ARTICLE
22 March 2017

CFTC Extends Conditional Masking No-Action Relief

CW
Cadwalader, Wickersham & Taft LLP

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Cadwalader, established in 1792, serves a diverse client base, including many of the world's leading financial institutions, funds and corporations. With offices in the United States and Europe, Cadwalader offers legal representation in antitrust, banking, corporate finance, corporate governance, executive compensation, financial restructuring, intellectual property, litigation, mergers and acquisitions, private equity, private wealth, real estate, regulation, securitization, structured finance, tax and white collar defense.
The CFTC Division of Market Oversight ("DMO") extended no-action relief to members of ISDA and the Futures Industry Association ("FIA") regarding the masking of certain identifying information...
United States Finance and Banking

The CFTC Division of Market Oversight ("DMO") extended no-action relief to members of ISDA and the Futures Industry Association ("FIA") regarding the masking of certain identifying information that must be reported by swap reporting parties for certain non-U.S. swaps. The relief, which allows reporting counterparties in certain foreign jurisdictions to mask identifying swap and counterparty information, was previously granted by CFTC Letters 16-03 and 16-33, and has been extended several times (See  previous coverage).

In the past, such relief has been extended to address circumstances in which statutory or regulatory prohibitions, including the privacy laws of non-U.S. jurisdictions, may prevent reporting to trade repositories.

This latest action extends the expiration date of the relief granted by CFTC Letters 16-03 and 16-33 until: (i) September 1, 2017 for French Reportable Swaps and Swiss Reportable Swaps; and (ii) for as long as reporting counterparties reasonably believe that such relief is necessary under applicable foreign laws for non-French or Swiss swaps. The DMO highlighted that this relief is "conditioned upon ISDA [and FIA] notifying DMO of each Reasonable Belief Expiration Date promptly after it occurs with respect to each jurisdiction covered by the relief."

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