CFTC Issues Extension of Swap Data Reporting Relief for Certain SDs and MSPs in Six Jurisdictions

The CFTC issued a no-action letter extending relief to CFTC-registered swap dealers ("SDs") and major swap participants ("MSPs") established under the laws of Australia, Canada, the European Union, Japan and Switzerland ("Jurisdictions").

CFTC Letter 14-141 extends relief provided in Letter 13-75, to a non-U.S. SD or MSP established in the Jurisdictions that is not a part of an affiliated group in which the ultimate parent entity is a U.S. SD, U.S. MSP, U.S. bank, U.S. financial holding company or U.S. bank holding company. The relief is for failure to comply with the requirements of CFTC Rules Part 45 and Part 46 with respect to the non-U.S. SD or MSP swaps with non-U.S. counterparties that are neither guaranteed affiliates nor conduit affiliates of a U.S. person.

The relief is subject to certain terms and conditions outlined in the letter, and expires on the earlier of (a) 30 days following the issuance of a comparability determination by the Commission with respect to the SDR Reporting Rules for the jurisdiction in which the non-U.S. SD or MSP is established or (b) December 1, 2015.

See: CFTC Letter 14-141.Related news: CFTC Comparability Determinations for Six Jurisdictions and Related No-Action Letter (No-Action Letter 13-75) (with Lofchie Comment) (with Lofchie YouTube Selection) (December 20, 2013).