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Wednesday, April 10, 2013

CFTC Swaps Reporting Requirements

The CFTC has issued a no-action letter on reporting requirements that applies to non-SD/MSP counterparties. Counterparties that are not “financial entities” will have relief from reporting requirements until (i) July 1, 2013 for interest rate and commodity swaps; and (ii) August 19, 2013 for equity, foreign exchange, and other commodity swaps. This relief applies to commercial entities and to banks with $10 billion or less in assets.

Financial entities with more than $10 billion in assets will have to start reporting interest rate and credit swaps as scheduled on April 10. However, they have relief from reporting equity, foreign exchange, and other commodity swaps until May 29, 2013. Financial entities also have relief from reporting historical swaps until September 30, 2013.

Read the CFTC press release.
Read the CFTC’s no-action letter.

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