Time-Limited No-Action Relief for Bespoke or Complex Swaps from Certain Swap Data Reporting Requirements of Parts 43 and 45

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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. 12-39
No-Action
November 30, 2012
Division of Market Oversight
Time-Limited No-Action Relief for Bespoke or Complex Swaps from Certain Swap Data Reporting Requirements of Parts 43 and 45 of the Commission’s Regulations Robert Pickel Chief Executive Officer International Swaps and Derivatives Association 1001 Pennsylvania Avenue, NW Suite 600 Washington, DC 20004 Dear Mr. Pickel:
This letter is in response to your request dated November 17, 2012 (the “Letter”), to the Division of Market Oversight (“DMO” or “Division”) of the Commodity Futures Trading Commission (“Commission”) on behalf of your members that are “reporting parties”1 or “reporting counterparties”2 as defined in Parts 43 3 and 45 4 of the Commission’s regulations, respectively (collectively, “Reporting Parties”), in which you requested no-action relief for bespoke or complex products from certain reporting requirements of Parts 43 and 45. In the Letter, you assert that there are certain operational constraints that will prevent Reporting Parties from submitting, for bespoke or complex products, specific data elements required by Appendix A to
Part 43 and Appendix 1 to Part 45. You further assert that Reporting Parties will be unable to
report certain confirmation data for bespoke or complex products in swaps between affiliates that are not submitted for clearing (“uncleared inter-affiliate swaps”) because Reporting Parties do not generate paper confirmations for such swaps. 5 In all cases, you request relief until the earlier of such time that the relevant data elements can be electronically represented or July 31, 2013.