<p><span>This week’s </span><a href="https://www.cftc.gov/PressRoom/PressReleases/8488-22">decision by the Commodity Futures Trading Commission</a><span> (CFTC) to delay implementation of certain amendments to its swap data reporting rules until December 5 is a significant and welcome development, and will give market participants vital breathing space to make the necessary changes to their systems. It is important to remind everyone that this is the first step in what could be a multi-phase revision process, with firms required to make further updates in 2023. Given the planning and resourcing required for implementation, we would urge the CFTC to clearly spell out how and when these extra changes will be made – transparency we think will be essential in guiding firms in their compliance efforts.</span></p>