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Email Two settled enforcement actions in April 2023 indicate that the Commodity Futures Trading Commission (“CFTC”) is expecting increased swaps disclosure by swap dealers under the Dodd-Frank Act of 2010 and applicable CFTC regulations. In the first enforcement action, the CFTC sanctioned a U.S. swap dealer for failing to comply with CFTC Regulation § 23.431, which requires a swap dealer, among other things, to provide pre-trade mid-market marks (“PTMMM”) before each transaction to allow its non-swap dealer counterparties to “make their own informed decisions about the appropriateness of entering into the swap.” Pre-trade mid-market marks are intended to represent an “objective value,” providing counterparties with “a baseline to assess swap valuations.” https://www.cadwalader.com/resources/articles/enhancing-disclosure-requirements-for-derivatives