The CFTC Division of Swap Dealer and Intermediary Oversight ("DSIO") and Division of Market Oversight ("DMO") extended certain elements of previously issued COVID-19-related relief through January 15, 2021 for registrants and members of swap execution facilities ("SEFs") and designated contract markets ("DCMs"). The relief was set to expire on September 30, 2020.
Specifically, the DSIO extended relief from the requirement to record oral communications related to voice trading and other telephonic communications, as well as time-stamping requirements when located in remote, socially-distanced locations. The CFTC noted that the extension does not include the relief in Letters 20-03 and 20-06 that provided additional time for submitting a compliance report under CFTC Rule 3.3.
The DMO extended relief previously granted related to (i) DCM audit train and related requirements under CEA Sections 5(d)(4) and (10) and (ii) SEF recording of voice communications under Part 37 of the CFTC regulations.
The CFTC Division of Market Oversight and Division of Swap Dealer and Intermediary Oversight issued a series of no-action letters to registrants as COVID-19 continues to pose compliance challenges.
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