On April 1st, the CFTC's Division of Swap Dealer and Intermediary Oversight issued time-limited no-action relief for swap dealers ("SDs") and major swap participants ("MSPs") concerning certain recordkeeping obligations under Part 23 of the Commission's Regulations. The no-action letter will delay until June 30, 2013 the compliance date for the following provisions: (1) for landline telephones that are not located in one of the following geographic jurisdictions: United States, United Kingdom, Singapore, Hong Kong, Japan, Australia, Switzerland, and Canada, the requirement that SDs and MSPs make and keep records of all oral communications related to pre-execution swap trades; (2) the requirement that SDs and MSPs maintain all transaction records and daily trading records in a manner "identifiable and searchable" by transaction and counterparty, subject to the condition that firms continue to maintain such records using existing search capabilities in their relevant systems; (3) the requirement that SDs and MSPs use a Coordinated Universal Time; and (4) the requirement that SDs and MSPs retain swap records at their principal places of business or such other principal offices as designated by the SD or MSP, subject to the condition that records be promptly available upon request. CFTC Press Release.