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Dodd-Frank Valuation Data Reporting Relief for Swap Dealers Further Extended by CFTC
Practical Law Legal Update 8-616-5627 (Approx. 3 pages)
Dodd-Frank Valuation Data Reporting Relief for Swap Dealers Further Extended by CFTC
by Practical Law Finance
| Published on 18 Jun 2015 • USA (National/Federal) |
The CFTC has further extended relief to swap dealers and MSPs from Title VII valuation data reporting rules until June 30, 2016.
On June 12, 2015, the CFTC issued No-action Letter No. 15-38 providing further extension of no-action relief to swap dealer (SD) and MSP reporting counterparties to cleared swaps from valuation data reporting required under CFTC regulations implemented pursuant to Title VII of the Dodd-Frank Act. The relief was originally granted on December 17, 2012 (previously extended on June 26, 2013 and June 30, 2014). The CFTC is extending the time-limited relief previously provided in No-action Letter 14-90, expiring on June 30, 2015, to June 30, 2016.
The relief is provided to SDs and MSPs from the obligation to report valuation data for cleared swaps as required by Section 45.4(b)(2)(ii) of the CFTC's regulations. The no-action relief applies to:
- All SDs and MSPs that are reporting counterparties under CFTC Regulation 45.8, for the purposes of Regulation 45.4(b)(2)(ii); and
- All cleared swaps for which the SD or MSP has the obligation to report valuation data under Regulation 45.4(b)(2)(ii).
SDs have asserted that they do not yet have the requisite technological infrastructure to comply with this rule.