Statement of Commissioner Summer K. Mersinger Regarding Extension of CFTC Staff No-Action Letter Addressing Certain Swap Reporting Obligations
December 02, 2022
I support the continuation of staff no-action relief that is being provided through today’s extension of Commodity Futures Trading Commission (CFTC) Letter 22-05. But the extension of this relief compels me to yet again repeat my refrain: the Commission must stop using temporary and successive band-aids and work-arounds instead of doing the hard work of crafting permanent solutions to known problems.
The relief being extended today was originally issued in 2016. Instead of addressing this issue over the past six years, the Commission has repeatedly kicked the can down the road – this time until December 5, 2025. The Commission’s inaction has resulted in market participants requesting, and CFTC staff granting, extensions of this relief four times. The Commission’s failure to propose a permanent solution is a dereliction of duty.