CMS Corrects 2027 ACA Payment Rule; CFTC Sunsets Swaps Reporting Regime

CMS Corrects 2027 ACA Benefit and Payment Parameters Rule

The Centers for Medicare & Medicaid Services (CMS) issued a correction to the final rule titled "Patient Protection and Affordable Care Act, HHS Notice of Benefit and Payment Parameters for 2027; and Basic Health Program," which originally appeared in the Federal Register on May 20, 2026. The correction is effective July 20, 2026, and addresses typographical errors, technical drafting errors, and omissions in that rule.

The most consequential preamble correction fixes a statement of the rule's effective date. According to the correction document, the final rule correctly stated an effective date of July 20, 2026, but a separate passage later in the same rule erroneously stated the rule takes effect "30 days after publication" — which would have implied a June 19, 2026, effective date. The correction replaces that erroneous phrase with "effective 60 days after publication," consistent with the Congressional Review Act's requirement for a 60-day delayed effective date for major rules. The document notes that because the correct effective date was already stated in the rule and had been subject to public notice and comment, additional notice-and-comment procedures are unnecessary.

Two regulatory text errors are also corrected. First, on page 29864 of the original rule, erroneous amendatory instructions relating to 45 CFR 155.170 had the unintended effect of omitting regulation text currently set forth at § 155.170(a)(3). The document states that CMS did not propose to rescind § 155.170(a)(3) in the proposed rule and did not intend to finalize its rescission. The correction reinstates that text, renumbered as new paragraph (a)(4). Second, on page 29874, amendatory instruction 24 for § 156.130(a)(2) failed to specify that only the introductory text to paragraph (a)(2) was being revised; the correction replaces the phrase "revising paragraph (a)(2)" with "revising paragraph (a)(2) introductory text." The affected regulations span 42 CFR 600 and 45 CFR 150, 155, and 156, and the underlying rule is designated economically significant.

CMS waived notice-and-comment procedures under APA section 553(b)(B), finding good cause that the procedures would be unnecessary and contrary to the public interest, because the corrections address only typographical and technical drafting errors rather than substantive policy changes.

CFTC Sunsets Large Trader Reporting Requirements for Physical Commodity Swaps

The Commodity Futures Trading Commission (CFTC) issued a Final Order, effective July 21, 2026, rendering the routine position-reporting requirements of Part 20 of its regulations — the large trader reporting rules for physical commodity swaps — ineffective and unenforceable. As a result, clearing organizations, clearing members, and swap dealers will no longer be required to file the daily and event-based position reports currently required under Part 20.

The CFTC explains that Part 20 was originally adopted on July 22, 2011, during the implementation of the Dodd-Frank Wall Street Reform and Consumer Protection Act, as a temporary measure to enable surveillance of economically equivalent physical commodity futures, options, and swaps at a time when the Commission's broader swap data reporting framework had not yet been established. Anticipating that Part 20 would eventually become unnecessary, the Commission included a sunset provision at § 20.9, which allows the Commission to render Part 20 ineffective upon finding that operating swap data repositories (SDRs) are processing positional data in a way that enables effective surveillance of paired swaps and swaption markets.

The Commission's order concludes that this threshold has been met. Since 2011, the Commission notes, it has jointly defined the term "swap" with the Securities and Exchange Commission, authorized the registration of SDRs under Part 49, adopted and refined swap data reporting requirements in Parts 43 and 45, and established position limits on economically equivalent swaps in Part 150. Amendments to Part 49 adopted in 2020 require SDRs to identify "open swaps" — a term the Commission adopted to serve the same function as the "open swap" and "closed swap" definitions in Part 20 — and to provide the Commission with detailed reports and direct electronic access to that data. The Commission further observes that SDR data is reported on a more timely basis than the second-business-day (T+2) reporting required of clearing members and swap dealers under § 20.7(c), and that the quality and standardization of SDR data have been the subject of sustained Commission attention since 2011, whereas the substance of the Part 20 reporting requirements has not materially changed.

Pursuant to § 20.9(b), the Commission is preserving its authority to require, on special call, the maintenance and production of the underlying books, records, and futures-equivalent conversion methods. The Commission also notes that the forthcoming extension of the unique product identifier (UPI) to the other commodity asset class is expected to further enhance its ability to surveil these markets.

What to Watch

• The CMS correction to the 2027 ACA Benefit and Payment Parameters rule took effect July 20, 2026; affected parties should review the reinstated § 155.170(a)(3) text — renumbered as § 155.170(a)(4) — and the corrected amendatory instruction for § 156.130(a)(2).
• The CFTC's Part 20 sunset order took effect July 21, 2026; clearing organizations, clearing members, and swap dealers should note that routine daily and event-based position report filings under Part 20 are no longer required, though the Commission retains special-call authority over books and records under § 20.9(b).

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