Release Number 8618-22

CFTC Staff Issues No-Action Letter Regarding Certain Swap Reporting Requirements of Parts 45 and 46

October 28, 2022

— The Commodity Futures Trading Commission’s Division of Market Oversight (DMO) today issued a no-action letter extending the no-action position of CFTC Letter No. 20-37 concerning certain swap reporting requirements of Part 45 and Part 46 of the CFTC’s regulations.

The letter applies to certain non-U.S. swap dealers (SD) and major swap participants (MSP) established in Australia, Canada, the European Union, Japan, Switzerland and the United Kingdom, that are 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 letter states that DMO will not recommend the Commission take an enforcement action against the SDs and MSPs identified above for failure to comply with the requirements of the swap data reporting rules in Parts 45 and 46 until the earlier of 30 days following the Commission issuing a comparability determination for a jurisdiction in which the non-U.S. swap dealer or non-U.S. major swap participant is established or by December 1, 2025.