June 27, 2013

CFTC’s Division of Market Oversight Issues Extension of Time-Limited No-Action Relief Concerning Bespoke or Complex Swaps

Washington, DC – The Commodity Futures Trading Commission’s (CFTC) Division of Market Oversight (DMO) today announced the issuance of a time-limited no-action letter granting relief, for bespoke or complex swaps, from certain reporting obligations under Parts 43 and 45 of the Commission’s regulations. The relief effectively extends a number of elements of relief previously granted in CFTC Letter No. 12-39, issued on November 30, 2012.

For bespoke or complex swaps, the no-action letter provides that DMO will not recommend that the Commission commence an enforcement action against (1) a reporting party for failure to report certain enumerated data fields otherwise required by Part 43 or (2) a reporting counterparty for failure to report certain enumerated data fields otherwise required by Part 45. In addition, for bespoke or complex swaps, the letter provides no-action relief from the reporting of the “any other term(s)” field as required by Part 45. Also, for bespoke or complex swaps that are uncleared inter-affiliate swaps, the letter provides no-action relief from certain confirmation data reporting obligations under Part 45. The relief will expire on September 30, 2013.

Last Updated: June 27, 2013