Time Limited No-Action Relief for Reporting Counterparties from Certain Continuation Data Reporting Requirements of Section 45.4 with respect to Uncleared Swaps Executed on or Pursuant to the Rules of a Temporarily Registered Swap Execution Facility

The Division of Market Oversight grants time-limited no-action relief to Reporting Counterparties from certain continuation data reporting requirements under Section 45.4 for uncleared swaps executed on or pursuant to the rules of a temporarily registered Swap Execution Facility (SEF). This relief applies when a Reporting Counterparty fails to report required continuation data or reports data with errors or omissions resulting from the SEF's failure to transmit required creation data, the Unique Swap Identifier (USI), or the identity of the Swap Data Repository (SDR), or from the SEF's reliance on separate no-action relief. The relief covers swaps in the FX, equity, and other commodity asset classes and is subject to conditions requiring the Reporting Counterparty to inform the SEF of the circumstances and retain records for inspection. The relief expires on October 29, 2013, for FX swaps and December 1, 2013, for equity and other commodity swaps.

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1
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. 13-56
No Action
September 27, 2013
Division of Market Oversight
Time Limited No-Action Relief for Reporting Counterparties from Certain Continuation Data Reporting Requirements of Section 45.4 of the Commission’s Regulations with respect to Uncleared Swaps Executed on or Pursuant to the Rules of a Temporarily Registered Swap Execution Facility Background The Division of Market Oversight (“Division”) is issuing this letter to provide time-limited noaction relief to Reporting Counterparties 1 from Part 45 continuation data reporting requirements for certain uncleared swaps that are executed on, or pursuant to, the rules of a temporarily registered swap execution facility (“SEF”). The relief in this Division No-Action Letter is in part responsive to requests made by market participants 2 and is being issued in connection with relief provided by the Division to temporarily registered SEFs from certain requirements of Part 43 and
Part 45 of the Commission’s regulations in a separate No-Action Letter.
3
Title VII of the Dodd-Frank Wall Street Reform and Consumer Protection Act (the “Dodd-Frank Act”) 4 amended the Commodity Exchange Act (the “CEA”) to establish a comprehensive new regulatory framework for swaps. Amendments to the CEA included the addition of provisions requiring the retention and reporting of data regarding swap transactions. Pursuant to these newly added provisions, the Commission added to its regulations Part 45, 5 which sets forth swap data recordkeeping rules, as well as rules for the reporting of swap transaction data to a registered swap data repository (“SDR”).

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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