Time-Limited No-Action Relief for Swap Dealers from Certain Swap Data Reporting Requirements

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
Division of Swap Dealer and
Intermediary Oversight
Division of Market Oversight
CFTC Letter No. 12-32
No-Action
November 19, 2012
Division of Swap Dealer and Intermediary Oversight Division of Market Oversight Time-Limited No-Action Relief for Swap Dealers from Certain Swap Data Reporting Requirements of Part 43, Part 45 and Part 46 of the Commission’s Regulations Ladies and Gentlemen:
This letter responds to requests received from multiple parties, by the Division of Swap Dealer and Intermediary Oversight (“DSIO”) of the Commodity Futures Trading Commission (“Commission”), and by the Commission’s Division of Market Oversight (“DMO”), to provide no-action relief from certain requirements of the Commission’s swap data reporting rules, in order to allow for a common monthly compliance date for swap dealers newly falling within the scope of those rules, and to extend the compliance date for reporting historical swap transaction data pursuant to Part 46 of the Commission’s regulations. The Dodd-Frank Wall Street Reform and Consumer Protection Act (the “Dodd-Frank Act”) 1 added to the Commodity Exchange Act (the “CEA”) 2 provisions requiring the retention and reporting of data relating to swap transactions. Section 727 of the Dodd-Frank Act added CEA
Section 2(a)(13), which establishes requirements for the real-time reporting and public
availability of swap transaction data, and requires that all swaps, both cleared and uncleared, be reported to a registered swap data repository (“SDR”). Section 728 of the Dodd-Frank Act added CEA Section 21(b), which directs the Commission to prescribe standards for swap data recordkeeping and reporting. Sections 723 and 729 of the Dodd-Frank Act added CEA Sections 2(h)(5) and 4r, respectively, which, among other things, establish reporting requirements for swaps in effect as of the enactment of the Dodd-Frank Act, as well as swaps entered into after such enactment but prior to the effective date for compliance with the Commission’s final swap data recordkeeping and reporting rules. Pursuant to these newly added provisions of the CEA, the Commission has added to its regulations Part 43, 3 which sets forth rules for the real-time public reporting of swap transaction