CFTC Extends Relief to Non-US SDs from Swap Data Reporting Requirements

The CFTC Division of Market Oversight ("DMO") extended previously issued no-action relief to non-US swap dealers ("SDs") from certain swap data reporting requirements.

In a no-action letter, the DMO extended relief to non-US SDs that (i) were established in Australia, Canada, the EU, Japan or Switzerland, and (ii) that are not part of an affiliated group with a US ultimate parent. For these entities, the relief addressed swaps entered into with non-US counterparties that are not guaranteed affiliates or conduit affiliates.

The relief was initially granted by CFTC Letter 13-75, later extended by CFTC Letter 17-64 and CFTC Letter 20-37 and again by CFTC Letter 22-14. The relief was set to expire no later than December 1, 2025 and is now set to expire (i) 30 days following the issuance of a comparability determination by the Commission with respect to the Amended SDR Reporting Rules for the jurisdiction in which the non-US SD or non-US MSP was established, and (ii) the applicable compliance date of a Commission action addressing such obligations.