full set of circumstances when a
counterparty may use an alternate
identifier in lieu of an LEI, but rather
only provides for the use of an alternate
identifier where the counterparty is a
natural person.11
D. Updating Use of the Term ‘‘Unique
Product Identifier’’
The Commission is updating and
conforming its references to a swap’s
unique product identifier (UPI) to
clarify that the swap trading record shall
include the UPI and description using
the product classification system as
prescribed in part 45, when
applicable.12 Commission regulation
§ 23.202(a)(2)(vii) does not address the
possibility that a swap may not have a
UPI.13
E. Updating Example of a Floating Rate
The Commission is replacing the
example floating rate in Exhibit C of
part 23, subpart I, appendix 1, to use
‘‘Fed Funds.’’ Exhibit C currently uses
the outdated ‘‘USD-Libor-BBA’’ as an
example for the field labeled Floating
rate index name/rate period.14
List of Subjects in 17 CFR Part 23
Reporting and recordkeeping
requirements, Swaps, Trading records.
For the reasons stated in the
preamble, 17 CFR part 23 is corrected by
9 The Commission previously updated part 45 to
allow a counterparty that is not eligible to receive
an LEI to use an alternate identifier. See 2020 Final
Rule at 75527.
10 See 17 CFR 23.202(a)(2)(v).
11 See 17 CFR part 23, subpart I, appendix 1,
Exhibits A through D.
12 See Swap Data Recordkeeping and Reporting
Requirements, 77 FR 2136, 2166 (Jan. 13, 2012)
(explaining that each swap must be identified by a
UPI and product classification system, when
applicable).
13 See 17 CFR 23.202(a)(2)(vii).
14 17 CFR part 23, subpart I, appendix 1, Exhibit
C. The British Bankers Association no longer
administers the London Interbank Offered Rate
(LIBOR), and the ICE Benchmark Administration
Limited has decided to cease the publication of all
remaining LIBOR settings on June 30, 2023. See
Announcements on the end of LIBOR, March 5,
2021, available at: https://www.fca.org.uk/news/
press-releases/announcements-end-libor. See also
ICE Benchmark Administration Publishes Feedback
Statement for the Consultation on Its Intention to
Cease the Publication of LIBOR® Settings, March 5,
2021, available at: https://ir.theice.com/press/newsdetails/2021/ICE-Benchmark-AdministrationPublishes-Feedback-Statement-for-theConsultation-on-Its-Intention-to-Cease-thePublication-of-LIBOR-Settings/default.aspx.
PO 00000
Frm 00025
Fmt 4700
Sfmt 4700
8753
making the following correcting
amendments:
PART 23—SWAP DEALERS AND
MAJOR SWAP PARTICIPANTS
1. The authority citation for part 23
continues to read as follows:
■
Authority: 7 U.S.C. 1a, 2, 6, 6a, 6b, 6b–1,
6c, 6p, 6r, 6s, 6t, 9, 9a, 12, 12a, 13b, 13c, 16a,
18, 19, 21.
Section 23.160 also issued under 7 U.S.C.
2(i); Sec. 721(b), Pub. L. 111–203, 124 Stat.
1641 (2010).
2. In § 23.202, revise paragraphs
(a)(2)(iii), (v), and (vii) to read as
follows:
■
§ 23.202
Daily trading records.
(a) * * *
(2) * * *
(iii) The unique transaction identifier,
as required by § 45.5 of this chapter, for
each swap;
*
*
*
*
*
(v) The name of the counterparty with
which each such swap was executed,
including its legal entity identifier or
alternate identifier, as required by § 45.6
of this chapter;
*
*
*
*
*
(vii) The product name of each swap,
including its unique product identifier
and description using the product
classification system, as required by
§ 45.7 of this chapter;
*
*
*
*
*
■ 3. In § 23.205, revise paragraph (a) to
read as follows:
§ 23.205
Real-time public reporting.
(a) Real-time public reporting of swap
transaction and pricing data. Each swap
dealer and major swap participant shall
report all information and swap
transaction and pricing data required to
be reported in accordance with the realtime public reporting requirements in
part 43 of this chapter.
*
*
*
*
*
■ 4. In appendix 1 to subpart I of part
23:
■ a. In Exhibit A:
■ i. Remove the entry for ‘‘The Unique
Swap Identifier for the swap’’ and add
the entry ‘‘The Unique Transaction
Identifier for the swap’’ in its place;
■ ii. Remove the entry ‘‘The Legal Entity
Identifier of the reporting counterparty’’
and add the entry ‘‘The Legal Entity
Identifier or alternate identifier of the
reporting counterparty’’ in its place;
■ iii. Remove the entry ‘‘The Legal
Entity Identifier of the non-reporting
party’’ and add the entry ‘‘The Legal
Entity Identifier or alternate identifier of
the non-reporting party’’ in its place;
and
E:\FR\FM\10FER1.SGM
10FER1
8754
Federal Register / Vol. 88, No. 28 / Friday, February 10, 2023 / Rules and Regulations
iv. Revise the entries for ‘‘An
indication of the counterparty
purchasing protection’’, ‘‘An indication
of the counterparty selling protection’’,
and ‘‘Information identifying the
reference entity’’.
■ b. In Exhibit B:
■ i. Remove the entry for ‘‘The Unique
Swap Identifier for the swap’’ and add
the entry ‘‘The Unique Transaction
Identifier for the swap’’ in its place;
■ ii. Remove the entry ‘‘The Legal Entity
Identifier of the reporting counterparty’’
and add the entry ‘‘The Legal Entity
Identifier or alternate identifier of the
reporting counterparty’’ in its place; and
■ iii. Remove the entry ‘‘The Legal
Entity Identifier of the non-reporting
party’’ and add the entry ‘‘The Legal
Entity Identifier or alternate identifier of
the non-reporting party’’ in its place.
■
c. In Exhibit C:
i. Remove the entry for ‘‘The Unique
Swap Identifier for the swap’’ and add
the entry ‘‘The Unique Transaction
Identifier for the swap’’ in its place;
■ ii. Remove the entry ‘‘The Legal Entity
Identifier of the reporting counterparty’’
and add the entry ‘‘The Legal Entity
Identifier or alternate identifier of the
reporting counterparty’’ in its place;
■ iii. Remove the entry ‘‘The Legal
Entity Identifier of the non-reporting
counterparty’’ and add the entry ‘‘The
Legal Entity Identifier or alternate
identifier of the non-reporting
counterparty’’ in its place; and
■ iv. Revise the entry for ‘‘Floating rate
index name/rate period’’.
■ d. In Exhibit D:
■ i. Remove the entry for ‘‘The Unique
Swap Identifier for the swap’’ and add
■
■
the entry ‘‘The Unique Transaction
Identifier for the swap’’ in its place;
■ ii. Remove the entry ‘‘The Legal Entity
Identifier of the reporting counterparty’’
and add the entry ‘‘The Legal Entity
Identifier or alternate identifier of the
reporting counterparty’’ in its place;
■ iii. Remove the entry ‘‘The Legal
Entity Identifier of the non-reporting
party’’ and add the entry ‘‘The Legal
Entity Identifier or alternate identifier of
the non-reporting party’’ in its place;
and
■ iv. Revise the entries for ‘‘Buyer’’ and
‘‘Seller’’.
The additions and revisions read as
follows:
Part 23, Subpart I, Appendix 1—
Exhibits A–D
EXHIBIT A—MINIMUM PRIMARY ECONOMIC TERMS DATA—CREDIT SWAPS AND EQUITY SWAPS
Data categories and fields for all swaps
Comment
*
*
*
*
*
*
*
The Unique Transaction Identifier for the swap ....................................... The UTI is a unique identifier assigned to all swap transactions which
identifies the transaction (the swap and its counterparties) uniquely
throughout its duration.
The Legal Entity Identifier or alternate identifier of the reporting As provided in § 45.6 of this chapter.
counterparty.
*
*
*
*
*
The Legal Entity Identifier or alternate identifier of the non-reporting As provided in § 45.6 of this chapter.
party.
*
*
*
*
*
*
*
*
*
An indication of the counterparty purchasing protection .......................... Field values: LEI, or alternate identifier.
An indication of the counterparty selling protection ................................. Field values: LEI, or alternate identifier.
Information identifying the reference entity .............................................. The entity that is the subject of the protection being purchased and
sold in the swap. Field values: LEI, or alternate identifier.
*
*
*
*
*
*
*
EXHIBIT B—MINIMUM PRIMARY ECONOMIC TERMS DATA—FOREIGN EXCHANGE TRANSACTIONS
[Other than cross-currency swaps]
Data fields for all swaps
Comment
*
*
*
*
*
*
*
The Unique Transaction Identifier for the swap ....................................... The UTI is a unique identifier assigned to all swap transactions which
identifies the transaction (the swap and its counterparties) uniquely
throughout its duration.
The Legal Entity Identifier or alternate identifier of the reporting As provided in § 45.6 of this chapter.
counterparty.
*
*
*
*
*
The Legal Entity Identifier or alternate identifier of the non-reporting As provided in § 45.6 of this chapter.
party.
lotter on DSK11XQN23PROD with RULES1
*
VerDate Sep<11>2014
*
15:43 Feb 09, 2023
*
Jkt 259001
PO 00000
*
Frm 00026
Fmt 4700
*
Sfmt 4700
E:\FR\FM\10FER1.SGM
10FER1
*
*
*
*
8755
Federal Register / Vol. 88, No. 28 / Friday, February 10, 2023 / Rules and Regulations
EXHIBIT C—MINIMUM PRIMARY ECONOMIC TERMS DATA—INTEREST RATE SWAPS
[Including cross-currency swaps]
Data fields for all swaps
Comment
*
*
*
*
*
*
*
The Unique Transaction Identifier for the swap ....................................... The UTI is a unique identifier assigned to all swap transactions which
identifies the transaction (the swap and its counterparties) uniquely
throughout its duration.
The Legal Entity Identifier or alternate identifier of the reporting As provided in § 45.6 of this chapter.
counterparty.
*
*
*
*
*
The Legal Entity Identifier or alternate identifier of the non-reporting As provided in § 45.6 of this chapter.
counterparty.
*
*
*
*
*
*
Floating rate index name/rate period ....................................................... E.g., Fed Funds.
*
*
*
*
*
*
*
*
*
*
EXHIBIT D—MINIMUM PRIMARY ECONOMIC TERMS DATA—OTHER COMMODITY SWAPS
Data fields for all swaps
Comment
*
*
*
*
*
*
*
The Unique Transaction Identifier for the swap ....................................... The UTI is a unique identifier assigned to all swap transactions which
identifies the transaction (the swap and its counterparties) uniquely
throughout its duration.
The Legal Entity Identifier or alternate identifier of the reporting As provided in § 45.6 of this chapter.
counterparty.
*
*
*
*
*
The Legal Entity Identifier or alternate identifier of the non-reporting As provided in § 45.6 of this chapter.
party.
*
*
*
*
*
*
*
*
*
Buyer ......................................................................................................... The counterparty purchasing the product: (E.g., the payer of the fixed
price (for a swap), or the payer of the floating price on the underlying
swap (for a put swaption), or the payer of the fixed price on the underlying swap (for a call swaption). Field values: LEI, if available, or
alternate identifier.
Seller ......................................................................................................... The counterparty offering the product: (E.g., the payer of the floating
price (for a swap), the payer of the fixed price on the underlying
swap (for a put swaption), or the payer of the floating price on the
underlying swap (for a call swaption). Field values: LEI, or alternate
identifier.
*
*
*
lotter on DSK11XQN23PROD with RULES1
Issued in Washington, DC, on January 26,
2023, by the Commission.
Christopher Kirkpatrick,
Secretary of the Commission.
*
*
*
affirmative. No Commissioner voted in the
negative.
DEPARTMENT OF LABOR
[FR Doc. 2023–01979 Filed 2–9–23; 8:45 am]
Occupational Safety and Health
Administration
BILLING CODE 6351–01–P
Note: The following appendix will not
appear in the Code of Federal Regulations.
29 CFR Part 1991
Appendix to Reporting, Recordkeeping,
Daily Trading Records, and Swap
Documentation Requirements for Swap
Dealers and Major Swap Participants;
Corrections—Commission Voting
Summary
RIN 1218–AD38
[Docket Number: OSHA–2021–0011]
Procedures for the Handling of
Retaliation Complaints Under the
Criminal Antitrust Anti-Retaliation Act
(CAARA)
Occupational Safety and Health
Administration, Labor.
ACTION: Interim final rule; request for
comments.
AGENCY:
On this matter, Chairman Behnam and
Commissioners Johnson, Goldsmith Romero,
Mersinger, and Pham voted in the
VerDate Sep<11>2014
15:43 Feb 09, 2023
Jkt 259001
*
PO 00000
Frm 00027
Fmt 4700
Sfmt 4700
E:\FR\FM\10FER1.SGM
10FER1
]]>Agencies
[Federal Register Volume 88, Number 28 (Friday, February 10, 2023)]
[Rules and Regulations]
[Pages 8752-8755]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2023-01979]
=======================================================================
-----------------------------------------------------------------------
COMMODITY FUTURES TRADING COMMISSION
17 CFR Part 23
Reporting, Recordkeeping, Daily Trading Records, and Swap
Documentation Requirements for Swap Dealers and Major Swap
Participants; Corrections
AGENCY: Commodity Futures Trading Commission.
ACTION: Correcting amendments.
-----------------------------------------------------------------------
SUMMARY: The Commission is making correcting amendments in its
regulations concerning swap documentation, swap reporting, and daily
trading records requirements to conform those regulations to previous
amendments of other regulations, and to correct other minor errors.
These correcting amendments do not substantively affect any Commission
requirements.
DATES: Effective on March 13, 2023.
FOR FURTHER INFORMATION CONTACT: Matthew Jones, Attorney Advisor, (202)
418-6710, [email protected], or Philip Newsom, Attorney Advisor;
[email protected], Market Participants Division, Commodity Futures
Trading Commission, Three Lafayette Centre, 1155 21st Street NW,
Washington, DC 20581.
SUPPLEMENTARY INFORMATION: In September 2020, the Commodity Futures
Trading Commission (Commission) adopted final rules to revise, among
other things, part 45 of its regulations on swap data recordkeeping and
reporting requirements for swap data repositories, derivatives clearing
organizations, swap execution facilities, designated contract markets,
swap dealers (SDs), major swap participants (MSPs), and swap
counterparties that are neither SDs nor MSPs.\1\ Part 23 of the
Commission's regulations contains multiple cross-references to, and
relies on terms defined in, part 45 of the Commission's regulations.
The Commission has identified the following errors in part 23 relating
to part 45 as well as certain other similar errors, and is correcting
them as shown in the regulatory text in this Federal Register document.
---------------------------------------------------------------------------
\1\ Swap Data Recordkeeping and Reporting Requirements, 85 FR
75503 (Nov. 25, 2020) (the ``2020 Final Rule'') (updating the
Commission regulations in part 45 in addition to parts 46 and 49).
---------------------------------------------------------------------------
In accordance with the Administrative Procedure Act, the Commission
has good cause to find that it is unnecessary to provide the public
[[Page 8753]]
prior notice and an opportunity to comment on these technical
amendments.\2\ As more fully described below, the amendments make only
typographical and clerical changes that are necessary to avoid
confusion or mistakes. There is no substantive change on which the
public could comment. As the revisions to the Commission's regulations
in this rulemaking are only technical in nature and will not cause any
party to undertake any new obligations, the Commission has determined
to publish this rulemaking without prior notice and comment. Similarly,
because the Commission is not promulgating, changing, or deleting any
regulatory requirement, consideration of costs and benefits and
consideration of the public interest to be protected by the antitrust
laws are not required by the Commodity Exchange Act.\3\ Finally, these
correcting amendments do not implicate any requirements under the
Paperwork Reduction Act of 1995.\4\
---------------------------------------------------------------------------
\2\ See 5 U.S.C. 553(b)(3)(B).
\3\ See 7 U.S.C. 19(b).
\4\ See 44 U.S.C. 3501 et seq.
---------------------------------------------------------------------------
A. Correcting Cross-References
Commission regulation Sec. 23.202 (Daily trading records) \5\
erroneously cross-references Commission regulations Sec. 45.4(a), (b),
and (c). The Commission is correcting the cross-references to
Commission regulations Sec. Sec. 45.5, 45.6, and 45.7, respectively.
---------------------------------------------------------------------------
\5\ 17 CFR 23.202.
---------------------------------------------------------------------------
Commission regulation Sec. 23.205(a) (Real-time public reporting
of swap transaction and pricing data) \6\ erroneously cross-references
the real-time public ``recording'' requirements in part 43 of the
Commission's regulations. The Commission is correcting the reference to
replace the word ``recording'' with the word ``reporting.''
---------------------------------------------------------------------------
\6\ 17 CFR 23.205(a).
---------------------------------------------------------------------------
B. Updating the Term ``Unique Transaction Identifier''
The Commission is replacing the term unique swap identifier (USI)
with the term unique transaction identifier (UTI). The Commission
previously updated part 45 to make this change,\7\ but did not make the
necessary conforming changes in part 23 where it is referenced.\8\
---------------------------------------------------------------------------
\7\ See 2020 Final Rule at 75515 (``The Commission is amending
Sec. 45.5 to adopt requirements for UTIs, the globally accepted
transaction identifier, replacing USIs in existing Sec. 45.5.'')
\8\ See 17 CFR 23.202(a)(2)(iii) and 17 CFR part 23, subpart I,
appendix 1, Exhibits A through D.
---------------------------------------------------------------------------
C. Updating the Term ``Legal Entity Identifier''
The Commission is updating and conforming its references to a
counterparty's identifier to clarify that a counterparty must provide
its legal entity identifier (LEI) or, when applicable, an alternate
identifier.\9\ Part 23 does not consistently use the term LEI (in one
instance using the term unique counterparty identifier instead),\10\
and does not clearly address the full set of circumstances when a
counterparty may use an alternate identifier in lieu of an LEI, but
rather only provides for the use of an alternate identifier where the
counterparty is a natural person.\11\
---------------------------------------------------------------------------
\9\ The Commission previously updated part 45 to allow a
counterparty that is not eligible to receive an LEI to use an
alternate identifier. See 2020 Final Rule at 75527.
\10\ See 17 CFR 23.202(a)(2)(v).
\11\ See 17 CFR part 23, subpart I, appendix 1, Exhibits A
through D.
---------------------------------------------------------------------------
D. Updating Use of the Term ``Unique Product Identifier''
The Commission is updating and conforming its references to a
swap's unique product identifier (UPI) to clarify that the swap trading
record shall include the UPI and description using the product
classification system as prescribed in part 45, when applicable.\12\
Commission regulation Sec. 23.202(a)(2)(vii) does not address the
possibility that a swap may not have a UPI.\13\
---------------------------------------------------------------------------
\12\ See Swap Data Recordkeeping and Reporting Requirements, 77
FR 2136, 2166 (Jan. 13, 2012) (explaining that each swap must be
identified by a UPI and product classification system, when
applicable).
\13\ See 17 CFR 23.202(a)(2)(vii).
---------------------------------------------------------------------------
E. Updating Example of a Floating Rate
The Commission is replacing the example floating rate in Exhibit C
of part 23, subpart I, appendix 1, to use ``Fed Funds.'' Exhibit C
currently uses the outdated ``USD-Libor-BBA'' as an example for the
field labeled Floating rate index name/rate period.\14\
---------------------------------------------------------------------------
\14\ 17 CFR part 23, subpart I, appendix 1, Exhibit C. The
British Bankers Association no longer administers the London
Interbank Offered Rate (LIBOR), and the ICE Benchmark Administration
Limited has decided to cease the publication of all remaining LIBOR
settings on June 30, 2023. See Announcements on the end of LIBOR,
March 5, 2021, available at: https://www.fca.org.uk/news/press-releases/announcements-end-libor. See also ICE Benchmark
Administration Publishes Feedback Statement for the Consultation on
Its Intention to Cease the Publication of LIBOR[supreg] Settings,
March 5, 2021, available at: https://ir.theice.com/press/news-details/2021/ICE-Benchmark-Administration-Publishes-Feedback-Statement-for-the-Consultation-on-Its-Intention-to-Cease-the-Publication-of-LIBOR-Settings/default.aspx.
---------------------------------------------------------------------------
List of Subjects in 17 CFR Part 23
Reporting and recordkeeping requirements, Swaps, Trading records.
For the reasons stated in the preamble, 17 CFR part 23 is corrected
by making the following correcting amendments:
PART 23--SWAP DEALERS AND MAJOR SWAP PARTICIPANTS
0
1. The authority citation for part 23 continues to read as follows:
Authority: 7 U.S.C. 1a, 2, 6, 6a, 6b, 6b-1, 6c, 6p, 6r, 6s, 6t,
9, 9a, 12, 12a, 13b, 13c, 16a, 18, 19, 21.
Section 23.160 also issued under 7 U.S.C. 2(i); Sec. 721(b),
Pub. L. 111-203, 124 Stat. 1641 (2010).
0
2. In Sec. 23.202, revise paragraphs (a)(2)(iii), (v), and (vii) to
read as follows:
Sec. 23.202 Daily trading records.
(a) * * *
(2) * * *
(iii) The unique transaction identifier, as required by Sec. 45.5
of this chapter, for each swap;
* * * * *
(v) The name of the counterparty with which each such swap was
executed, including its legal entity identifier or alternate
identifier, as required by Sec. 45.6 of this chapter;
* * * * *
(vii) The product name of each swap, including its unique product
identifier and description using the product classification system, as
required by Sec. 45.7 of this chapter;
* * * * *
0
3. In Sec. 23.205, revise paragraph (a) to read as follows:
Sec. 23.205 Real-time public reporting.
(a) Real-time public reporting of swap transaction and pricing
data. Each swap dealer and major swap participant shall report all
information and swap transaction and pricing data required to be
reported in accordance with the real-time public reporting requirements
in part 43 of this chapter.
* * * * *
0
4. In appendix 1 to subpart I of part 23:
0
a. In Exhibit A:
0
i. Remove the entry for ``The Unique Swap Identifier for the swap'' and
add the entry ``The Unique Transaction Identifier for the swap'' in its
place;
0
ii. Remove the entry ``The Legal Entity Identifier of the reporting
counterparty'' and add the entry ``The Legal Entity Identifier or
alternate identifier of the reporting counterparty'' in its place;
0
iii. Remove the entry ``The Legal Entity Identifier of the non-
reporting party'' and add the entry ``The Legal Entity Identifier or
alternate identifier of the non-reporting party'' in its place; and
[[Page 8754]]
0
iv. Revise the entries for ``An indication of the counterparty
purchasing protection'', ``An indication of the counterparty selling
protection'', and ``Information identifying the reference entity''.
0
b. In Exhibit B:
0
i. Remove the entry for ``The Unique Swap Identifier for the swap'' and
add the entry ``The Unique Transaction Identifier for the swap'' in its
place;
0
ii. Remove the entry ``The Legal Entity Identifier of the reporting
counterparty'' and add the entry ``The Legal Entity Identifier or
alternate identifier of the reporting counterparty'' in its place; and
0
iii. Remove the entry ``The Legal Entity Identifier of the non-
reporting party'' and add the entry ``The Legal Entity Identifier or
alternate identifier of the non-reporting party'' in its place.
0
c. In Exhibit C:
0
i. Remove the entry for ``The Unique Swap Identifier for the swap'' and
add the entry ``The Unique Transaction Identifier for the swap'' in its
place;
0
ii. Remove the entry ``The Legal Entity Identifier of the reporting
counterparty'' and add the entry ``The Legal Entity Identifier or
alternate identifier of the reporting counterparty'' in its place;
0
iii. Remove the entry ``The Legal Entity Identifier of the non-
reporting counterparty'' and add the entry ``The Legal Entity
Identifier or alternate identifier of the non-reporting counterparty''
in its place; and
0
iv. Revise the entry for ``Floating rate index name/rate period''.
0
d. In Exhibit D:
0
i. Remove the entry for ``The Unique Swap Identifier for the swap'' and
add the entry ``The Unique Transaction Identifier for the swap'' in its
place;
0
ii. Remove the entry ``The Legal Entity Identifier of the reporting
counterparty'' and add the entry ``The Legal Entity Identifier or
alternate identifier of the reporting counterparty'' in its place;
0
iii. Remove the entry ``The Legal Entity Identifier of the non-
reporting party'' and add the entry ``The Legal Entity Identifier or
alternate identifier of the non-reporting party'' in its place; and
0
iv. Revise the entries for ``Buyer'' and ``Seller''.
The additions and revisions read as follows:
Part 23, Subpart I, Appendix 1--Exhibits A-D
Exhibit A--Minimum Primary Economic Terms Data--Credit Swaps and Equity
Swaps
------------------------------------------------------------------------
Data categories and fields for all
swaps Comment
------------------------------------------------------------------------
* * * * * * *
The Unique Transaction Identifier for The UTI is a unique identifier
the swap. assigned to all swap
transactions which identifies
the transaction (the swap and
its counterparties) uniquely
throughout its duration.
The Legal Entity Identifier or As provided in Sec. 45.6 of
alternate identifier of the reporting this chapter.
counterparty.
* * * * * * *
The Legal Entity Identifier or As provided in Sec. 45.6 of
alternate identifier of the non- this chapter.
reporting party.
* * * * * * *
An indication of the counterparty Field values: LEI, or alternate
purchasing protection. identifier.
An indication of the counterparty Field values: LEI, or alternate
selling protection. identifier.
Information identifying the reference The entity that is the subject
entity. of the protection being
purchased and sold in the
swap. Field values: LEI, or
alternate identifier.
* * * * * * *
------------------------------------------------------------------------
Exhibit B--Minimum Primary Economic Terms Data--Foreign Exchange
Transactions
[Other than cross-currency swaps]
------------------------------------------------------------------------
Data fields for all swaps Comment
------------------------------------------------------------------------
* * * * * * *
The Unique Transaction Identifier for The UTI is a unique identifier
the swap. assigned to all swap
transactions which identifies
the transaction (the swap and
its counterparties) uniquely
throughout its duration.
The Legal Entity Identifier or As provided in Sec. 45.6 of
alternate identifier of the reporting this chapter.
counterparty.
* * * * * * *
The Legal Entity Identifier or As provided in Sec. 45.6 of
alternate identifier of the non- this chapter.
reporting party.
* * * * * * *
------------------------------------------------------------------------
[[Page 8755]]
Exhibit C--Minimum Primary Economic Terms Data--Interest Rate Swaps
[Including cross-currency swaps]
------------------------------------------------------------------------
Data fields for all swaps Comment
------------------------------------------------------------------------
* * * * * * *
The Unique Transaction Identifier for The UTI is a unique identifier
the swap. assigned to all swap
transactions which identifies
the transaction (the swap and
its counterparties) uniquely
throughout its duration.
The Legal Entity Identifier or As provided in Sec. 45.6 of
alternate identifier of the reporting this chapter.
counterparty.
* * * * * * *
The Legal Entity Identifier or As provided in Sec. 45.6 of
alternate identifier of the non- this chapter.
reporting counterparty.
* * * * * * *
Floating rate index name/rate period... E.g., Fed Funds.
* * * * * * *
------------------------------------------------------------------------
Exhibit D--Minimum Primary Economic Terms Data--Other Commodity Swaps
------------------------------------------------------------------------
Data fields for all swaps Comment
------------------------------------------------------------------------
* * * * * * *
The Unique Transaction Identifier for The UTI is a unique identifier
the swap. assigned to all swap
transactions which identifies
the transaction (the swap and
its counterparties) uniquely
throughout its duration.
The Legal Entity Identifier or As provided in Sec. 45.6 of
alternate identifier of the reporting this chapter.
counterparty.
* * * * * * *
The Legal Entity Identifier or As provided in Sec. 45.6 of
alternate identifier of the non- this chapter.
reporting party.
* * * * * * *
Buyer.................................. The counterparty purchasing the
product: (E.g., the payer of
the fixed price (for a swap),
or the payer of the floating
price on the underlying swap
(for a put swaption), or the
payer of the fixed price on
the underlying swap (for a
call swaption). Field values:
LEI, if available, or
alternate identifier.
Seller................................. The counterparty offering the
product: (E.g., the payer of
the floating price (for a
swap), the payer of the fixed
price on the underlying swap
(for a put swaption), or the
payer of the floating price on
the underlying swap (for a
call swaption). Field values:
LEI, or alternate identifier.
* * * * * * *
------------------------------------------------------------------------
Issued in Washington, DC, on January 26, 2023, by the
Commission.
Christopher Kirkpatrick,
Secretary of the Commission.
Note: The following appendix will not appear in the Code of
Federal Regulations.
Appendix to Reporting, Recordkeeping, Daily Trading Records, and Swap
Documentation Requirements for Swap Dealers and Major Swap
Participants; Corrections--Commission Voting Summary
On this matter, Chairman Behnam and Commissioners Johnson,
Goldsmith Romero, Mersinger, and Pham voted in the affirmative. No
Commissioner voted in the negative.
[FR Doc. 2023-01979 Filed 2-9-23; 8:45 am]
BILLING CODE 6351-01-P
