Getting Ready for Dodd-Frank: A Checklist for Non-Swap Dealers and Non-Major Swap Participants (courtesy of The SWAP Report)

Checklist: Non-Swap Dealers / Non-MSPs
Getting Ready For Dodd-Frank

WHAT TO DO	WHEN
Obtain your LEI / CICI by going to www.ciciutility.org and following applicable instructions	By April 10, 2013
Report all swaps for which you are the reporting counterparty, as required by Parts 43, 45 and 46 of the CFTC Rules	Beginning on April 10, 2013
Maintain all records required by Part 45 of the CFTC Rules Note: We have assumed that you are already maintaining records required by Part 46 of the CFTC Rules with respect to any “historical swaps”.	By April 10, 2013
Adhere to ISDA August 2012 Dodd-Protocol information is available at http://www2.isda.org/functional-areas/protocol-management/protocol/8  Note: Adherence may require you to put additional written policies and procedures into place, so as to enable you to give certain representations	By May 1, 2013* *Sooner is better
For a company that is any of the following: A non-swap dealer bank or other financial entity; or An investment manager advising affiliated funds or investment accounts  Put documentation into place to trade swaps that will be subject to central clearing (e.g., specified CDX and iTraxx credit derivatives, as well standard interest rate derivatives that involve USD, EUR, GBP and JPY) Note: Most likely “suite” of documents will consist of: a) Futures customer agreement with futures commission merchant (FCM) and OTC Cleared Addendum ; and c) OTC Cleared Derivatives Execution Agreement (if you intend to execute away from your FCM) Also, there is an assumption that you are not an “active fund,” since your central clearing requirement would have gone into effect in March 2013.	By June 10, 2013
Adhere to ISDA Dodd-Frank Protocol 2.0 by going to http://www2.isda.org/functional-areas/protocol-management/protocol/12	By July 1, 2013* *Sooner is better
For all others , including, but not limited to, the following: Energy company; A “corporate” that uses derivatives for hedging and risk management;  An ERISA pension plan; An Investment manager advising unaffiliated or “third party” funds and investment accounts Put documentation into place to trade swaps that will be subject to central clearing (e.g., specified CDX and iTraxx credit derivatives, as well standard interest rate derivatives that involve USD, EUR, GBP and JPY) Note: Most likely “suite” of documents will consist of: a) Futures customer agreement with futures commission merchant (FCM) and OTC Cleared Addendum ; and c) OTC Cleared Derivatives Execution Agreement (if you intend to execute away from your FCM)	By September 9, 2013
Take all steps required to claim the end-user exception to central clearing, if applicable to you Note: If you are an SEC reporting company or your stock is publicly traded, then you may need to obtain approvals from your board of directors. Also, on April 1st, the CFTC issued its final inter-affiliate clearing exception.  The timeline for this rule has not yet been established, as it is contingent upon publication of the final rule in the Federal Register.  However, you may be required to take actions, if you intend to rely upon that rule.  More information can be found at www.cftc.gov.	By September 9, 2013

Please note that this message does not constitute legal advice and, in any event, may not be applicable to your particular situation.  Therefore, you should consult with legal counsel to determine whether: 1)  any of the enumerated items are applicable to you; or 2) if you need to take any additional actions not enumerated on the above list.