Release Number 6483-12
December 21, 2012
CFTC’s Division of Market Oversight Provides Swap Dealers With Swap Data Reporting Relief
Washington, DC – The Division of Market Oversight (DMO) of the Commodity Futures Trading Commission (CFTC) today announced the issuance of a letter providing swap dealers with time-limited no-action relief from certain swap data reporting obligations under Parts 43, 45, and 46 of the Commission’s regulations.
The no-action letter provides that DMO will not recommend an enforcement action against a swap dealer with respect to the following: a) a delay in reporting swaps executed by branches in emerging market jurisdictions as defined therein; b) a delay in reporting aggregate pricing data for exotic/multi-leg swap transactions; c) a delay in linking the report made for post-trade allocations, compressions, or novations to the unique swap identifier of the previously reported initial swap; and d) withholding or incorrect reporting of certain life cycle events. To avail themselves of the relief, a swap dealer must meet specific criteria and comply with certain conditions set forth in the no-action letter. The Division will extend this relief until the earlier of: (1) resolution of the technological issues preventing timely compliance; or (2) 12:01 a.m. eastern daylight time on April 30, 2013.
Last Updated: December 21, 2012