Washington, D.C. — The Commodity Futures Trading Commission’s Division of Data (DOD) today granted temporary no-action relief to DTCC Data Repository LLC (DDR) from certain requirements of the swaps data repository (SDR) rules in Part 49 of the CFTC’s regulations. The relief is also extended to registered entities and swap counterparties reporting swaps data to DDR from certain requirements of the swaps data reporting rules in Parts 45 and 46 of the CFTC’s regulations.

The relief stipulates that DOD will not recommend the CFTC take an enforcement action against DDR for:

1. failure to accept and promptly record certain swaps and swap data fields as required by CFTC Regulation 49.10(a); or
2. failure to confirm the accuracy of data by notifying both swap counterparties as required by CFTC Regulation 49.9(a)(2) and Part 49.11(a) and (b).

The relief also states that DOD similarly will not recommend that the CFTC take an enforcement action against a registered entity or swap counterparty reporting swaps data to DDR for failure to report certain swap data fields as required by Parts 45 and 46. 

On September 17, 2020, the Commission unanimously approved a final rule amending its SDR and swaps data reporting regulations removing the requirements from which relief is being provided. Those final rules are not yet effective. [See CFTC Press Release No. 8247-20] 

This relief is temporary and expires 60 days following publication of the SDR and swaps data reporting final rules in the Federal Register.