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RELEASE: pr6552-13

  • April 1, 2013

    CFTC’s Division of Swap Dealer and Intermediary Oversight Issues Time-Limited No-Action Relief to Swap Dealers and Major Swap Participants Regarding Certain Recordkeeping Obligations

    Washington, DC – The Commodity Futures Trading Commission’s Division of Swap Dealer and Intermediary Oversight (DSIO) issued time-limited no-action relief for swap dealers (SDs) and major swap participants (MSPs) concerning certain recordkeeping obligations under Part 23 of the Commission’s Regulations.

    The no-action letter will delay until June 30, 2013, the compliance date for the following provisions:

    (1) For landline telephones that are not located in one of the following geographic jurisdictions: United States, United Kingdom, Singapore, Hong Kong, Japan, Australia, Switzerland, and Canada, the requirement that SDs and MSPs make and keep records of all oral communications related to pre-execution swap trade information (and communications that lead to the conclusion of a related cash or forward transaction) pursuant to Regulations 23.202(a) and (b);

    (2) The requirement that SDs and MSPs maintain all transaction records and daily trading records in a manner “identifiable and searchable” by transaction and counterparty pursuant to Regulations 23.201(a)(1), 23.202(a) and 23.202(b), subject to the condition that the Firms continue to maintain such records using existing search capabilities in their relevant systems;

    (3) The requirement that SDs and MSPs use a Coordinated Universal Time (UTC) timestamp when recording quotations prior to and at the time of execution of a swap pursuant to Regulations 23.202(a)(1)(ii), (a)(2)(iv), (a)(3)(ii), (b)(3), and (b)(4), subject to the condition that the data recorded in local time is convertible to UTC within a reasonable timeframe after a regulatory request for such time data; and, subject to the condition that the Firms will continue to commit to using a UTC time standard in newly installed or upgraded systems; and

    (4) The requirement that SDs and MSPs retain swap records at their principal places of business or such other principal offices as designated by the SD or MSP, subject to the condition that records otherwise subject to 23.203(a)(1) be promptly available at the designated principal place of business or other such principal office located in the United States, its territories, or possessions within 72 hours upon request of a Commission representative.

    The no-action letter issued by DSIO partially extends the relief that was provided in CFTC Letter No. 12-29, issued by DSIO on October 26, 2012.

    The relief provided in the no-action letter is applicable to all SDs and MSPs.

    Last Updated: April 1, 2013

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