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Top Ten Things Every Governmental Utility Needs To Know About Compliance With CFTC Recordkeeping And Reporting Requirements, As Well As Trading With Swap Dealers


Jennings, Strouss & Salmon attorney Debbie A. Swanstrom recently presented the topic, “Now What? CFTC Obligations and Compliance in the Age of Swaps,”at the APPA Legal Seminar in Seattle, WA. Here are highlights from her presentation:



  1. You Can Lose Your Forward Contract Exclusion
  2. CFTC Does Regulate Physical Transactions In Cash Market
  3. If You Trade Any Products On A Facility, You Need To Be Aware Of What You Are Signing Up For
  4. You Need To Be Prepared To Report In Advance
  5. Your Trading Friends In Canada And Mexico Are Not CFTC-Friendly
  6. Changes Will Be Needed To Trade Capture Systems For PET Data
  7. To Avoid Reporting Burdens, You May Execute A Swap On DCM/SEF And Clear It
  8. Annual Reporting Of Election OF End-User Exception In Advance Is Easiest, But May Be Risky
  9. You Do Not Have To Say Yes To Everything Swap Dealers Request
  10. A Qualified Independent Representative Must Be Independent of Swap Dealer Not Governmental Utility

More details on these points, including the specific reporting and recordkeeping requirements imposed by the CFTC, are included in the attached slides.

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