• CFTC Delays April 10 Compliance Date for Many Swap Data Reporting Requirements
  • April 12, 2013
  • Law Firm: Skadden Arps Slate Meagher Flom LLP - New York Office
  • On April 9, 2013, the Commodity Futures Trading Commission’s (CFTC) Division of Market Oversight, responding to requests from multiple interested parties, issued a no-action letter (the No-Action Letter) extending the April 10, 2013, deadline for many end-users that are required to report swaps under Parts 43, 45 and 46 of the CFTC’s new Dodd-Frank regulations. As we explained in our April 4, 2013 Alert Impending Swap Reporting Requirements to Impact All Swap Market Participants, the CFTC’s swap reporting rules require, in many instances, even swap market participants that are not swap dealers (SDs) or major swap participants (MSPs) (which, for purposes of this Alert, we call “end-users”) to file reports on swap transactions. In some instances, the CFTC’s swap reporting rules make end-users responsible for reporting both new swaps (real-time reporting pursuant to Part 43 and regulatory reporting pursuant to Part 45) and pre-existing (even terminated or expired) swaps (historical reporting pursuant to Part 46), as well as FX forwards and FX swaps that are exempt from most other Dodd-Frank Act regulations (Parts 45 and 46). Subject to a key exception, the No-Action Letter means that the deadline for end-users required to report their swaps under the CFTC’s reporting rules is no longer April 10, 2013.