RegAlert2012-12-21 | CFTC Staff Letter 12-66Added · Updated
CFTC Staff Letter 12-66 (No-Action): Relief regarding the reporting of swap transaction data
The Division of Market Oversight grants swap dealers temporary no-action relief from enforcement for failing to comply with specific swap transaction data reporting requirements under Parts 43, 45, and 46 of the Commission’s regulations. This relief applies to swaps executed by branches in emerging market jurisdictions, exotic or multi-leg swap transactions, and subsequent trades linked to initial swaps via Unique Swap Identifiers, as well as certain life cycle events. The relief extends until April 30, 2013, or until the swap dealer resolves the technological issues preventing timely compliance, whichever occurs first. Swap dealers must document internal determinations of technical difficulty, retain records, and update systems to report in full compliance as soon as technologically practicable.
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U.S. COMMODITY FUTURES TRADING COMMISSION
Three Lafayette Centre
1155 21st Street, NW, Washington, DC 20581
Telephone: (202) 418-5260
Facsimile: (202) 418-5527
Division of
Market Oversight
CFTC Letter No. 12-66
No-Action
December 21, 2012
Division of Market Oversight
Walt Lukken
President & Chief Executive Officer
The Futures Industry Association
Sarah A. Miller
Chief Executive Officer
Institute of International Bankers
Kenneth E. Bentsen, Jr.
Executive Vice President
Public Policy and Advocacy
Securities Industry and Financial Markets Association Dear Mr. Lukken, Ms. Miller, and Mr. Bentsen, This letter is in response to a request by the Futures Industry Association (“FIA”), the Institute of International Bankers (“IIB”), and the Securities Industry and Financial Markets Association (“SIFMA”) (collectively, the “Petitioners”) dated December 6, 2012 (“Letter”) and supplemented by your December 12, 2012 letter (“Supplemental Letter”), to the Division of Market Oversight (“DMO” or “Division”) of the Commodity Futures Trading Commission (“CFTC” or “Commission”). In the Letter, you request, on behalf of your members and “similarly situated participants in the swap markets”1 (collectively, “swap dealer” or “swap dealers) that will be subject to the Commission’s rules regarding the reporting of swap transaction data, temporary no-action relief that DMO will not recommend that the Commission commence enforcement action against swap dealers for failure to comply with certain requirements of the Commodity Exchange Act (“the CEA”) and Parts 43, 2 45, 3 and 46 4 of the
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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.