Washington, D.C. – The Commodity Futures Trading Commission (CFTC) announced today an extension of temporary regulatory relief for entities involved in swap clearing through derivatives clearing organizations (DCOs) operating under existing CFTC exemptions. The move aims to address reporting obligations related to certain swaps.
The CFTC’s Division of Market Oversight stated it will not pursue enforcement actions against “Relief DCO Counterparties” for failures to report continuation data on original swaps cleared by a “Relief DCO,” or for failures to report data on swaps between the DCO and the counterparty. This relief is contingent upon the counterparty providing necessary information to the DCO to ensure the DCO can fulfill its own reporting requirements.
Similarly, the agency will not recommend enforcement against entities reporting swaps intended for clearing (“Relief ITBC Swaps”) as if they were already cleared, provided they consistently report all such swaps as if they are destined for a CFTC-registered DCO. The relief focuses on specific “primary economic terms” (PET) data fields required for reporting.
This action extends previously granted no-action relief, initially designed to ease the transition for entities navigating complex swap regulations. The CFTC acknowledges that full compliance with standard reporting requirements could pose challenges for those utilizing DCOs operating under exemptions.
The relief, however, is time-limited. It will expire on the earliest occurrence of February 19, 2021; the enactment of new CFTC regulations altering swap reporting obligations; or the revocation of the exemptive order or no-action letter granted to the relevant Relief DCO. The PET data field relief also shares the same expiration triggers, tied to potential changes in CFTC regulations concerning clearing indicators and data fields.
The CFTC’s move signals a continued effort to balance regulatory oversight with practical considerations for market participants as the derivatives landscape evolves.
Source: CFTC.gov
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