On April 5th, the CFTC's Division of Market Oversight and Division of Clearing and Risk issued no-action relief for swaps entered into between affiliates of certain wholly-owned and majority-owned market participants from the requirement to report their intra-group swaps to a registered swap data repository ("SDR"), subject to several conditions. The no-action letter provides that the Divisions will not recommend enforcement action against wholly-owned affiliated counterparties, that are neither SDs nor MSPs nor affiliated with an SD or MSP, for failure to comply with obligations to report swap data for certain intra-group swaps to an SDR, provided that, among other things, the swap is not executed on a trading facility, all outward-facing swaps with unaffiliated counterparties are reported to an SDR, and the affiliated counterparties retain records of the intra-group swaps. The Divisions also are granting relief from reporting requirements of part 45 and the end-user exception to mandatory clearing for intra-group swaps involving majority-owned affiliates. Reporting for swaps between majority-owned affiliates will be permitted on a quarterly basis, subject to similar conditions as applicable to wholly-owned affiliates. The no-action relief also provides both wholly-owned and majority-owned affiliates with certain relief from reporting historical swap data for intra-group swaps to an SDR. The relief does not apply to the reporting requirements under the inter-affiliate exemption from mandatory clearing. CFTC Press Release.