CFTC – Staff Renews Temporary No-Action Relief for Entities Submitting Swaps for Clearing with DCOs Acting Under Exempt Orders or No-Action Relief

April 28, 2021 – CFTC granted no-action relief to ISDA, on behalf of entities submitting swaps for clearing by DCOs operating under CFTC exemptive orders or no-action relief provided.

ISDA Request
Requested, on behalf of its members with swap data reporting obligations, that DOD renew relief provided in CFTC Letter 18-032 regarding certain reporting obligations, with clearing of swaps with derivatives clearing organizations (DCOs) under exemptive orders issued by CFTC, or no-action relief granted by Division of Clearing and Risk. Request that reporting CPs neither DCOs nor central CPs be relieved of reporting swap continuation data for alpha swaps that have been accepted for clearing by relief DCO.

Relieved reporting creation or continuation data for swaps from novation of alpha swap accepted for clearing by relief DCO, related swaps entered as part of post-trade. Relief of generate USIs for swaps created via the process of clearing swap with relief DCO. ISDA also requested renew no-action relief on the identification of swaps to be cleared with such DCOs in swap data reporting under Parts 43 (17 CFR 43), 45 (17 CFR 45).

Requests that reporting counterparties allowed report clearing indicator clearing venue PET data fields for swaps intended to be cleared as if cleared by registered DCO.

Time-Limited No-Action Relief
Did not recommend action for failure to comply with reporting continuation data on Relief DCO Original Swaps after acceptance of such original swaps for clearing by Relief DCO. Including reporting the termination of the Relief DCO Original Swap. Relief also granted for not reporting creation data and continuation data on Relief DCO Clearing Swaps; relief granted for not generating USIs for relief DCO clearing swaps. Such relief granted will continue until earlier of May 25, 2022 (compliance date for amendments to Parts 45, 43 regulations); or revocation, expiration of exemptive order.

Relief for Reporting Data Fields in Parts 43 and 45
Granted time-limited no-action relief to entities reporting Relief ITBC Swaps on reporting of the PET data elements clearing indicator and clearing venue. Subject to the condition that entity reporting must populate all clearing indicator PET fields in Part 45 reporting, and all cleared or uncleared fields in Part 43 reporting. For all swaps intended to be cleared through the relevant Relief DCO. An additional condition that entity reporting must report LEI of the relevant Relief DCO with all Part 45 reports for all swaps intended to be cleared with that Relief DCO. Such relief granted will continue until earlier than May 25, 2022 (compliance date for amendments to Parts 45, 43 regulations); or revocation, expiration of exemption order.

For more information, visit www.CFTC.gov.

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