Division of Market Oversight Provides Temporary Relief from Large Swaps Trader Reporting for Physical Commodities (Letter)

Temporary and Conditional Relief from the Requirements of §§ 20.3 and 20.4 of the Commission's Regulations Regarding Large Swaps Trader Reporting for Physical Commodities

CFTC Press Release 6113-11

CFTC's Division of Market Oversight issued a letter providing temporary relief from the requirements of the CFTC's regulations issued on July 22, 2011 regarding large trader reporting of physical commodity swaps. The relief is intended to provide sufficient time to enable both the industry and the CFTC to develop and refine systems and processes that will be able to report these complex transactions.

The large trader reporting rules require daily reports from clearing organizations, clearing members and swap dealers, and become effective on September 20, 2011. The letter issued today provides temporary relief from reporting, as long as parties are making a good faith attempt to comply with the reporting requirements, until November 21, 2011, for cleared swaps, and January 20, 2012, for uncleared swaps.

For more information about this document, you may contact one of the following Cadwalader attorneys: Paul J. Pantano, Jr.

Cross References: Dodd-Frank Act Section 730; CFTC Rules 20.3 20.4; 76 FR 43851