White House reviews early proposal for SEC and CFTC to reconsider swap transaction reporting rules

White House is reviewing early proposals from the U.S. SEC and CFTC to reconsider swap and security-based swap reporting requirements. The proposals are in the pre-rule stage, and the two regulatory agencies plan to solicit public comments before formally drafting regulatory details. Current U.S. reporting rules for swaps and security-based swaps are inconsistent, and some existing compliance exemptions are set to expire in 2029. The International Swaps and Derivatives Association and the Securities Industry and Financial Markets Association jointly wrote last month urging regulators to unify data reporting standards for both types of products, with ICE Trade Vault LLC making a similar request. The CFTC stated that this work is being conducted jointly by the two agencies, and the SEC Chair announced at an industry conference in March that personnel have been assigned to build a unified reporting system. The implementation of new regulations will require two rounds of agency votes and public comment periods.