CFTC Extends Relief for DCO Reporting and Recordkeeping Obligations

The CFTC Division of Market Oversight extended no-action relief for certain clearinghouses from certain reporting and recordkeeping requirements.

CFTC Letter 22-18 renews no-action relief previously extended under CFTC Letter 22-05 (initially provided in Letters 16-85, 18-03 and 21-12) to clearinghouses that are not registered with the CFTC as derivatives clearing organizations ("DCOs") pursuant to either (i) CFTC exemptive orders or (ii) CFTC Division of Clearing and Risk no-action relief. (That relief expired on December 5, 2022.) The letter renews the previously granted relief from certain reporting requirements that concern only registered DCOs for certain purposes. While exemptive relief for DCOs imposes relevant reporting requirements on DCOs, the expiry of the relief would have resulted in an absence of no-action or other relief to the DCO from reporting requirements.

The no-action relief is effective immediately, and will be valid until the earlier of (i) December 2, 2025, (ii) the revocation or expiration of the exemptive order or no-action letter issued to the relevant Relief DCO, or (iii) CFTC action that terminates the no-action position.