2023 UPI Designation Order

11790

Federal Register / Vol. 88, No. 37 / Friday, February 24, 2023 / Rules and Regulations

New York, NY, KJFK, VOR RWY 4L, Amdt
1B, CANCELED
New York, NY, KLGA, RNAV (GPS)–B, Orig–
C, CANCELED
New York, NY, KLGA, VOR RWY 4, Amdt
3E, CANCELED
West Union, OH, KAMT, RNAV (GPS) RWY
23, Amdt 1
Corvallis, OR, KCVO, ILS OR LOC RWY 17,
Amdt 6
Joseph, OR, KJSY, RNAV (GPS)–A, Orig
Joseph, OR, KJSY, Takeoff Minimums and
Obstacle DP, Orig
East Stroudsburg, PA, N53, RNAV (GPS)
RWY 8, Orig–B, CANCELED
East Stroudsburg, PA, N53, Takeoff
Minimums and Obstacle DP, Amdt 1,
CANCELED
Somerset, PA, 2G9, LOC RWY 25, Amdt 4E
Vermillion, SD, KVMR, RNAV (GPS) RWY
12, Orig–B
Wagner, SD, KAGZ, RNAV (GPS) RWY 27,
Orig–D
Yankton, SD, KYKN, ILS OR LOC RWY 31,
Amdt 6
Yankton, SD, KYKN, RNAV (GPS) RWY 13,
Amdt 1B
Yankton, SD, KYKN, RNAV (GPS) RWY 31,
Amdt 1A
Yankton, SD, KYKN, VOR RWY 13, Amdt
4A, CANCELED
Carrizo Springs, TX, KCZT, Takeoff
Minimums and Obstacle DP, Orig–A
Morgantown, WV, KMGW, ILS OR LOC RWY
18, Amdt 13E
Saratoga, WY, KSAA, NDB–A, Amdt 1C,
CANCELED
Saratoga, WY, KSAA, RNAV (GPS) RWY 5,
Amdt 1
Saratoga, WY, KSAA, RNAV (GPS) RWY 23,
Orig
Saratoga, WY, KSAA, RNAV (GPS)–B, Orig–
C, CANCELED
Saratoga, WY, KSAA, Takeoff Minimums and
Obstacle DP, Amdt 1
Saratoga, WY, KSAA, TRUMA ONE, Graphic
DP
Rescinded: On January 23, 2023 (88 FR
3915), the FAA published an Amendment in
Docket No. 31467, Amdt No. 4043, to Part 97
of the Federal Aviation Regulations under
section 97.29. The following entries for,
Atlanta, GA, effective February 23, 2023, are
hereby rescinded in their entirety:
Atlanta, GA, KATL, ILS OR LOC RWY 27R,
Amdt 8
Atlanta, GA, KATL, ILS PRM RWY 27R
(Close Parallel), Amdt 4
[FR Doc. 2023–03627 Filed 2–23–23; 8:45 am]
BILLING CODE 4910–13–P

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COMMODITY FUTURES TRADING
COMMISSION

ACTION:

Order.

The Commodity Futures
Trading Commission (‘‘Commission’’)
has issued an Order to designate a
unique product identifier and product
classification system to be used in swap
recordkeeping and data reporting. The
Commission has determined that the
unique product identifiers issued by the
Derivatives Service Bureau Limited for
swaps in the credit, equity, foreign
exchange, and interest rate asset classes
comply with the Commission’s
requirements for a unique product
identifier and product classification
system, and have designated them as
such. The Order requires registered
entities and swap counterparties to use
unique product identifiers issued by the
Derivatives Service Bureau Limited for
swaps in the credit, equity, foreign
exchange, and interest rate asset classes
to comply with certain of the
Commission’s swap recordkeeping and
reporting requirements.
DATES: The Order of Designation is
effective on February 24, 2023.
FOR FURTHER INFORMATION CONTACT: Tom
Guerin, Assistant Chief Counsel,
Division of Market Oversight, (202) 836–
1933, tguerin@cftc.gov or Owen Kopon,
Associate Chief Counsel, Division of
Market Oversight, (202) 418–5360,
okopon@cftv.gov, Commodity Futures
Trading Commission, Three Lafayette
Centre, 1151 21st Street NW,
Washington, DC 20581.
SUPPLEMENTARY INFORMATION:
SUMMARY:

I. Background
A. Unique Product Identifiers: CEA
Section 21(b) and Section 45.7 of the
Commission’s Regulations
Title VII of the Dodd-Frank Wall
Street Reform and Consumer Protection
Act (‘‘Dodd-Frank Act’’) 1 amended the
Commodity Exchange Act (‘‘CEA’’) 2 to
establish a comprehensive regulatory
framework for swaps. Amendments to
the CEA included the addition of
provisions requiring the retention, and
the reporting to swap data repositories
(‘‘SDRs’’), of data regarding swap
transactions in order to enhance
transparency, promote standardization,
and reduce systemic risk.3 Pursuant to
these CEA amendments, the
Commission added to its regulations
part 45,4 which sets forth recordkeeping

17 CFR Part 45
1 Public

Order Designating the Unique Product
Identifier and Product Classification
System To Be Used in Recordkeeping
and Swap Data Reporting
Commodity Futures Trading
Commission.

AGENCY:

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Law 111–203, 124 Stat. 1376 (2010).
U.S.C. 1–26.
3 See, e.g., 7 U.S.C. 2(a)(13)(G), which requires all
swaps, whether cleared or uncleared, to be reported
to an SDR; 7 U.S.C. 24a(b), which directs the
Commission to prescribe standards for swap data
reporting and attendant recordkeeping.
4 Swap Data Recordkeeping and Reporting
Requirements, 77 FR 2136 (January 13, 2012).
27

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rules, and rules for the reporting of
swap transaction data to SDRs.
Under the authority granted by
section 21(b) of the CEA, which, among
other things, directs the Commission to
‘‘prescribe standards that specify the
data elements for each swap that shall
be collected and maintained’’ by an
SDR,5 the Commission, in its part 45
regulations, prescribed the use of a
unique product identifier and product
classification system in recordkeeping
and swap data reporting.6 Regulation
§ 45.7 provides that each swap shall be
identified in all recordkeeping and all
swap data reporting pursuant to part 45
by means of a unique product identifier
and product classification system as
specified in this section.7
Regulation § 45.7 sets forth
requirements for the elements and
Commission designation of a unique
product identifier and product
classification system.8 The unique
product identifier and product
classification system must identify and
describe the swap asset class and the
sub-type within that asset class to which
the swap belongs, and the underlying
product for the swap, with sufficient
distinctiveness and specificity to: (i)
enable the Commission and other
regulators to fulfill their regulatory
responsibilities, and (ii) assist in realtime public reporting of swap
transaction and pricing data pursuant to
part 43.9 The level of distinctiveness
and specificity which the unique
product identifier will provide is
required to be determined separately for
each asset class.10 Further, upon its
required determination that an
acceptable unique product identifier
and product classification system that
contains the § 45.7 required elements is
available, the Commission must
designate this identifier and system for
use in recordkeeping and swap data
reporting.11
57

U.S.C. 24a(b)(1).
CFR 45.7.
7 Id. Regulation § 45.7 provides that each swap
sufficiently standardized to receive a unique
product identifier shall be identified by a unique
product identifier while each swap that is not
sufficiently standardized shall be identified by its
description using the product classification system.
8 17 CFR 45.7(a).
9 Id. Real-time public reporting of swap
transaction and pricing data pursuant to part 43
seeks to enhance transparency and price discovery
of the swaps market. Publishing a unique product
identifier as part of the swap transaction and
pricing data for a transaction would provide
information needed to describe the publicly
reportable swap transaction and enable market
participants and the public to compare such
publicly reportable swap transaction to other
similar publicly reportable swap transactions.
10 Id.
11 17 CFR 45.7(b).
6 17

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Federal Register / Vol. 88, No. 37 / Friday, February 24, 2023 / Rules and Regulations
When it adopted § 45.7 in 2012, the
Commission acknowledged the absence
of a unique product identifier or
product classification system that
adequately classified and described
swaps products.12 The Commission
noted that the Bank for International
Settlements Committee on Payment and
Settlement Systems (‘‘CPSS’’) and the
Board of the International Organization
of Securities Commissions (‘‘IOSCO’’)
had recommended that the ‘‘Financial
Stability Board direct further
international consultation and
coordination by financial and data
experts from both regulators and
industry’’ concerning the creation of a
swaps product classification system.13
B. CPMI and IOSCO Technical
Guidance on the Harmonization of the
Unique Product Identifier
Following a meticulous,
conscientious process of international
coordination, the Bank for International
Settlements Committee on Payments
and Market Infrastructures (‘‘CPMI’’)
and IOSCO published Technical
Guidance on the Harmonization of the
Unique Product Identifier (‘‘UPI
Technical Guidance’’) during September
2017.14 CPMI and IOSCO, in the UPI
Technical Guidance, specify the
requirements necessary for a product
identifier to facilitate the reporting of
swap data to trade repositories and the
aggregation of such data by
authorities.15 CPMI and ISOCO
concluded that semantically
meaningless codes should be assigned
to each unique product, with the
product attributes associated with each
code discoverable by reference to
standardized tables (‘‘Reference Data
Library’’).16 CPMI and IOSCO, in the
UPI Technical Guidance, require that
the Reference Data Library contain
specific reference data elements that
vary by asset class. These required
reference data elements detail the asset
class, asset class sub-types, underlying
asset, and other swap product
attributes.17 CPMI and IOSCO also
concluded that a unique product
12 See

77 FR at 2165–66.
The Financial Stability Board (FSB) is an
international body that monitors and makes
recommendations about the global financial system.
Members of the FSB include the Board of Governors
of the Federal Reserve System, Department of the
Treasury, and the Securities and Exchange
Commission. The Commission, though not an FSB
member, is a member of IOSCO.
14 CPMI and IOSCO, Technical Guidance:
Harmonisation of the Unique Product Identifier,
(Sept. 2017), available at: https://www.iosco.org/
library/pubdocs/pdf/IOSCOPD580.pdf.
15 Id.
16 Id.
17 Id.

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13 Id.

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identifier should satisfy fifteen distinct
technical principles,18 and appointed
the FSB to designate one or more service
providers to issue product codes and
operate and maintain the Reference Data
Library, upon determining such
provider would meet the principles in
doing so.19
The Commission played an integral
role in the creation of the UPI Technical
Guidance. In addition to approving the
issuance of the guidance as an IOSCO
Member, the Commission co-chaired the
joint CPMI and IOSCO workgroup that
drafted the guidance. In this key
position, the Commission was able to
ensure that the UPI Technical Guidance
defined a unique product identifier at a
level of specificity and distinctiveness
that met the needs of the Commission.
C. FSB Designation of the Derivatives
Service Bureau Limited
The FSB proposed that an entity or
entities (‘‘UPI Service Provider’’)
provide for the timely issuance of
unique product identifier codes and
maintenance of the Reference Data
Library.20 The FSB published a call for
self-assessments from prospective UPI
Service Providers during July 2018.21
The FSB requested that each
prospective UPI Service Provider submit
business and self-governance plans that
explained how the respondent could
satisfy the UPI Technical Guidance and
certain other governance criteria.22 After
reviewing the self-assessments in
coordination with CPMI and IOSCO, the
FSB designated the Derivatives Service
Bureau Limited (‘‘DSB’’) as the UPI
Service Provider.23
The FSB published its final
conclusions and implementation plan
regarding governance arrangements for
the unique product identifier system
during October 2019 (‘‘UPI Governance
Report’’).24 The FSB, in the UPI
18 Id. The fifteen technical principles identified
by CPMI and IOSCO are: jurisdiction neutrality,
uniqueness, consistency, persistence, adaptability,
clarity, ease of assignment/retrieval/query, longterm viability, scope neutrality, compatibility,
comprehensiveness, extensibility, precision, public
dissemination, and representation.
19 Id.
20 See, e.g., FSB, Governance arrangements for the
unique product identifier: key criteria and
functions, (Oct. 2017), available at: https://
www.fsb.org/wp-content/uploads/P031017.pdf.
21 FSB, Self-assessment questionnaire for
prospective UPI Service Providers, (July 2018),
available at: https://www.fsb.org/wp-content/
uploads/P160718-2.pdf.
22 Id.
23 FSB, Press Release: FSB designates DSB as
Unique Product Identifier Service Provider (May 2,
2019), available at: https://www.fsb.org/2019/05/
fsb-designates-dsb-as-unique-product-identifier-upiservice-provider/.
24 FSB, Governance arrangements for the UPI:
Conclusions, implementation plan, and next steps

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Governance Report, enumerated the
components of unique product
identifier governance arrangements and
allocated governance functions among
the components. The components
identified by the FSB include a UPI
Service Provider(s) that would issue
unique product identifier codes and
maintain the Reference Data Library,
and an International Governance Body
that would provide overall oversight of
the UPI Service Provider and the
broader unique product identifier
system.25 The FSB also recommended
that FSB jurisdictions undertake any
actions relevant to their situation to
require the reporting of unique product
identifier codes to trade repositories in
a manner consistent with the UPI
Technical Guidance and the UPI
Governance Report.26
The Commission played a central role
in the FSB’s review of self-assessments
from prospective UPI Service Providers
and in the creation of the UPI
Governance Report. The Commission
co-chaired the FSB workgroup that both
reviewed self-assessments from
prospective UPI Service Providers and
drafted the UPI Governance Report. In
this key role, the Commission was able
to assist the FSB in ensuring that any
UPI Service Provider designated by the
FSB had demonstrated an intent and
ability to comply with the UPI
Technical Guidance.
The Commission is a member of the
ROC and participates in oversight of the
unique product identifier system and
DSB consistent with the UPI
Governance Report. The Commission
also co-chairs the ROC committee that
focuses on oversight of DSB. In these
roles at the ROC, the Commission is able
to assist the ROC in meeting its FSBmandated responsibility to oversee DSB
and its adherence to the UPI Technical
Guidance.
to establish the International Governance Body,
(Oct. 2019), available at: https://www.fsb.org/wpcontent/uploads/P091019.pdf.
25 Id. The FSB identified the Legal Entity
Identifier Regulatory Oversight Committee (‘‘ROC’’)
as the entity best situated to be the International
Governance Body. The ROC is a group of more than
65 financial markets regulators and other public
authorities and 19 observers from more than 50
countries that promotes the broad public interest by
improving the quality of data used in financial data
reporting, improving the ability to monitor financial
risk, and lowering regulatory reporting costs
through the harmonization of these standards across
jurisdictions. The Commission is a ROC member.
Since assuming responsibilities as the International
Governance Body, the ROC has provided oversight
of DSB.
26 Id.

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II. Commission Determination of an
Acceptable Unique Product Identifier
and Product Classification System
For reasons explained below, the
Commission has determined that the
unique product identifier codes issued
by DSB for swaps in the credit, equity,
foreign exchange, and interest rate asset
classes (‘‘Covered Asset Classes’’) are
acceptable to the Commission and
satisfy the requirements set forth in part
45.7 of the Commission’s regulations in
that they identify and describe swap
products with sufficient distinctiveness
and specificity to: (i) enable the
Commission and other regulators to
fulfill their regulatory responsibilities,
and (ii) assist in real-time public
reporting of swap transaction and
pricing data.
A. The UPIs Issued by DSB for Swaps
in the Covered Asset Classes Identify
and Describe Swap Products With
Sufficient Distinctiveness and
Specificity To Enable the Commission
and Other Regulators To Fulfill Their
Regulatory Responsibilities
DSB issues unique product identifier
codes for swaps in the Covered Asset
Classes in a manner consistent with the
UPI Technical Guidance. In accordance
with the UPI Technical Guidance, each
unique product identifier code issued
by DSB for swaps in the Covered Asset
Classes maps to a Reference Data
Library containing specific reference
data elements that vary by asset class.
These required reference data elements
detail the asset class, asset class subtypes, underlying asset, and other swap
product attributes.27
Identification of swaps using unique
product identifier codes issued by DSB
in the Covered Asset Classes would
enable the Commission and other
regulators to aggregate swap transaction
data at various levels of product
classification, providing enhanced
transparency of market activity and
facilitating oversight of the swaps
markets. For example, the reporting of
unique product identifier codes issued
by DSB to all four SDRs provisionally
registered with the Commission would
enable the Commission to not only
aggregate transactions by unique
product identifier code across all SDRs,
but to aggregate by any reference data
element contained in the Reference Data
Library. This would allow the
27 The Commission and other financial regulators
coordinated under the auspices of CPMI and IOSCO
to define the UPI Technical requirements as
including a requirement that the UPI have sufficient
detail and level of granularity to enable authorities
to fulfil their regulatory responsibilities. CPMI and
IOSCO, Technical Guidance: Harmonisation of the
Unique Product Identifier at p.11.

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Commission to aggregate not just all
interest rate swap transactions with the
same unique product identifier, but also
to aggregate all interest rate swap
transactions referencing the same
underlying interest rate index.
Combined with other standardized
identifiers already used in swaps
recordkeeping and reporting, such as
legal entity identifiers, unique product
identifier codes issued by DSB will
provide a crucial regulatory tool to
facilitate the Commission’s ability to
link and aggregate data to detect and
mitigate systemic risk and prevent
market manipulation, among other
important purposes of the Dodd-Frank
Act.28

reportable swap transactions relating to
the same product published by a
different SDR. Additionally, the
inclusion of unique product identifier
codes issued by DSB in real-time swap
reports will enable the communication
of many product characteristics in a
single data field. Since unique product
identifier codes issued by DSB link to
the Reference Data Library maintained
by DSB, the reporting of the code in a
single data field negates the need for the
reporting of the associated data
contained in the Reference Data Library.
This assists real-time public reporting
by reducing the number of data fields
required to be transmitted to facilitate
price discovery.

B. The UPIs Issued by DSB for Swaps in
the Covered Asset Classes Identify and
Describe Swap Products With Sufficient
Distinctiveness and Specificity To Assist
in the Real Time Reporting of Swaps as
Provided in the CEA and the
Commission’s Regulations
Unique product identifier codes
issued by DSB for swaps in the Covered
Asset Classes would assist the real time
reporting of swaps required by the CEA
and part 43 of the Commission’s
regulations in several important ways.
Most importantly, inclusion of unique
product identifier codes issued by DSB
in real-time public swaps reports will
assist public transparency because those
codes identify products with sufficient
precision to allow for price discovery.29
The inclusion of unique product
identifier codes issued by DSB in realtime public swaps reports will also
assist in increasing the standardization
of real time public reporting across
SDRs and facilitating a more efficient
reporting of swap products. Instead of
the different product identifiers and
classification systems currently used
across SDRs, the inclusion of unique
product identifier codes issued by DSB
in all public disseminations for swaps
in the Covered Asset Classes will
facilitate the price discovery of swap
transactions in the same product that
are published by different SDRs. This
will enable market participants and the
public to more easily compare a
publicly reportable swap transaction
published by one SDR with publicly

III. Order of Designation of the Unique
Product Identifier and Product
Classification System To Be Used in
Recordkeeping and Swap Data
Reporting Pursuant to the
Commission’s Regulations for Swaps in
the Credit, Equity, Foreign Exchange,
and Interest Rate Asset Classes
Based upon the foregoing, including
the following facts:
(1) The Commission played an
integral role in the creation of the UPI
Technical Guidance to ensure that the
guidance defined a unique product
identifier at a level of specificity and
distinctiveness that met the needs of the
Commission.
(2) The Commission worked with FSB
to ensure that any UPI Service Provider
designated by the FSB had
demonstrated an intent and ability to
comply with the UPI Technical
Guidance.
(3) The UPI Technical Guidance
requires that the Reference Data Library
contain specific reference data elements
that vary by asset class, detailing the
asset class, asset class sub-types,
underlying asset, and other swap
product attributes.
(4) In accordance with the UPI
Technical Guidance, each unique
product identifier code issued by DSB
for swaps in the Covered Asset Classes
maps to a Reference Data Library
containing specific reference data
elements that vary by asset class. These
required reference data elements detail
the asset class, asset class sub-types,
underlying asset, and other swap
product attributes.
Accordingly, the Commission FINDS
that, as required by Commission
regulation § 45.7, the unique product
identifiers issued by DSB for swaps in
the credit, equity, foreign exchange, and
interest rate asset classes are acceptable
to the Commission and satisfy the
requirements set forth in part 45.7 of the
Commission’s regulations.

28 For example, the aggregation of open credit
swap transactions by underlier and counterparty
would provide the Commission transparency into
market participants’ exposures to credit events
associated with particular underliers.
29 The Commission and other regulators
coordinated under the auspices of the CPMI and
IOSCO to define the swap asset class, asset class
sub-types, and level of required precision that was
necessary, determined separately for each asset
class, to support the real-time public reporting of
swap transaction and pricing data.

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Federal Register / Vol. 88, No. 37 / Friday, February 24, 2023 / Rules and Regulations
Therefore:
It is hereby ordered that:
1. Pursuant to section 21(b) of the Act
and Commission regulation § 45.7, the
product identifiers issued by the
Derivatives Service Bureau Limited as
unique product identifiers (DSB UPIs)
for swaps in the credit, equity, foreign
exchange, and interest rate asset classes
are designated as the unique product
identifier and product classification
system to be used in recordkeeping and
swap data reporting pursuant to the
Commission’s regulations; this Order
gives notice of this designation.
2. Registered entities and swap
counterparties shall use DSB UPIs for
swaps in the credit, equity, foreign
exchange, and interest rate asset classes
in all recordkeeping and swap data
reporting pursuant to Part 45, and shall
similarly use DSB UPIs for swaps in the
credit, equity, foreign exchange, and
interest rate asset classes to facilitate
real-time public reporting as required by
Part 43.
3. The Commission expects
compliance with paragraph 2., above, by
no later than January 29, 2024. For this
purpose, registered entities and swap
counterparties may contact the
Derivatives Service Bureau Limited at:
107 Cheapside, London, EC2V 6DN,
England, +44 20 3880 2200,
Secretariat@ANNA–DSB.com.
Information concerning the procedures
for acquiring DSB UPIs may be accessed
at https://www.anna-dsb.com/upi/.
Authority: 7 U.S.C. 24a(b).

NOTE: The following appendices will not
appear in the Code of Federal Regulations.

Appendices To Order Designating the
Unique Product Identifier and Product
Classification System To Be Used in
Recordkeeping and Swap Data
Reporting—Voting Summary and
Chairman’s and Commissioner’s
Statement

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Appendix 1—Voting Summary
On this matter, Chairman Behnam and
Commissioners Johnson, Goldsmith Romero,
Mersinger, and Pham voted in the
affirmative. No Commissioner voted in the
negative.

16:40 Feb 23, 2023

Swap data reporting is fundamental to
post-crisis financial regulation. Given the
important goal of the Dodd-Frank Act to
bring transparency to risk in swap markets
that was previously hidden, I support the
Commission’s designation of unique product
identifiers for swap data reporting.
By increasing visibility into swap markets
through real-time public reporting and swap
data repository reporting, the Commission
brought light to what was previously an
opaque market with hidden risk. Swap data
reporting increases regulatory insight into
swap market activity, which is necessary to
promote market integrity. Real-time public
reporting also promotes transparency and
price discovery by making swap transaction
and pricing information publicly available.
As swap markets are global markets, global
harmonization enhances the use of swap data
for regulators, market participants, and the
public. The CFTC has been collaborating
with global regulators on uniform standards
for defining and representing swap products.
I look forward to increased transparency in
swap markets through the use of
standardized product identifiers.
[FR Doc. 2023–03661 Filed 2–23–23; 8:45 am]
BILLING CODE 6351–01–P

DEPARTMENT OF LABOR
Employee Benefits Security
Administration
29 CFR Part 2520
RIN 1210–AB97

Issued in Washington, DC, on February 16,
2023, by the Commission.
Robert Sidman,
Deputy Secretary of the Commission.

VerDate Sep<11>2014

Appendix 2—Statement of
Commissioner Christy Goldsmith
Romero in Support of Increasing
Transparency in Swap Markets
Through the Use of Unique Product
Identifiers

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Annual Reporting and Disclosure
Employee Benefits Security
Administration, Labor.
ACTION: Final rule.
AGENCY:

This document contains
amendments to Department of Labor
(DOL) regulations relating to annual
reporting requirements under Title I of
the Employee Retirement Income
Security Act of 1974, as amended
(ERISA). The amendments contained in
this document conform the DOL
reporting regulations to revisions to the
Form 5500 Annual Return/Report of
Employee Benefit Plan and Form 5500–
SF Short Form Annual Return/Report of
Small Employee Benefit Plan being
published in this issue of the Federal
Register in a separate Notice of Final
Forms Revisions (NFFR) jointly by DOL,
the Internal Revenue Service (IRS), and
the Pension Benefit Guaranty
Corporation (PBGC). Conforming
changes also are being made to the

SUMMARY:

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11793

requirements for the summary annual
report. The regulatory amendments in
this rule and revisions in the NFFR
affect employee benefit plans, plan
sponsors, administrators, and service
providers to plans subject to annual
reporting requirements under ERISA
and the Internal Revenue Code.
DATES:
Effective Date: This final rule is
effective April 25, 2023.
Applicability Date: All regulatory
amendments are applicable for plan
years beginning on or after January 1,
2023, for the 2023 Form 5500 Annual
Return/Report of Employee Benefit
Plan.
FOR FURTHER INFORMATION CONTACT:
Janet Song, Florence Novellino or
Colleen Brisport Sequeda, Office of
Regulations and Interpretations,
Employee Benefits Security
Administration, U.S. Department of
Labor, (202) 693–8500 (this is not a tollfree number).
Customer service information:
Individuals interested in obtaining
information from the Department of
Labor concerning Title I of ERISA and
employee benefit plans may call the
EBSA Toll-Free Hotline at 1–866–444–
EBSA (3272) or visit the Department of
Labor’s website (www.dol.gov/agencies/
ebsa).
SUPPLEMENTARY INFORMATION:
A. Background
Titles I and IV of the Employee
Retirement Income Security Act of 1974
(ERISA) and the Internal Revenue Code
(Code), generally require pension and
other employee benefit plans to file
annual returns/reports concerning,
among other things, the financial
condition and operations of the plan.
Filing a Form 5500 Annual Return/
Report of Employee Benefit Plan (Form
5500) or, if eligible, a Form 5500–SF
Short Form Annual Return/Report of
Small Employee Benefit Plan (Form
5500–SF), together with any required
schedules and attachments (together
‘‘the Form 5500 Annual Return/
Report’’), in accordance with their
instructions, generally satisfies these
annual reporting requirements.1
ERISA section 103 and 104 broadly
set out annual financial reporting
requirements for employee benefit plans
1 References to the ‘‘Form 5500 Annual Return/
Report’’ in this final rule or in the accompanying
NFFR may include, depending on the context, the
Form 5500 or the Form 5500–SF. As used in this
document, the term does not include the Form
5500–EZ, Annual Return of A One Participant
(Owners/Partners and Their Spouses or A Foreign
Plan) Retirement Plan (Form 5500–EZ). The Form
5500–EZ is a return required under the Code, not
Title I of ERISA.

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