Link to Dodd Frank Act ‐ Swap Transaction Reporting Party Requirements as published by ISDA.
The determination of which counterparty is the Reporting Counterparty for each swap shall be made as provided:
a. If only one counterparty is a SD, the SD shall be the Reporting Counterparty.
b. If neither counterparty is a SD, and only one counterparty is a MSP, the MSP shall be the Reporting Counterparty.
c. If both counterparties are non-SD/MSP/DCO counterparties, and only one counterparty is a financial entity as defined in CEA section 2(h)(7)(C), the counterparty that is a financial entity shall be the Reporting Counterparty.
d. If both counterparties are SDs, or both counterparties are MSPs, or both counterparties are non-SD/MSP/DCO counterparties that are financial entities as defined in CEA section 2(h)(7)(C), or both counterparties are non-SD/MSP/DCO counterparties and neither counterparty is a financial entity as defined in CEA section 2(h)(7)(C):
i. For a swap executed on or pursuant to the rules of a SEF or DCM, the counterparties shall agree which counterparty shall be the Reporting Counterparty.
ii. For an Off-Facility Swap, the counterparties shall agree within the terms of the swap which counterparty shall be the Reporting Counterparty.
e. Notwithstanding the provisions of (a) through (d) of this section, if both counterparties to a swap are non-SD/MSP/DCO counterparties and only one counterparty is a U.S. person, that counterparty shall be the Reporting Counterparty.
f. Notwithstanding the provisions of paragraphs (a) through (e) of this section, if neither counterparty to a swap is a U.S. person, but the swap is executed on or pursuant to the rules of a SEF or DCM or otherwise executed in the United States, or is cleared by a DCO:
g. For such a swap executed on or pursuant to the rules of a SEF or DCM, the counterparties shall agree which counterparty shall be the Reporting Counterparty.
h. For an Off-Facility Swap, the counterparties shall agree as one term of their swap which counterparty shall be the Reporting Counterparty.
i. If a Reporting Counterparty selected pursuant to paragraphs (a) through (f) of this section ceases to be a counterparty to a swap due to an assignment or Novation, the Reporting Counterparty for reporting of required swap continuation data following the assignment or Novation shall be selected from the two current counterparties as provided in paragraphs (g)(i) through (iv) of this section.
j. If only one counterparty is a SD, the SD shall be the Reporting Counterparty and shall fulfill all counterparty reporting obligations.
k. If neither counterparty is a SD, and only one counterparty is a MSP, the MSP shall be the Reporting Counterparty and shall fulfill all counterparty reporting obligations.
i. If both counterparties are non-SD/MSP/DCO counterparties, and only one counterparty is a U.S. person, that counterparty shall be the Reporting Counterparty and shall fulfill all counterparty reporting obligations.
ii. In all other cases, the counterparty that replaced the previous Reporting Counterparty by reason of the assignment or Novation shall be the Reporting Counterparty, unless otherwise agreed by the counterparties.
l. For all swaps executed on or pursuant to the rules of a SEF or DCM, the rules of the SEF or DCM must require each swap counterparty to provide sufficient information to the SEF or DCM to enable the SEF or DCM to report all required swap creation data as provided in 45.8.
m. For all swaps executed on or pursuant to the rules of a SEF or DCM, the rules of the SEF or DCM must require each swap counterparty to provide sufficient information to the SEF or DCM to enable the SEF or DCM to report all required swap creation data.
n. Notwithstanding the provisions of paragraphs (a) through (h) of this section, if the swap is a clearing swap, the DCO that is a counterparty to such swap shall be the Reporting Counterparty and shall fulfill all Reporting Counterparty obligations for such swap.
o. As no information regarding the designation of the counterparties (i.e., SD, MSP, or US Person) is included on the swap message per the KOR SDR Technical Specifications, the SDR shall not validate which party should be designated the reporting party.
References: CFTC Rule(s) §45.8, §45.8(a), §45.8(b), 45.8(c), 45.8(d), 45.8(d)(1), 45.8(d)(2), 45.8(e), 45.8(f), 45.8(f)(1), 45.8(f)(2), 45.8(g), 45.8(g)(1), 45.8(g)(2), 45.8(g)(3), 45.8(g)(4), 45.8(g)(5), 45.8(h), and 45.8(i).