CFTC Eyes Utility Swaps: Extend Your Records Now!
Published Date: 3/24/2026
Notice
Summary
The Commodity Futures Trading Commission (CFTC) is extending its rules on keeping records for certain swap transactions, especially those involving utility companies. This means some utility-related swaps won’t count toward a small-transaction exemption anymore. If you’re involved in these swaps, get ready to keep better records and share your thoughts by May 26, 2026!
Analyzed Economic Effects
2 provisions identified: 0 benefits, 2 costs, 0 mixed.
Swaps Recordkeeping: Large Time Burden
If you are a futures commission merchant (FCM), retail foreign exchange dealer (RFED), introducing broker (IB), a member of a designated contract market (DCM) or a swap execution facility (SEF), or another affected registrant, you remain subject to CFTC swap recordkeeping rules (regs 1.3, 1.31, 1.33, 1.35, 1.37, and 1.39). The CFTC estimates 15,528 respondents with an average 154 annual burden hours per respondent and a total annual burden of 2,396,700 hours for these recordkeeping requirements.
Utility-Swaps Exclusion: Keep Written Proof
If you claim the exclusion for "utility operations-related swaps" with "utility special entities" from the de minimis swap dealer threshold, you must retain any written representations you receive from those utility special entities in accordance with CFTC regulation 1.31. This requirement flows from the amendment that permits excluding such swaps in calculating the de minimis threshold.
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