RegAlert2013-04-05 | CFTC Staff Letter 13-09Added · Updated
CFTC Staff Letter 13-09: No-Action Relief for Swaps Between Affiliated Counterparties That Are Neither Swap Dealers Nor Major Swap Participants from Certain Swap Data Reporting Requirements Under Parts 45, 46, and Regulation 50.50(b)
The Divisions of the Commodity Futures Trading Commission grant conditional no-action relief from certain swap data reporting obligations under Parts 45 and 46, and Regulation 50.50(b), for intra-group swaps entered into between affiliated counterparties that are neither swap dealers nor major swap participants. For swaps involving wholly-owned subsidiaries, reporting counterparties are exempt from real-time reporting provided they maintain consolidated financial statements, do not trade on designated contract markets or swap execution facilities, and do not submit swaps for clearing. For swaps involving majority-owned subsidiaries, qualifying reporting counterparties must report swap data to a swap data repository no later than 30 days following the end of each fiscal quarter, starting June 30, 2013. This relief excludes swaps where counterparties elect the inter-affiliate clearing exemption under Regulation 50.52, swaps executed on trading platforms exposed to unaffiliated parties, and swaps submitted for clearing.
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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. 13-09
No-Action
Division of Clearing and Risk
No-Action Relief for Swaps Between Affiliated Counterparties That Are Neither Swap Dealers Nor Major Swap Participants from Certain Swap Data Reporting Requirements Under Parts 45, 46, and Regulation 50.50(b) of the Commission’s Regulations Ladies and Gentlemen:
This letter responds to requests received from multiple parties, 1 by the Division of Market Oversight (“DMO”) and the Division of Clearing and Risk (“DCR”) (collectively the “Divisions”) of the Commodity Futures Trading Commission (the “Commission”), to provide no-action relief for certain market participants who are neither swap dealers (“SDs”) nor major swap participants (“MSPs”) from certain swap data reporting requirements under parts 45 and 46 of the Commission’s regulations, and the reporting requirements related to the end-user exception from required clearing under regulation 50.50(b) of the Commission’s regulations, for swaps entered into between affiliates, subject to certain conditions.
I. Background
The Dodd-Frank Wall Street Reform and Consumer Protection Act (the “Dodd-Frank Act”) 2 added to the Commodity Exchange Act (“CEA”) 3 provisions requiring the retention and reporting of data relating to swaps. Pursuant to these statutory provisions, the Commission promulgated part 45 of its regulations, 4 which establishes ongoing swap data recordkeeping and
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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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