CFTC Provides Swap Dealers with Swap Data Reporting Relief

The CFTC's Division of Market Oversight ("DMO") announced the issuance of a letter providing swap dealers with time-limited, no-action relief from certain swap data reporting obligations under CFTC Rules Parts 43, 45, and 46. The no-action letter provides that DMO will not recommend an enforcement action against a swap dealer with respect to the following:

(a) a delay in reporting swaps executed by branches in emerging market jurisdictions as defined therein; (b) a delay in reporting aggregate pricing data for exotic/multi-leg swap transactions; (c) a delay in linking the report made for post-trade allocations, compressions, or novations to the unique swap identifier of the previously reported initial swap; and (d) withholding or incorrect reporting of certain life cycle events.

To avail themselves of the relief, a swap dealer must meet specific criteria and comply with certain conditions set forth in the no-action letter. The Division will extend this relief until the earlier of: (1) resolution of the technological issues preventing timely compliance; or (2) 12:01 a.m. eastern daylight time on April 30, 2013.

See: CFTC Letter 12-66: Parts 43, 45 and 46; No-Action.