CFTC Staff Extends No-Action Relief on Swap Data Reporting Requirements

The CFTC Division of Market Oversight ("DMO") and Division of Data ("DOD") issued a no-action letter on timely compliance with the CFTC's swap data reporting requirements for certain market participants. The letter affects those participants making the transition to "alternative reference rates" following the cessation of the Canadian Dollar Offered Rate ("CDOR").

The CFTC said it will not pursue enforcement actions against entities for failure to timely report who, despite their best efforts, do not meet reporting deadlines under CFTC Rule Part 45 ("Swap Data Recordkeeping and Reporting Requirements") for floating rate changes for "uncleared swaps referencing CDOR." Reportable information must still be reported within five business days. Further, the CFTC said it will not pursue enforcement action against entities who do not meet reporting deadlines under CFTC Rule Part 43 ("Real-Time Public Reporting") for floating rate changes for "uncleared swaps referencing CDOR."

The CFTC notes that the no-action position does not bind CFTC staff "outside of DMO or DOD."