CFTC Issues Time-Limited No-Action Relief for SDs and MSPs from the Reporting Provisions of CFTC Rules Part 45 for CDS Clearing-Related Swaps

The CFTC's Division of Market Oversight ("DMO") issued the attached no-action letter providing time-limited relief to SDs and MSPs from the obligation to report swap data under CFTC Rules Part 45 (Swap Data Recordkeeping and Reporting Requirements) for cleared credit default swaps ("CDS") that are entered into pursuant to a derivatives clearing organization's ("DCO") rules related to its price submission process for determining end-of-day settlement prices for cleared CDS. The no-action letter provides that the DMO will not recommend that the CFTC take action against a reporting counterparty (an "SD" or "MSP") for failure of such SD or MSP to comply with its obligations to report swap data, required under Part 45, for CDS Clearing-Related Swaps. The no-action relief is subject to certain conditions described in the letter.

Expiry Date: June 30, 2013.

See: CFTC Letter 12-59: Sections 2(a)(13)(G) and 21(b) of the Commodity Exchange Act, and part 45 of the CFTC regulations; No-Action.