CFTC Staff Letter 12-77: Time-Limited No-Action Relief for HSBC Swap Entities Regarding Reporting Requirements

The Division of Market Oversight grants time-limited no-action relief to HSBC Bank USA, N.A., HSBC Bank plc, and The Hongkong and Shanghai Banking Corporation Ltd. regarding reporting obligations under CFTC Parts 43, 45, and 46 due to technological delays in their trading and reporting systems. The relief extends reporting deadlines for specific categories, including swap-like products, certain data fields for interest rate, equity, and FX swaps, initial Unique Swap Identifier linking for FX swaps, price-changing amendments, expired historical swaps, and trades by non-hub foreign branches, with final compliance dates ranging from March 30, 2013, to May 31, 2013. Affected entities must report any previously unreported swaps as soon as technologically practicable upon resolving the technical issues, but no later than the specified final deadlines.

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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. 12-77
No-Action
December 18, 2012
Division of Market Oversight
Edward J. Rosen
Partner
Cleary Gottlieb Steen & Hamilton LLP
One Liberty Plaza
New York, NY 10006
Dear Mr. Rosen:
This letter is in response to your letter on behalf of HSBC Bank USA, N.A. (“HBUS”), HSBC Bank plc. (“HBEU”), and The Hongkong and Shanghai Banking Corporation Ltd. (“HBAP”) (collectively, “HSBC swap entities”), dated December 6, 2012 (“Letter”), to the Division of Market Oversight (“DMO” or “Division”) of the Commodity Futures Trading Commission (“CFTC” or “Commission”), in addition to subsequent communications with Staff. 1

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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