This paper summarises and compares:

CFTC rules: the final rules adopted by the U.S. Commodity Futures Trading Commission (CFTC) in
August 2012 under section 4s(i) of the Commodity Exchange Act (CEA) (added by section 731 of the
Dodd-Frank Act) prescribing standards for swap dealers (SDs) and major swap participants (MSPs)
related to the timely and accurate confirmation, reconciliation, compression and documentation of swaps (17 CFR §23.500 through §23.505); and

Draft EU rules: the corresponding provisions of the draft regulatory technical standards (RTS) specifying
the requirements of Article 11(1) of the EU Regulation on OTC derivatives, central counterparties and trade repositories (EMIR) requiring financial counterparties (FCs) and non-financial counterparties (NFCs) to have appropriate procedures and arrangements to measure, monitor and mitigate operation risk and counterparty credit risk. The draft RTS were adopted by the European Securities and Markets Authority (ESMA) and submitted to the European Commission for endorsement in September 2012

This paper is not intended to be comprehensive or to provide legal advice.