December 17, 2012

CFTC’s Division of Market Oversight Issues Time-Limited, No-Action Relief for Swap Dealers and Major Swap Participants From Compliance With Reporting Obligations

Washington, DC – The Commodity Futures Trading Commission’s (Commission) Division of Market Oversight (Division) today issued a no-action letter providing time-limited relief to Swap Dealers (“SDs”) and Major Swap Participants (“MSPs”) from the obligation to report valuation data for cleared swaps as required by § 45.4(b)(2)(ii) of the Commission’s regulations.

The no-action letter provides that the Division will not recommend that the Commission take enforcement action against a SD or MSP for failure of such SD or MSP to comply with the requirements of regulation 45.4(b)(2)(ii) to report valuation data. The no-action relief applies to: (i) all SDs and MSPs that are reporting counterparties under regulation 45.4(b)(2)(ii), and (ii) all cleared swaps for which the SD or MSP has the obligation to report valuation data under regulation 45.4(b)(2)(ii). The no action relief expires on June 30, 2013.

Last Updated: December 17, 2012