CFTC Extends Relief from Reporting Certain Prohibited Data Under Dodd-Frank Swap Rules | Practical Law

CFTC Extends Relief from Reporting Certain Prohibited Data Under Dodd-Frank Swap Rules | Practical Law

The CFTC extended relief from swap data reporting obligations under CFTC Regulations Parts 20, 45, and 46 for certain data, the dissemination of which is prohibited by the rules and regulations in certain enumerated jurisdictions.

CFTC Extends Relief from Reporting Certain Prohibited Data Under Dodd-Frank Swap Rules

by Practical Law Finance
Published on 15 Mar 2017 • USA (National/Federal)
The CFTC extended relief from swap data reporting obligations under CFTC Regulations Parts 20, 45, and 46 for certain data, the dissemination of which is prohibited by the rules and regulations in certain enumerated jurisdictions.
On March 10, 2017, the CFTC issued No-Action 17-16 (No-Action 17-16), extending relief from swap data reporting obligations under CFTC Regulations Parts 20, 45, and 46 for certain data, the dissemination of which is prohibited by the rules and regulations in the following enumerated jurisdictions:
  • France.
  • Korea.
  • Luxembourg.
  • The People's Republic of China.
  • Switzerland.
  • Taiwan.
  • Belgium.
  • India.
  • Algeria.
  • Singapore.
  • Bahrain.
  • Argentina.
  • Hungary.
  • Samoa.
  • Austria.
  • Pakistan.
The relief in No-Action 17-16 is extended until:
  • September 1, 2017 for reportable swaps in France and Switzerland.
  • The reporting counterparty no longer holds the requisite reasonable belief regarding the consequences of reporting the specified counterparty identity information (the "reasonable belief expiration date") for swaps in all other enumerated jurisdictions.
The relief in No-Action 17-16 is conditioned on the CFTC being notified promptly on the reasonable belief expiration date, or the date on which the reporting party no longer holds the requisite reasonable belief that privacy laws in the enumerated jurisdictions would preclude the reporting of swap data, for each enumerated jurisdiction.
The relief in No-Action 17-16 extends prior relief issued in: