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On November 21 2016 the Commodity Futures Trading Commission (CFTC) released a no-action letter extending further no-action relief from swap data reporting requirements for swap dealers and major swap participants established under the laws of Australia, Canada, the European Union, Japan or Switzerland that are not part of an affiliated group in which the ultimate parent is a US swap dealer, major swap participant, bank, bank holding company or financial holding company for an additional year, f
On November 21 2016 the Commodity Futures Trading Commission
(CFTC) released a no-action letter extending further no-action
relief from swap data reporting requirements for swap dealers and
major swap participants established under the laws of Australia,
Canada, the European Union, Japan or Switzerland that are not part
of an affiliated group in which the ultimate parent is a US swap
dealer, major swap participant, bank, bank holding company or
financial holding company for an additional year, from December 1
2016 to December 21 2017.
In a December 20 2013 no-action letter, the CFTC had exempted
such registered swap dealers and major swap participants from these
jurisdictions from the swap data reporting rules in Parts 45 and 46
of the CFTC's regulations – an exemption which it later
extended in 2014 and 2015. As the CFTC had not yet made
comparability determinations as to whether the regulatory
requirements of the foreign jurisdictions are comparable to and as
comprehensive as its own, it believed that the extension of
no-action relief was appropriate. The no-action relief will expire
at the earlier of:
30 days following the issuance of a comparability determination
with respect to the reporting rules of the non-US swap dealer or
non-US major swap participant's jurisdiction; or
December 1 2017.
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