CFTC Extends Certain SEF Reporting, Confirmation, and Documentation Compliance Dates

October 04, 2013

The Division of Market Oversight (“Division”) of the U.S. Commodity Futures Trading Commission (“CFTC”) on September 27 and 30, 2013 issued several no-action letters to temporarily registered swap execution facilities (“SEFs”)1 that extend the compliance date (from October 2, 2013): (i) by which a SEF must enforce rules governing its operations to November 1, 2013;2 (ii) by which certain data for swap transactions executed on a SEF is required to be reported to a swap data repository (“SDR”) to October 29, 2013 or December 1, 2013 (depending on the underlying asset class of the swap involved);3 and (iii) for SEFs to issue written confirmations relating to swaps that are not intended to be submitted for clearing (“Non-Cleared Swaps”) to October 29, 2013 or December 1, 2013 (depending on the asset class of the Non-Cleared Swaps involved).4 There have been, and continue to be, requests for even further extensions of these compliance dates, although there is no present indication that the CFTC or the Division will grant any further relief.

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