The CFTC’s Division of Market Oversight (the “Division”) issued no-action relief regarding certain counterparty reporting requirements included in Part 45 and Part 46 of the CFTC’s regulations, which pertain to swap data recordkeeping and reporting requirements for non-historical swaps and to swap data recordkeeping and reporting requirements for historical swaps, respectively. The relief is based on industry concerns that industry participants might sometimes be unable to obtain the necessary information from non-reporting counterparties in a timely manner. As a result, the Division stated that it would not recommend that the CFTC take enforcement action against reporting counterparties for failure to report certain enumerated information about non-reporting counterparties (such as whether the non-reporting counterparty is a major swap participant with respect to the swap, whether it meets the definition of “financial entity,” and whether it is a U.S. person) until April 10, 2013. The relief is only available to the extent that such information is not provided by the non-reporting counterparty and is otherwise unavailable to the reporting counterparty after a good faith effort to obtain such information; the relief expires earlier than April 10, 2013, if the information becomes available to the reporting counterparty earlier.
Alert January 02, 2013