On May 22, 2014, the Commodity Futures Trading Commission (CFTC)
announced three actions intended to benefit swaps end-users. In
order to promote trading on swap execution facilities (SEFs) and
designated contract markets (DCMs), the CFTC issued a no-action
letter that provides limited relief from complying with certain
recordkeeping requirements under CFTC Regulation 1.35 for end-users
and other market participants that are members of SEFs and DCMs but
are not required to register with the CFTC (Covered Members). As
described in our recent
Swaps End-User Update on recordkeeping requirements, Regulation
1.35 requires members of DCMs or SEFs to keep records of all
documents and all oral and written communications provided or
received concerning quotes, solicitations, bids, offers,
instructions, trading and prices that lead to the execution of a
transaction in a commodity interest and related cash or forward
transactions, whether such communications occur by
