RegAlert2012-12-21 | CFTC Staff Letter 12-76Added · Updated
CFTC Staff Letter 12-76: No-Action Relief for Barclays Bank PLC Regarding Parts 43 and 45 Reporting
The Division of Market Oversight grants Barclays Bank PLC time-limited no-action relief from enforcement under Parts 43 and 45 of the Commission’s regulations due to technological issues with trading and reporting systems. The relief permits delayed reporting of real-time messages and creation data until February 28, 2013, or June 30, 2013, provided such data is reported within twelve hours of trade execution. It also allows incorrect reporting of certain data fields and failure to designate Unique Swap Identifiers until April 30, 2013, and delays in sending creation and continuation data until January 31, 2013, or June 30, 2013. Barclays must correct affected SDR reporting records by May 31, 2013, and resume full compliance immediately upon resolution of the underlying technological impediments.
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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. 12-76
No-Action
December 21, 2012
Division of Market Oversight
Alan Kaplan
Managing Director
Barclays
745 Seventh Avenue
New York, NY 10019
RE: No-Action Request Regarding Certain Recordkeeping and Reporting Obligations Dear Mr. Kaplan:
This letter is in response to Barclays Bank PLC’s (“Barclays” or the “Firm”) request dated December 11, 2012 (“Letter”), to the Division of Market Oversight (“DMO” or “Division”) of the Commodity Futures Trading Commission (“CFTC” or “Commission”). In the Letter, Barclays requested time-limited no-action relief with respect to certain reporting requirements promulgated by the Commission pursuant to the Dodd-Frank Wall Street Reform and Consumer Protection Act (“Dodd-Frank Act”) under Parts 43 1 and 45 2 of the Commission’s regulations that apply to swap transactions in the Interest Rate and Credit asset classes. Specifically, Barclays identified four overall areas in which full compliance with these reporting requirements, as they pertain to swap dealers, would not be possible as of the relevant compliance deadlines due to unexpected delay in resolving various technological issues with Barclays’ trading and reporting systems.
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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.