CFTC Provides Extension of Reporting Relief for Non-U.S. Swap Dealers and Participants

The CFTC Division of Market Oversight issued a time-limited extension of No-Action Letter No. 15-51. This letter provides relief from the SDR reporting rules to the CFTC-registered swap dealers (“SDs”) and major swap participants (“MSPs”) that were established in Australia, Canada, the European Union, Japan or Switzerland and are not part of an affiliated group in which the ultimate parent entity is U.S.-based.

The relief will expire on the earlier of (i) 30 days following the issuance of a comparability determination by the CFTC for the jurisdiction in which the non-U.S. SD or non-U.S. MSP is established, or (ii) December 1, 2017.

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