Close X
Attorney Spotlight

What television show influenced Chad Jarboe's decision to pursue a career in the legal field? Find out more>


Close X


Search our Experience

Experience Spotlight

Primary Care Providers Win Challenge of CMS Interpretation of Enhanced Payment Law

With the help and support of the Tennessee Medical Association, 21 Tennessee physicians of underserved communities joined together and retained Bass, Berry & Sims to file suit against the Centers for Medicare & Medicaid Services to stop improper collection efforts. Our team, led by David King, was successful in halting efforts to recoup TennCare payments that were used legitimately to expand services in communities that needed them. Read more

Tennessee Medical Association & Bass, Berry & Sims

Close X

Thought Leadership

Enter your search terms in the relevant box(es) below to search for specific Thought Leadership.
To see a recent listing of Thought Leadership, click the blue Search button below.

Thought Leadership Spotlight

Healthcare Transactions: Year in Review 2018Last year, CVS Health Corp. (NYSE: CVS) announced it would purchase health insurer Aetna Inc. (NYSE: AET) for $67.5 billion, a transaction that would be one of the biggest healthcare mergers in the past decade. The transaction raises an intriguing question: is this the beginning of a transformational shift in healthcare?

Recently, members of our healthcare group authored the Healthcare Transactions: Year in Review outlining 2017 M&A activity and drivers in the following hot healthcare sectors:

• Managed Care
• Hospitals
• Post-Acute Care—Home Health & Hospice
• Ambulatory Surgery Centers (ASCs)
• Healthcare Information Technology (HIT)
• Behavioral Health
• Physician Practice Management

Read now

CFTC Finalizes Rules Governing Real-Time Public Reporting of Swap Data


February 17, 2012

As we have discussed in several previous Alerts, Title VII of the Dodd-Frank Wall Street Reform and Consumer Protection Act ("Dodd-Frank") set forth a new regulatory structure for over-the-counter swaps markets.  Dodd-Frank required the Securities and Exchange Commission ("SEC") and the Commodity Futures Trading Commission ("CFTC") to further define the scope of the new regulatory system through regulations. After delaying the rulemaking process on several occasions, in a flurry of rulemaking in January the CFTC repeatedly noted that Title VII derivative market regulation "was intended to reduce risk, increase transparency and promote market integrity within the financial system . . . ."  

On January 9, 2012, the CFTC finalized rules regarding real-time public reporting of swap transaction data, explaining that the rules are founded on "the [CFTC's] belief that real-time public dissemination of swap transaction and pricing data supports the fairness and efficiency of markets and increases transparency, which in turn improves price discovery and decreases risk (e.g., liquidity risk)."[1]  The rules broadly require that (1) parties to swap transactions report information about the transactions to Swap Data Repositories ("SDRs"); and (2) SDRs disseminate certain swap transaction data to the public. 

The new rules provide a detailed description of the type of information to be reported, specifically excluding public dissemination of information that would identify the parties to a swap contract. Most transactions must be reported to an SDR and, in turn, to the public "as soon as technologically practicable." Swap transactions that meet a threshold for being considered "large notional swap transactions" or "block trades" are subject to delayed public dissemination; however, the CFTC deferred on defining the relevant thresholds. Certain types of swaps that would not provide useful information to the public, such as swaps between affiliates and portfolio compression exercises, need not be reported. Where a swap transaction is executed on or pursuant to the rules of a registered swap execution facility or designated contract market, those entities are responsible for reporting to the SDR, and the counterparties are deemed to have fulfilled their reporting obligations without further action. The real-time public reporting requirements become effective March 9, 2012. However, the compliance schedule will be phased in beginning the later of July 16, 2012, or 60 days after the CFTC finalizes certain relevant definitions. 

Although the CFTC's public reporting rules certainly stand to provide greater transparency in the swap market, they are also likely to impose a significant burden on swap market participants. Financial institutions that participate in these transactions should carefully monitor the series of compliance deadlines to determine when (and if) they are required to report information about their swap transactions, as well as when they will be able to benefit from publicly-available information about other swap transactions.

[1] Real-Time Public Reporting of Swap Transaction Data, 77 Fed. Reg. 1,182 (Jan. 9, 2012), corrected by Real-Time Public Reporting of Swap Transaction Data, 77 Fed. Reg. 2,909 (Jan. 20, 2012)

Related Professionals

Related Services


Visiting, or interacting with, this website does not constitute an attorney-client relationship. Although we are always interested in hearing from visitors to our website, we cannot accept representation on a new matter from either existing clients or new clients until we know that we do not have a conflict of interest that would prevent us from doing so. Therefore, please do not send us any information about any new matter that may involve a potential legal representation until we have confirmed that a conflict of interest does not exist and we have expressly agreed in writing to the representation. Until there is such an agreement, we will not be deemed to have given you any advice, any information you send may not be deemed privileged and confidential, and we may be able to represent adverse parties.