Release Number 8314-20

CFTC Staff Extends Temporary Swap Data Reporting Relief for Certain International Swap Dealers and Major Swap Participants

November 19, 2020

Washington, D.C. — The Commodity Futures Trading Commission’s Division of Market Oversight (DMO) today issued a staff letter extending no-action relief to certain CFTC-registered swap dealers (SDs) and major swap participants (MSPs).

The extended relief stipulates that DMO will not recommend that the CFTC take an enforcement action against a non-U.S. SD or a non-U.S. MSP for failure to comply with the swap data reporting requirements in Part 45 and Part 46 of the CFTC’s regulations as long as:

(i)              the swaps are with non-U.S. counterparties that are not guaranteed affiliates, or conduit affiliates, of a U.S. person;

(ii)            the entity is established in Australia, Canada, the European Union, Japan, Switzerland, or the United Kingdom; and

(iii)           the entity is not part of an affiliated group in which the ultimate parent entity is a U.S. SD, U.S. MSP, U.S. bank, U.S financial holding company, or U.S. bank holding company.

The relief provided is temporary and subject to terms and conditions outlined in the letter. It expires on the earlier of December 1, 2022 or 30 days following the issuance of a CFTC comparability determination on swap data reporting rules for the jurisdiction in which the non-U.S. SD or non-U.S. MSP is established.