CFTC Extends Relief to DCOs from Daily Reporting Requirements
The CFTC Division of Clearing and Risk ("DCR") extended temporary no-action relief to derivatives clearing organizations ("DCOs") from certain reporting requirements under CFTC Regulation 39.19 ("DCO Reporting"). (See previous coverage.) The relief extends the compliance dates for aspects of Regulation 39.19 that were amended in 2020.
In 2020, the CFTC expanded the daily reporting requirements in CFTC Rule 39.19 to add a requirement that DCOs report on a daily basis initial margin, variation margin, cash flow, and position information by individual customer account. The compliance date was set for January 27, 2021. Subsequently, DCR issued CFTC Letter No. 21-01, which provided that DCR would not enforce the additional reporting requirements until January 27, 2022. DCR is now extending the relief, subject to the exception below, to June 27, 2022.
Additionally, DCR is extending, through January 27, 2023, a portion of CFTC Letter No. 21-01 while DCR studies issues associated with the requirements that DCOs report variation margin and cash flows by individual customer account.