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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