CFTC Issues No-Action Relief for Canadian Swap Dealers Regarding Quarterly Risk Exposure Reports (CFTC Letter 14-73)

The CFTC Division of Swap Dealer and Intermediary Oversight issued a time-limited no-action letter providing relief from the requirement that swap dealers furnish risk exposure reports on a quarterly basis to each of five Canadian banks that are registered with the CFTC as swap dealers.

The five Canadian Banks covered by the relief are the Bank of Montreal, the Bank of Nova Scotia, the Canadian Imperial Bank of Commerce, the Royal Bank of Canada, and the Toronto Dominion Bank.

Specifically, the letter provides time-limited no-action relief covering the quarterly risk exposure reports for any fiscal quarter ending on or before July 31, 2014. Unless the relief is extended, the five Canadian banks covered by the letter will be required to provide their first quarterly risk reports to the CFTC for the fiscal quarter ending on October 31, 2014.

See: CFTC Letter 14-73.