On November 24, the Commodity Futures Trading Commission’s (CFTC) Division of Data (DOD) granted temporary no-action relief to DTCC Data Repository LLC (DDR) from certain requirements of the swaps data repository (SDR) rules in Part 49 of the CFTC’s regulations. DDR requested relief because it planned to implement revisions to its infrastructure and applications consistent with recent amendments to the CFTC’s reporting rules prior to the effective date of such rules. The relief stipulates that DOD will not recommend the CFTC take an enforcement action against DDR for:
- failure to accept and promptly record certain swaps and swap data fields as required by CFTC Regulation 49.10(a); or
- failure to confirm the accuracy of data by notifying both swap counterparties as required by CFTC Regulation 49.9(a)(2) and Part 49.11(a) and (b).
The relief also states that DOD will not recommend that the CFTC take an enforcement action against a registered entity or swap counterparty reporting swaps data to DDR for failure to report certain swap data fields as required by the swaps data reporting rules in Parts 45 and 46 of the CFTC’s regulations.
This temporary relief expires 60 days following publication of the SDR and swaps data reporting final rules in the Federal Register. The final rules were published in the Federal Register on November 25.
The press release is available here.
CTFC Staff Letter 20-38 is available here.