Reporting, Recordkeeping, Daily Trading Records, and Swap Documentation Requirements for Swap Dealers and Major Swap Participants; Corrections

Following an announcement earlier this year of upcoming changes to Statutory Instrument 17 CFR Part 23, the U.S. Commodity Futures Trading Commission (CFTC) has now published the corresponding final changes in the Federal Register. The modifications are technical, non-substantive in nature and include the following:
1. the update of several legal references;
2. the replacement of the term unique swap identifier (USI) with the term unique transaction identifier (UTI);
3. the specification of the term counterparty identifier as Legal Entity Identifier (LEI) to ensure that SDs and MSPs always provide in their reports the LEI (or an adequate alternative);
4. the update and clarification of the term Unique Product Identifier (UPI) to ensure the UPI is ALWAYS used in swap trade records; and
5. the update of an example of floating rate swaps for reporting purposes (set out in Appendix 1 of Subpart I) to no longer reference a LIBOR swap, but instead use a swap with the „FED Funds“ rate as a benchmark.
The modifications were necessary to align CFTC Rule 23 with previous amendments to CFTC Rule 45 as regards swap data recordkeeping and reporting requirements for swap data repositories, derivatives clearing organizations, swap execution facilities, and several others.