CFTC at last minute extends swap data reporting deadlines for end-users
Originally published April 11, 2013
In an 11th hour move, the Commodity Futures Trading Commission's Division of Market Oversight late on April 9 issued a no-action letter to extend the date by which a swap counterparty that is not a swap dealer or a major swap participant must comply with the reporting requirements of the CFTC's swap data recordkeeping and reporting rules. Those requirements were set to go into effect on April 10.
The no-action letter applies to Parts 43 (real-time reporting), 45 (regulatory reporting) and 46 (historic swap reporting) of the commission’s regulations, with staggered deadlines, depending on the type of product. Swap dealers and major swap participants are already required to file reports under the swap data reporting rules.
For non-financial counterparties reporting under Part 43 (real-time) and Part 45 (regulatory reporting), the compliance date for interest rate and credit swaps is delayed until July 1, 2013. However, the letter set an Aug. 1, 2013 deadline for Part 45 reports for swaps entered into between April 10 and July 1, 2013.
The compliance date for equity, foreign exchange and other commodity swaps (including energy swaps) is delayed until Aug. 19. Parties have until Sept. 19 to file Part 45 reports for swaps entered into between April 10 and Aug. 19. The no-action letter sets a deadline of Oct. 31 for reporting historical swaps.
The letter provides separate compliance dates for swaps in which one party is a financial entity.
Commissioner Scott O’Malia issued a statement supporting relief to provide end users with adequate time to comply with the rules, but criticizing "the arbitrary and ad-hoc manner in which this relief was provided. The application of date, product and participant distinctions makes compliance and implementation confusing for the end users."
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