In Response to Concerns Over Non-U.S. Privacy Laws, CFTC Issues Time-Limited No-Action Relief for Part 20 Reporting Entities, and for Parts 45 and 46 Reporting Counterparties Regarding LEIs

The CFTC's Division of Market Oversight (DMO) issued a letter providing reporting parties under CFTC Rule Part 20 (Large Trader Reporting for Physical Commodity Swaps), Part 45 (Swap Data Recordkeeping and Reporting Requirements) and Part 46 (Swap Data Recordkeeping and Reporting Requirements: Pre-Enactment and Transition Swaps), with time-limited no-action relief from requirements to report certain identifying information regarding their non-reporting counterparties. The no-action letter is intended to provide relief in circumstances where a party believes that compliance with the CFTC's rules may result in a violation of non-U.S. law. The relief expires when a party believes that it is no longer at risk of a violation of foreign law, but no later than June 30, 2013.

See: CFTC Letter 12-46: Part 20, Part 45 and Part 46; No-Action