Release Number 8746-23

CFTC Staff Extends Temporary No-Action Letter Regarding Certain Financial Reporting Requirements for Bank Swap Dealers

July 11, 2023

Washington, D.C. — The Commodity Futures Trading Commission’s Market Participants Division (MPD) today announced it issued a temporary no-action letter extending CFTC Staff Letter No. 21-18 concerning financial reporting obligations for swap dealers (SDs) subject to capital requirements of a prudential regulator (bank SDs) under the CFTC’s SD financial reporting rules. 

Through CFTC Staff Letter 23-11, MPD is extending a no-action position to bank SDs that report utilizing certain alternative forms, filing deadlines, and/or reporting standards otherwise applicable to them by their prudential or home country regulators, in lieu of complying with the CFTC’s financial reporting requirements and subject to certain specified conditions. MPD determined that extending the no-action position temporarily would not adversely impact its ability to monitor the capital position of bank SDs under the Commodity Exchange Act and CFTC regulations.

Today’s no-action letter was issued in response to a joint request received from the Securities Industry and Financial Markets Association and the International Swaps and Derivatives Association on behalf of their SD members, who would otherwise be required to comply with the CFTC’s financial reporting requirements by October 6. The no-action position taken by MPD will expire on the earlier of October 6, 2025 or the adoption by the CFTC of any revised financial reporting requirements applicable to such bank SDs.