Data / Federal rules / 2025-23953
Revisions to Business Conduct and Swap Documentation Requirements for Swap Dealers and Major Swap Participants
The Commodity Futures Trading Commission published this final rule in the Federal Register on December 30, 2025. It took effect on January 29, 2026.
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What the agency says
The Commodity Futures Trading Commission ("CFTC" or "Commission") is adopting a final rule (the "Final Rule") amending certain of the Commission's business conduct and documentation requirements applicable to swap dealers and major swap participants. The Final Rule provides exceptions to compliance with such requirements when executing swaps that are intended by the parties to be cleared contemporaneously with execution, or subject to prime broker arrangements that meet certain qualifying conditions, and makes certain other changes discussed herein. The adopted amendments supersede certain no-action positions issued by the Commission's Market Participants Division ("MPD"), which the Commission expects MPD to terminate in due course.
Key facts
- Document number
- 2025-23953
- Type
- Final rule
- Action
- Final rule
- Agency
- Commodity Futures Trading Commission
- Published
- December 30, 2025
- Takes effect
- January 29, 2026
- Dates
- The Final Rule is effective January 29, 2026.
- Regulation ID (RIN)
- 3038-AF38
- Code of Federal Regulations
- 17 CFR 23
- Topics
- Reporting and recordkeeping requirements; Swaps
- Significant
- Yes, under Executive Order 12866
- Pages
- 34
Other documents from the Commodity Futures Trading Commission
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|---|---|---|
| Further Definition of “Swap”-Inclusions 2026-21377 | Proposed rule | Oct 19 |
| Further Definition of “Swap” To Exclude Casino-Style Gambling Products 2026-21376 | Final rule | Oct 19 |
| Regulation Crypto Asset Transactions and Regulation Crypto Asset Markets 2026-20888 | Proposed rule | Oct 13 |
| Privacy Act Regulations 2026-19290 · significant | Proposed rule | Sep 21 |
| Whistleblower Award Determination 2026-19006 | Final rule | Sep 16 |
| Clearing Requirement Determination Under Section 2(h) of the Commodity Exchange Act for Interest Rate Swaps To Account for CAD and MXN Interest Rate Benchmark Transitions 2026-18212 | Final rule | Sep 8 |
| Form PF; Reporting Requirements for All Filers and Large Hedge Fund Advisers; Further Extension of Compliance Date 2026-18104 | Final rule | Sep 3 |
| Swap Execution Facility Order Book Requirement for Permitted Transactions 2026-17416 | Proposed rule | Aug 26 |
Everything from the Commodity Futures Trading Commission · Rules on reporting and recordkeeping requirements · Rules on swaps · Published in December 2025
Read from the Federal Register API, last updated 2026-10-24. The document on federalregister.gov is the official record; dates and dockets can change through later corrections. Free to reuse with credit to SpecStream under CC BY 4.0.