April 21, 2021

Volume XI, Number 111


April 20, 2021

Subscribe to Latest Legal News and Analysis

April 19, 2021

Subscribe to Latest Legal News and Analysis

CFTC Extends Temporary Swap Data Reporting Relief for Certain International Swap Dealers and Major Swap Participants

On November 19, the Commodity Futures Trading Commission’s Division of Market Oversight (DMO) issued a staff letter extending no-action relief to certain CFTC-registered swap dealers (SDs) and major swap participants (MSPs). The no-action relief, which was initially granted in 2013 and subsequently extended several times, was set to expire on December 1.

Under the terms of CFTC Letter No. 20-37, DMO confirms that it will not recommend that the CFTC take an enforcement action against a non-US SD or a non-US MSP for failure to comply with the swap data reporting requirements in Part 45 and Part 46 of the CFTC’s regulations, provided:

  • the swaps are with non-US counterparties that are not guaranteed affiliates, or conduit affiliates, of a US person;

  • the entity is established in Australia, Canada, the European Union, Japan, Switzerland, or the United Kingdom; and

  • the entity is not part of an affiliated group in which the ultimate parent entity is a US SD, US MSP, US bank, US financial holding company, or US bank holding company.

The no-action relief is time-limited and will expire on the earlier of December 1, 2022 or 30 days following the issuance of a CFTC comparability determination on swap data reporting rules for the jurisdiction in which the non-US SD or non-US MSP is established.

CFTC Letter No. 20-37 is available here.

©2021 Katten Muchin Rosenman LLPNational Law Review, Volume X, Number 325



About this Author

Kevin M. Foley, Finance Lawyer, Katten Llaw Firm

Kevin M. Foley has extensive experience in commodities law and advises a wide range of clients, both in the United States and abroad, on compliance with the Commodity Exchange Act and the rules of the Commodity Futures Trading Commission (CFTC) affecting traditional exchange-traded products, as well as the over-the-counter markets involving swaps and other derivative instruments. His clients include futures commission merchants, derivatives clearing organizations, designated contract markets, foreign boards of trade and an industry trade association.


Stanley V. Polit, Katten Muchin, Financial Services lawyer, Corporate Regulatory Matters Attorney

Stanley Polit concentrates his practice in transactional, corporate and regulatory aspects of financial services matters. Stan is able to provide legal services to a wide variety of clients including proprietary trading firms, hedge funds, broker-dealers, registered investment advisers, commodity trading advisers, financial institutions and general corporate clients.

Prior to joining Katten, Stan served as a council member for a national crisis management firm, where he specialized in crisis communication and merged media strategies. He has...