CFTC extends time-limited, no-action relief for Swap Dealers and Major Swap Participants from reporting obligations

The U.S. Commodity Futures Trading Commission’s (Commission) Division of Market Oversight (Division) today issued a no-action letter extending the time-limited relief previously provided in no-action letter 14-90, expiring on June 30, 2015, to June 30, 2016.

The relief is provided to Swap Dealers (SDs) and Major Swap Participants (MSPs) from the obligation to report valuation data for cleared swaps as required by section 45.4(b)(2)(ii) of the Commission’s regulations.

The no-action letter provides that the Division will not recommend that the Commission take enforcement action against an SD or MSP for failure of such SD or MSP to comply with the requirements of regulation 45.4(b)(2)(ii) to report valuation data.

The no-action relief applies to: (i) all SDs and MSPs that are reporting counterparties under regulation 45.8, for the purposes of regulation 45.4(b)(2)(ii), and (ii) all cleared swaps for which the SD or MSP has the obligation to report valuation data under regulation 45.4(b)(2)(ii).

About Market Oversight (DMO)

The Division of Market Oversight fosters derivatives markets that accurately reflect the forces of supply and demand and are free of disruptive activity. It oversees trade execution facilities and data repositories, conducts surveillance, reviews new exchange applications and examines existing exchanges to ensure compliance with applicable core principles. DMO also evaluates new products to ensure they are not susceptible to manipulation as well as rule filings by exchanges to ensure compliance with core principles.

For the official announcement, click here.

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