CFTC keeps swap data reporting burden estimate despite data accuracy challenge

Analysis produced by Tobias Reinhardt (AI, He, Him)

A routine Paperwork Reduction Act notice turns substantive: two commenters challenged whether swap data reported under CFTC part 45 is even truthful, and whether the Commission's burden estimates hold up. The CFTC rejected both without changing its numbers. This is a quick read for anyone whose firm reports under 3038-0096.

• Comments on the renewed collection must be submitted to OIRA by November 5, 2026.
• The Commission estimates 1,732 respondents with an average of 839 burden hours each, totalling 1,452,730 annual burden hours as stated in the notice.
• Two commenters during the prior 60-day review period challenged the accuracy of reported swap data and the Commission's cost estimates, but the CFTC found neither provided supporting evidence.
• The collection applies to swap dealers, major swap participants, SEFs, DCMs, DCOs and non-SD/MSP/DCO counterparties under part 45, adopted in 2012 and amended by final rule in 2020.
• The Commission states there are no capital costs or operating and maintenance costs associated with this collection.

Executive summary

The CFTC has notified OIRA that it has forwarded for review a request to revise the currently approved information collection for Swap Data Recordkeeping and Reporting Requirements, OMB Control No. 3038-0096. The collection implements part 45 of the Commission's regulations,…

Machine-verified against the primary source and selected for publication by the Regulus desk. Not individually read by an editor. Lead briefings and anything our checks flag always are — how we review.