Dodd-Frank Record Keeping

Basis of Retention and Disposition

Under The Dodd-Frank Wall Street Reform and Consumer Protection Act 2010, Title VII states, pursuant to Part 45 of the Commodity Futures Trading Commission’s (CFTC’s) regulations, end-users are required to keep full, complete, and systematic records together with all pertinent data and memoranda of each swap transaction in which they are a counter-party until the swap has been fully terminated for five years.

Since financial instruments can last for many years, as in the case of long-term bonds, the aggregate retention period could conceivably extend up to 30 years and in some extreme cases even longer.

Citations and References

The Dodd-Frank Wall Street Reform and Consumer Protection Act 2010 https://www.sec.gov/about/laws/wallstreetreform-cpa.pdf

Commodity Futures Trading Commission Swap Data Recordkeeping and Reporting Requirements, 77 Fed. Reg. 2136 http://www.cftc.gov/ucm/groups/public/@lrfederalregister/documents/file/2011-33199a.pdf

Commodity Futures Trading Commission Real-Time Public Reporting of Swap Transaction Data, 77 Fed. Reg. 1182 http://www.cftc.gov/ucm/groups/public/@lrfederalregister/documents/file/2011-33173a.pdf

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