CFTC Issues Temporary Extension of No-Action Letter 13-41 Regarding Recordkeeping and Reporting Requirements (Letter 14-89) (with Lofchie Comment)

The CFTC Division of Market Oversight issued a time-limited extension of the relief previously provided in CFTC Letter 13-41. The relief relates to reporting certain identifying information regarding counterparties in specific jurisdictions. The CFTC is extending the expiration of the relief provided in Letter 13-41, without modification to the original terms and conditions, until the earlier of: (i) the reporting party no longer holding the requisite reasonable belief regarding the privacy law consequences of reporting; or (ii) 12:01 a.m. EST on January 16, 2015.

CFTC Letter 13-41 provided reporting parties under CFTC Rules Parts 20 ("Large Trader Reporting for Physical Commodity Swaps"), 45 ("Swap Data Recordkeeping and Reporting Requirements"), and 46 ("Swap Data Recordkeeping and Reporting Requirements: Pre-Enactment and Transition Swaps"), with time-limited no-action relief from requirements to report certain identifying information regarding their counterparties in specific jurisdictions.

Lofchie Comment: It seems more and more unlikely that collecting any additional information regarding data as to pre-enactment swaps will be worth the effort. At some point, might it not make more sense to just say, "never mind?"

See: CFTC Letter 14-89.See also: CFTC Issues Time-Limited No-Action Relief Permitting Parts 20, 45 and 46 Reporting Counterparties to Mask Identifying Information Pursuant to Non-U.S. Law (Letter 13-41) (with Lofchie Comment) (June 28, 2013).