RegAlert2012-12-07 | CFTC Staff Letter 12-46Added · Updated
Time-Limited No-Action Relief for Part 20 Reporting Entities Regarding Identifying Information and for Part 45 and Part 46 Reporting Counterparties Regarding Legal Entity Identifiers and Other Identifying Information
The Division of Market Oversight grants time-limited no-action relief to Reporting Counterparties and Reporting Entities from specific identifying information reporting requirements under Parts 20, 45, and 46 of the Commission’s regulations. This relief applies when reporting such information would violate non-U.S. privacy laws, provided the entity holds a reasonable belief based on outside legal counsel that disclosure is prohibited or exposes the entity to liability, has not obtained consent or regulatory authorization, and has made reasonable efforts to secure such permissions. The relief requires the use of a Privacy Law Identifier in place of the omitted data and mandates the retention of written evidence of efforts to obtain consent and legal opinions. The no-action period expires on June 30, 2013, or earlier upon obtaining consent or when the belief in legal prohibition ceases, requiring corrections to submitted data within 30 days of expiration.
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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. 12-46
No-Action
December 7, 2012
Division of Market Oversight
Robert Pickel
Chief Executive Officer
International Swaps and Derivatives Association, Inc.
1001 Pennsylvania Avenue, NW
Suite 600
Washington, DC 20004
Time-Limited No-Action Relief for Part 20 Reporting Entities Regarding Identifying Information and Time-Limited No-Action Relief for Part 45 and Part 46 Reporting Counterparties Regarding Legal Entity Identifiers, Other Enumerated Identifiers or Other Identifying Terms Dear Mr. Pickel, This is in response to your December 3, 2012 letter (the “Letter”) to the Division of Market Oversight (the “Division”) of the Commodity Futures Trading Commission (the “Commission”). By the Letter, you requested, pursuant to § 140.99 of the Commission’s regulations, on behalf of your members with reporting obligations and other similarly situated persons (collectively, “Reporting Parties”) with reporting obligations under Parts 20, 45 or Part 46 of the Commission’s regulations (collectively, the “Reporting Rules”), 1 no-action relief from certain requirements of the Reporting Rules that require the reporting of what you term “Identity Information.”2 In the Letter, you state that there exist potential conflicts between the Commission’s Reporting Rules and the privacy laws of certain non-U.S. jurisdictions. 3 You represent that the privacy laws of some non-U.S. jurisdictions may, in certain circumstances, restrict or prohibit the disclosure of a non-Reporting Party’s Identity Information by a Reporting Party. You further represent that depending on the non-U.S. jurisdiction, disclosure of Identity Information may require non-Reporting Party consent, regulatory authorization, or both. In light of your concerns,
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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.