SEC (Dodd-Frank)

Securities and Exchange Commission (SEC)

February 23, 2016 – FpML, through the FpML Standards Committee, provided the Securities and Exchange Commission (“SEC”) with comments and recommendations regarding the draft “Security-Based Swap Data Technical Specification” and the “Proposed Amendment Establishing the Form and Manner with which Security-Based Swap Data Repositories Must Make Security-Based Swap Data Available to the Commission”.

The responses are published on the FpML website at: FpML Response to SEC Consultations


We welcome the recognition, by the Commission, of FpML as an international industry standard for representing and reporting derivatives data. We are strong proponents of standardization and strong believers that the use of industry standards such as FpML reduces costs, increases efficiencies and, in the case of reporting, leads to better data quality and facilitates data aggregation. We also note that the engagement with regulators in the US, Europe and Asia on various reporting requirements through the FpML Regulatory Reporting Working Group (FpML RPTWG) has been very beneficial. We welcome the ongoing dialogue with the SEC.

SBSR Rules

As far as reporting to the SEC is concerned, the FpML reporting working group has analysed the data requirements outlined in the SEC regulation and is addressing any gaps, including the ones outlined in the Consultation, in version 5.9 of the standard, the final version (“Recommendation”) of which is expected to be published in the second quarter of 2016. More information can be found in the FpML roadmap.