CFTC staff issued No-action letter 22-14, on certain swap reporting requirements.
Extended no-action position of letter no. 20-37 three years, concerning certain swap reporting requirements of Part 45 (17 CFR 45), 46 (17 CFR 46) of CFTC regulations.
Follows CFTC Nov. 202 extended trade level reports relief to Dec. 2022, see #12970.
Commissioner Mersinger issued statement supporting extension, with concerns.
Swap Reporting Relief
Applicable to certain non-U.S. swap dealers (SD) and major swap participants (MSP) established in Australia, Canada, European Union, Japan, Switzerland, United Kingdom
Those that are not part of an affiliated group in which the ultimate parent entity is a US SD, US MSP, US bank, US financial holding company or US bank holding company.
Per letter, will not recommend CFTC take enforcement action against SDs and MSPs identified above for failure to comply with swap data reporting rules in Parts 45, 46.
Until earlier of 30 days following CFTC issuing a comparability determination for a jurisdiction in which a non-US SD or non-US MSP is established or by Dec. 1, 2025.
Mersinger Remarks
Concerned CFTC avoiding doing hard work necessary to address underlying issue here.
Twelve-years of no-action relief inappropriate, owe participants a permanent solution.
In Jun. 2025, CFTC issued Letter 25-16 extending no-action relief, see #259631.
