CFTC Issues ISDA No-Action Relief for SDs and MSPs from Compliance with Valuation Reporting Obligations

The CFTC’s Division of Market Oversight (“Division”) issued a no-action letter providing time-limited relief to Swap Dealers (“SDs”) and Major Swap Participants (“MSPs”) from the obligation to report valuation data for cleared swaps as required by Commission Regulation 45.4(b)(2)(ii) [Swap Data Reporting: Continuation Data]. The no-action letter provides that the Division will not recommend that the Commission take enforcement action against a SD or MSP for failure of such SD or MSP to comply with the requirements of regulation 45.4(b)(2)(ii) to report valuation data. The no-action relief applies to: (i) all SDs and MSPs that are reporting counterparties under regulation 45.4(b)(2)(ii), and (ii) all cleared swaps for which the SD or MSP has the obligation to report valuation data under regulation 45.4(b)(2)(ii).

Expiration Date: June 30, 2013.

See: CFTC Letter No. 12-55.