Key takeaways:

• On December 13, 2011, the Commodity Futures Trading Commission (the "CFTC") adopted Part 43 of its rules on real-time public reporting of swap transaction data and Part 45 of its rules on swap data recordkeeping and reporting requirements.
• Swap counterparties that are not swap dealers or major swap participants will now be required to report a variety of swap transaction data to a swap data repository in certain cases. All swap counterparties will be required to keep books and records relating to swap transactions under Part 45 of the CFTC Rules and such swap counterparties will also be required to report certain economic data of swap transactions on a real-time basis for public dissemination under Part 43 of the CFTC Rules.