On October 26th, the CFTC’s Division of Swap Dealer and Intermediary Oversight issued time-limited no-action relief for swap dealers and major swap participants from certain recordkeeping obligations under Part 23 of the CFTC’s Regulations. The no-action letter delays until March 31, 2013 the compliance date for the following provisions: the requirement that SDs and MSPs make and keep records of all oral communications related to pre-execution swap trade information (and communications that lead to the conclusion of a related cash or forward transaction); the requirement that SDs and MSPs maintain all transaction records and daily trading records in a manner “identifiable and searchable” by transaction and counterparty; the requirement that SDs and MSPs use a Coordinated Universal Time timestamp when recording quotations prior to and at the time of execution of a swap; and the requirement that SDs and MSPs retain swap records at their principal places of business or such other principal offices as designated by the SDs or MSPs. CFTC press release.