RegAlert2012-12-13 | CFTC Staff Letter 12-50Added · Updated
CFTC Staff Letter 12-50: Time-Limited No-Action Relief for Agents from Post-Allocation Swap Timing Requirement
The Division of Market Oversight grants time-limited no-action relief from the eight-business-hour reporting deadline for agents regarding post-allocation swaps under Section 45.3(e)(ii)(A) of Commission regulations. This relief applies exclusively to Cross-Jurisdiction Allocation Swaps, defined as swaps where the agent is located in a jurisdiction more than four hours different from the reporting counterparty. Agents must report allocated entity identities as soon as technologically practicable, but no later than 48 business hours after execution, plus 24 business hours for each legal holiday in the agent's jurisdiction occurring during that period. The relief expires at 12:01 a.m. eastern daylight time on June 30, 2013, and requires agents to maintain records of notification times while leaving reporting counterparty obligations unchanged.
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U.S. COMMODITY FUTURES TRADING COMMISSION
Three Lafayette Centre
1155 21st Street, NW, Washington, DC 20581
Telephone: (202) 418-5000
Facsimile: (202) 418-5521 www.cftc.gov
CFTC Letter No. 12-50
No-Action
December 13, 2012
Division of Market Oversight
Robert Pickel
Chief Executive Officer
International Swaps and Derivatives Association, Inc.
1001 Pennsylvania Avenue, NW
Suite 600
Washington, DC 20004
Time-Limited No-Action Relief for Agents from the Post-Allocation Swap Timing Requirement of § 45.3(e)(ii)(A) of the Commission’s Regulations Dear Mr. Pickel, This is in response to your December 10, 2012 letter (the “Letter”) to the Division of Market Oversight (the “Division”) of the Commodity Futures Trading Commission (the “Commission”). By the Letter, you requested, pursuant to § 140.99 of the Commission’s regulations, on behalf of your members that intend to register as swap dealers and major swap participants and other similarly situated persons, no-action relief with regard to the timing requirements for reporting post-allocation swaps under Part 45 of the Commission’s regulations. 1 The Dodd-Frank Wall Street Reform and Consumer Protection Act (the “Dodd-Frank Act”) 2 added to the Commodity Exchange Act (the “CEA”) provisions requiring the retention and reporting of data related to swap transactions. Section 728 of the Dodd-Frank Act added CEA
Section 21(b), which directs the Commission to prescribe standards for swap data recordkeeping
and reporting. Pursuant to CEA section 21(b), the Commission added to its regulations Part 45, 3 which establishes swap data recordkeeping and swap data repository (“SDR”) reporting requirements.
Section 45.3(e) of the Commission’s regulations sets forth the swap data reporting requirements
for swaps involving allocations. Typically, allocations are post-trade events whereby an agent (usually an asset manager) allocates a portion of an executed swap to clients who are the actual
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Source: Commodity Futures Trading Commission — original document · Summary generated with machine assistance and reviewed before publication; the authoritative text is the regulator's original document. How RegAlert works
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CFTC published 6 documents in the last 30 days. We email you each new one the day it's published.