Clifford Chance

US Commodity Futures Trading Commission's Division of Market Oversight Issues No-Action Relief Granting Time-Limited, Exemptive Relief to Reporting Swap Dealers

18 December 2012

On December 7, 2012, the US Commodity Futures Trading Commission's Division of Market Oversight (the "CFTC") issued a time-limited, no-action letter relating to certain Dodd-Frank reporting requirements.  Under CFTC regulations, swap dealers must soon begin reporting the details of their trades to "swap data repositories".  These reporting requirements raise certain privacy and confidentiality concerns where parties to the trades are located in a number of jurisdictions outside of the United States.  In response to these concerns, the CFTC issued a no-action letter under which swap dealers may report trades on a redacted basis with counterparty identity anonymized. The relief, however, is only temporary and subject to significant limitations.

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