The Commodity Futures Trading Commission keeps pledge of more temporary relief from Dodd-Frank rules.
The Commodity Futures Trading Commission’s (CFTC) Division of Market Oversight Friday issued a letter providing temporary exemptive relief from the daily reporting of swap transactions.
The relief applies to agency’s rules, which were published at the end of July, requiring daily reports of physical commodity swaps and swaptions from clearing organizations, clearing members and swap deals effective Sept. 20.
The letter provides a two-month delay (until Nov. 21) for the reporting of cleared swaps, “as long as parties are making a good faith attempt to comply with the reporting requirements,” and a four-month delay (until Jan. 20, 2012) for the reporting of uncleared swaps, the CFTC said.
Because this is the first time that swaps data is being collected, the CFTC said this temporary relief is intended to provide sufficient time for both the industry and the Commission to develop and refine systems and processes to report these complex transactions.
Earlier this month, CFTC Chairman Gary Gensler signaled that the agency planned to grant the swap market temporary “exemptive relief” — for the second time this year — from compliance with reforms under the Dodd-Frank Wall Street Reform and Consumer Act (see NGI, Sept. 12).
“Much like we did on July 14th of this year, I think this fall we will consider further ‘exemptive relief’ from the application of Dodd-Frank’s Title VII requirements,” he said at the time. It was unclear if the CFTC has plans for further relief.
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