CFTC extends swap data reporting relief for certain swap dealers


CFTC offices

The Commodity Futures Trading Commission’s (CFTC) Division of Market Oversight (Division) today extended relief it provided certain CFTC-registered swap dealers (SD) and major swap participants (MSP) in November 2016.

Today’s relief, announced in a no-action letter, states that the Division will not recommend that the CFTC take an enforcement action against a non-U.S. SD or a non-U.S. MSP established in Australia, Canada, the European Union, Japan or Switzerland, that is not part of an affiliated group in which the ultimate parent entity is a U.S. SD, U.S. MSP, U.S. bank, U.S. financial holding company, or U.S. bank holding company, for failure to comply with the swap data reporting requirements of Part 45 and Part 46 of the CFTC’s regulations (SDR Reporting Rules), with respect to its swaps with non-U.S. counterparties that are not guaranteed affiliates, or conduit affiliates, of a U.S. person.

The relief is provided subject to certain terms and conditions outlined in the letter and is time-limited, expiring on the earlier of:

  • 30 days following the issuance of a comparability determination by the CFTC with respect to the SDR Reporting Rules for the jurisdiction in which the non-U.S. SD or non-U.S. MSP is established or
  • December 1, 2020.

The Division does not currently intend to extend the no-action relief provided in the letter beyond December 1, 2020.

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CFTC extends swap data reporting relief for certain swap dealers

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