Energy Firms Struggle To Meet Dodd-Frank Reporting DeadlineApril 2, 2013
With Dodd-Frank reporting and record-keeping rules set to come into effect on April 10, energy companies worry they won’t be ready in time
US energy companies are in a last-minute sprint to become compliant with Dodd-Frank reporting and record-keeping rules for derivatives end-users that are set to come into force on April 10, unless the US Commodity Futures Trading Commission (CFTC) grants a last-minute extension.
Under the Dodd-Frank Act, market participants must report their swap trades to swap data repositories (SDRs) – giant warehouses of trading data designed to give regulators a better insight into the over-the-counter derivatives market. Companies must also keep records on each of their swap trades for up to five years after the termination of the swap.