CFTC Issues Last-Minute Deadline Extension for Derivatives End-Users with Respect to Dodd-Frank Swap Reporting Rules and No-Action Relief from Certain Inter-Affiliate Swap Reporting Requirements
The CFTC recently issued two no-action letters that provide last-minute relief for many derivative end-users with respect to trade reporting requirements under the Dodd-Frank Act. Most notably, the CFTC delayed the April 10, 2013 deadline for persons who are not swap dealers or major swap participants to report required information relating to most categories of “swaps” as defined under the Dodd-Frank Act. In addition, the CFTC provided relief from certain reporting requirements relating to Dodd-Frank swaps between affiliates.