April 10, 2013 is the current date on which “end-users”—swap counterparties that are not swap dealers or major swap participants—are required to start reporting certain new and historical swap transactions1 under Parts 43, 45 and 46 of the Regulations of the Commodity Futures Trading Commission (the “CFTC”). Subject to certain exceptions,2 this compliance date applies to all categories of swap transactions in all asset classes. Part 43 relates to real-time reporting of swap data, while Part 45 relates to reporting of future swap data to a swap data repository and Part 46 relates to reporting of data for historical swaps.
Typically, swap dealers or major swap participants that are parties to swaps with end-users bear the reporting obligations. However, in limited circumstances, end-users will have the primary reporting obligation. For example, a US person that is a financial entity and that transacts a swap with a non-US bank not registered as a swap dealer with the CFTC will have the reporting obligation under Parts 45 and 46. As another example, a US person that has a swap with an affiliate will have the reporting obligation (although such an inter-affiliate swap is exempt from Part 43 reporting if certain conditions are met). End-users that fall into this category should have a system in place to fulfill their swap data reporting obligations.
A number of no-action request letters have been submitted by various industry end-users requesting that this compliance date be extended. The CFTC has not issued a response to these no-action requests and it is unclear at this time whether the CFTC will grant any of these requests.