On July 18th, the Division of Market Oversight of the Commodity Futures Trading Commission ("CFTC") issued temporary no-action relief for reporting by non-clearing member swap dealers under the CFTC's large trader reporting requirements for physical commodity swaps and swaptions. This temporary relief is intended to provide sufficient time for non-clearing member swap dealers to transition to fully compliant reporting by 60 days after the CFTC's deadline for entities to apply to register as swap dealers. Any party relying on this relief must state that it is doing so in an e-mail to the Division. In addition, the Division will provide an additional six months of no-action relief to non-clearing member swap dealers that satisfy the conditions of Section 20.10(e) of the CFTC's regulations. CFTC Press Release.