The Division of Market Oversight of the Commodity Futures Trading Commission has extended relief from swap data reporting obligations for swap dealers (SDs) and major swap participants (MSPs) that are non-US persons established in Australia, Canada, the European Union, Japan or Switzerland, and that are not part of an affiliated group in which the ultimate parent entity is a US SD, MSP, bank, financial holding company or bank holding company. The relief provides that such SDs and MSPs are exempt from Part 45 and Part 46 swap data reporting obligations with respect to swaps with non-US counterparties that are not guaranteed or conduit affiliates of a US person.
The no-action letter additionally clarifies that such relief does not extend to swap recordkeeping requirements in Parts 45 and 46 of CFTC Regulations.
The relief was initially granted in 2013 and subsequently extended in 2014. The relief will expire upon the earlier of December 1, 2016 or 30 days after the CFTC issues a comparability determination for the applicable jurisdiction.
CFTC Letter No. 15-61 is available here.