RegAlert2012-12-27 | CFTC Staff Letter 12-79Added · Updated
CFTC Staff Letter 12-79: Time-Limited No-Action Relief for Societe Generale Regarding Parts 43, 45, and 46 Reporting
Societe Generale receives time-limited no-action relief from real-time reporting obligations under CFTC Parts 43, 45, and 46 until dates ranging from March 30, 2013, to April 30, 2013, due to technological system limitations. The relief covers specific categories including economic amendments to structured swaps, life cycle events for commodity and credit swaps, combination options, paper confirmation data, security-based swaps, and interest rate and FX swaps booked in certain foreign branches. Societe Generale must report affected data on a snapshot or end-of-day basis and correct records as soon as technologically practicable, with final compliance deadlines extending to May 31, 2013, for certain corrections. The relief expires upon the resolution of technological issues or the specified deadlines, whichever occurs first, and requires documentation of errant reports and notification if trading volumes in affected branches increase significantly.
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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. 12-79
No-Action
December 27, 2012
Division of Market Oversight
Laura J. Schisgall
General Counsel
Société Générale
1221 Avenue of the Americas
New York, NY 10020
Dear Ms. Schisgall:
This letter is in response to your letter on behalf of Société Générale (“SG”) 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, SG 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 45, 2 and 46 3 of the Commission’s regulations. Specifically, SG identified six areas 4 in which full compliance with these reporting requirements, as they pertain to swap dealers, would not be possible as of the relevant compliance deadlines 5 due to delays in resolving various technological issues with SG’s 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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