On November 24, 2014, the CFTC issued No-action Letter 14-141 (No-action 14-141), which extended relief from certain swap data reporting requirements under CFTC Regulations Parts 45 and 46 for certain foreign swap dealers (SDs) and major swap participants (MSPs). On December 20, 2013, the CFTC issued No-action Letter 13-75 (No-action 13-75), granting relief to non-US SDs and MSPs established in Australia, Canada, the European Union, Japan and Switzerland that are not part of an affiliated group in which the ultimate parent entity is a US SD or MSP, US bank, US financial holding company or US bank holding company from regulatory (SDR) swap data reporting requirements under Part 45 of the CFTC's regulations and historical swap data reporting requirements under Part 46. This relief was set to expire on December 1, 2014 (see Legal Update, CFTC Issues Dodd-Frank Substituted Compliance Determinations for Non-US Jurisdictions: Related No-action Relief).

Since the CFTC has yet to issue comparability determinations for SDR reporting rules, the CFTC is extending the relief issued under No-action 13-75. The CFTC issues a comparability determination (CD) if it has deemed a non-US jurisdiction's rules sufficiently comparable to Dodd-Frank/CFTC rules covering that specific requirement. A CD permits SDs and MSPs in jurisdictions for which a CD has been issued by the CFTC to comply with their home jurisdiction's swaps rules in place of the analogous Dodd-Frank CFTC rules (for more information, see Practice Note, The Dodd-Frank Act: Cross-border Application of Swaps Rules).

The relief issued under No-action 14-141 expires on the earlier of: