Pursuant to a series of regulations related to the reporting of swap transactions previously finalized by the CFTC in 2011 and 2012, swap dealers (“SDs”) and major swap participants (“MSPs”) were required to begin reporting swap transaction data for interest rate swaps and credit default swaps upon their registration with the CFTC, which for the largest SDs was required by December 31, 2012. Reporting deadlines for SDs and MSPs phased in for other swap asset classes and for historical swaps through March 30, 2013.

For swaps between end users (that is, between non-SD or MSP counterparties), the reporting deadline for swaps of all asset classes and for historical swaps had been set at April 10, 2013. In response to concerns that swap end users would not be able to comply with this requirement for technological and other reasons, on April 9, 2013, the CFTC’s Division of Market Oversight issued no-action relief (the “April 9th Letter”) to extend this deadline. The April 9th Letter establishes new compliance dates, which differ for “financial entities” (as defined in Section 2(h)(7)(C) of the Commodity Exchange Act) and nonfinancial entities and depend on the asset class of the swap. These compliance dates are summarized below. Section 2(h)(7)(C) of the Commodity Exchange Act (the “CEA”) defines “financial entity” to include an SD, an MSP, a security-based swap dealer, a major security-based swap participant, a commodity pool, a private fund, an employee benefit plan or a person predominantly engaged in activities that are in the business of banking or that are financial in nature (as defined in Section 4(k) of the Bank Holding Company Act of 1956, as amended).

Financial entities:

  • Must comply by April 10, 2013 with Part 45 swap data reporting and Part 43 real-time public reporting requirements for interest rate swaps and credit default swaps.
  • Must comply by 12:01 a.m. eastern time on May 29, 2013 with Parts 45 and 43 for equity swaps, foreign exchange swaps and other commodity swaps. According to the April 9th Letter, to rely on the no-action relief, a financial entity must, by 12:01 a.m. eastern time on June 29, 2013, backload and report to a swap data repository (an “SDR”) all swap transaction data for the period from April 10, 2013 to May 29, 2013 that the financial entity would have been required to report in accordance with Part 45 if the CFTC had not issued the April 9th Letter. 
  • Must comply by September 30, 2013 with the Part 46 historical swap reporting requirement, which covers any swap executed prior to April 10, 2013.

Non-financial entities:

  • Must comply by 12:01 a.m. eastern time on July 1, 2013 with Parts 45 and 43 for interest rate swaps and credit default swaps. According to the April 9th Letter, to rely on the no-action relief, a non-financial entity must, by 12:01 a.m. eastern time on August 1, 2013, backload and report to an SDR all swap transaction data for the period from April 10, 2013 to July 1, 2013 that the nonfinancial entity would have been required to report in accordance with Part 45 of the CFTC Regulations if the CFTC had not issued the April 9th Letter.
  • Must comply by 12:01 a.m. eastern time on August 19, 2013 with Parts 45 and 43 for equity swaps, foreign exchange swaps and other commodity swaps. According to the April 9th Letter, to rely on the no-action relief, a non-financial entity must, by 12:01 a.m. eastern time on September 19, 2013, backload and report to an SDR all swap transaction data for the period from April 10, 2013 to August 19, 2013 that the non-financial entity would have been required to report in accordance with Part 45 of the CFTC Regulations if the CFTC had not issued the April 9th Letter. 
  • Must comply by October 31, 2013 with Part 46 historical swap reporting requirements, which covers any swap executed prior to April 10, 2013.

According to the April 9th Letter, the extension of the end-user reporting deadlines does not affect the April 10, 2013 deadline by which end users that enter into swaps after such date must obtain a legal entity identifier.