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Steven Lofchie Commentary by Steven Lofchie

In a no-action letter, the CFTC Division of Market Oversight relieved reporting swap counterparties and swap markets from a requirement to submit data error correction notifications for errors that affect no more than five percent of their open swaps in a given asset class.

The Investment Adviser Association ("IAA") requested (i) clarification on the SEC amendments to Regulation S-P ("Privacy of Consumer Financial Information and Safeguarding Personal Information") and (ii) a twelve month extension of the compliance deadline.