CFTC issues no-action letter for swap data reporting requirements

The staff of the Commodity Futures Trading Commission issued limited no-action relief from certain Dodd-Frank swap data reporting requirements after industry participants said the initial compliance timelines set forth by the regulator could facilitate the identification of parties to swaps in violation of commission regulations. An industry group also argued that requiring firms to begin reporting historical swaps data on the same date as those firms comply with other swaps reporting requirements would present significant technological and operational challenges.

The no-action letter establishes a common monthly date by which all newly registered swap dealers must be in compliance with their reporting obligations under the commission’s swap data reporting rules and extends the deadline for reporting historical swap transaction data. Read on to learn about the new compliance deadlines.