CFTC Issues Temporary No-Action Relief for SDs and MSPs from Compliance with Reporting Obligations (CFTC Letter 14-90)

The CFTC Division of Market Oversight issued a no-action letter to extend further its previous relief to swap dealers ("SDs") and major swap participants ("MSPs") from the obligation to report valuation data for cleared swaps.

The no-action letter provides that the CFTC will not take action against an SD or MSP for failure to comply with the requirements of CFTC Rule 45.4(b)(2)(ii) to report valuation data. The relief applies to all SDs and MSPs that are reporting counterparties under Rule 45.8, for the purposes of Rule 45.4(b)(2)(ii), and all cleared swaps for which the SD or MSP has an obligation to report valuation data under Rule 45.4(b)(2)(ii).

The initial no-action relief was scheduled to expire on June 30, 2013, which was subsequently extended to June 30, 2014. This letter further extends the no-action relief period to June 30, 2015.

See: CFTC Letter 14-90. Related news: CFTC Extends Time-Limited, No-Action Relief for SDs and MSPs from Compliance with Reporting Obligations (Letter 13-34) (June 27, 2013).