The US Commodity Futures Trading Commission’s (CFTC) Division of Market Oversight has issued a time-limited no-action letter that extends relief provided to certain CFTC-registered swap dealers (SD) and major swap participants (MSP) in CFTC Letter No. 15-61.
The no-action letter states that the Division of Market Oversight will not recommend that the CFTC take enforcement action against a non-US SD or a non-US MSP established in Australia, Canada, the European Union, Japan or Switzerland, that is not part of an affiliated group in which the ultimate parent entity is a US SD, US MSP, US bank, US financial holding company or US bank holding company, for failure to comply with the swap data reporting requirements of Part 45 and Part 46 of the CFTC’s regulations (SDR Reporting Rules), with respect to its swaps with non-US counterparties that are not guaranteed affiliates, or conduit affiliates, of a US person. The relief is provided subject to certain terms and conditions outlined in the letter and is time limited, expiring on the earlier of: (i) 30 days following the issuance of a comparability determination by the CFTC with respect to the SDR Reporting Rules for the jurisdiction in which the non-US SD or non-US MSP is established; or (ii) December 1, 2017.
View CFTC Staff issues time-limited extension of swap data reporting relief for certain swap dealers and major swap participants established under the laws of Australia, Canada, the European Union, Japan or Switzerland, 21 November 2016