November 24, 2014

CFTC Staff Issues Time-Limited Extension of Swap Data Reporting Relief for Certain Swap Dealers and Major Swap Participants Established under the Laws of Australia, Canada, the European Union, Japan and Switzerland

Washington, DC — The U.S. Commodity Futures Trading Commission’s Division of Market Oversight issued a time-limited no-action letter today that extends certain relief provided to certain Commission-registered swap dealers (SDs) and major swap participant (MSPs) in CFTC Letter No. 13-75.

Today’s no-action letter states that the Division will not recommend that the Commission take an enforcement action against a non-U.S. SD or a non-U.S. MSP established in Australia, Canada, the European Union, Japan and Switzerland, that is 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, for failure to comply with the requirements of Part 45 and Part 46 of the Commission’s regulations with respect to its swaps with non-U.S. counterparties that are not guaranteed affiliates, or conduit affiliates, of a U.S. person.

The relief is provided subject to certain terms and conditions outlined in the letter and is time-limited, expiring on the earlier of: (a) 30 days following the issuance of a comparability determination by the Commission with respect to the SDR Reporting Rules for the jurisdiction in which the non-U.S. SD or non-U.S. MSP is established or (b) December 1, 2015.

Last Updated: November 24, 2014