Extension of No-Action Relief for Swap Execution Facilities from Certain Audit Trail Requirements in Commission Regulation 37.205 Related to Post-Execution Allocation Information.

Subject to the conditions specified in the letter, DMO will not recommend that the Commission take an enforcement action against any SEF for the failure to comply with Commission regulations 37.205(a)-(b), 37.400(b), 37.406, 37.1000(a)(1), and 37.1001 to the extent that non-compliance arises from the inability of SEFs to record voice communications as a result of the displacement of voice trading personnel from their normal business sites in connection with the COVID-19 pandemic response.

DMO is issuing a no-action letter which provides that, subject to certain conditions the Division will not recommend enforcement action against a swap execution facility which does not capture post-execution allocation information in its audit trail or conduct audit trail reviews of post-execution allocations.

The Division will grant the above time-limited no-action relief from the requirements for SEFs to capture post-trade allocation information in their audit trail data and to conduct associated audit trail reviews of post trade allocations, and will not recommend that the Division take enforcement action against any SEF that does not capture post-trade allocations in its audit trail data or conduct associated audit trail reviews of post trade allocations, as required by Commission regulations 37.205(a) and (b)(2).