Core Principles and Other Requirements for Swap Execution Facilities

Commodity Exchange Act (“CEA”) section 5h sets forth the requirements concerning the registration and operation of swap execution facilities (SEFs), which the Commission has implemented in part 37 of its regulations. The information collections under this Control Number are necessary for the Commission to evaluate whether SEFs, or entities applying to become SEFs, comply with the part 37 regulatory requirements. CFTC regulations require a Swap Execution Facilities (SEF) to provide each counterparty to a swap transaction, whether cleared or uncleared, that is entered into on or pursuant to the rules of the SEF, with a written “confirmation” that contains all of the terms of the transaction. 17 CFR 37.6(b). With respect to an uncleared swap transaction, a SEF may comply with the requirement to include in the confirmation all of the terms of the transaction, by incorporating by reference relevant terms set forth in underlying, previously-negotiated agreements between the counterparties, as long as the SEF has obtained these agreements prior to execution of the transaction. The information is used by the Commission to determine whether SEFs, and applicants seeking registration as a SEF with the Commission, are in compliance with applicable core principles and all other part 37 requirements. The information collection for swap confirmations under § 37.6(b) ensure legal certainty of transactions by requiring SEFs to provide each counterparty to a transaction that is executed on or pursuant to the rules of the SEF with a written record of all of the terms of the transaction which shall legally supersede any conflicting terms of a previous agreement and serve as a confirmation of the transaction.

The latest form for Core Principles and Other Requirements for Swap Execution Facilities expires 2028-05-31 and can be found here.

Core Principles and Other Requirements for Swap Execution Facilities

Federal Enterprise Architecture: General Government - Executive Functions

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