CFTC Extends SEF Relief For Swap Trade Confirmation Requirements

The CFTC extended the expiration datefor the relief from swap trade confirmation requirements.This new letter extends the relief until March 31, 2018, or the effective date of revised CFTC rules that establish a permanent confirmation solution for swap execution facilities ("SEFs"). The original relief was providedin CFTC No-Action Letter 14-108, then extended first in CFTC Letter 15-25 and again in CFTC Letter 16-25.

The letter grants relief for SEFs from:

• CFTC Rule 37.6, which requires an SEF to obtain documents that are incorporated by reference in a trade confirmation issued by the SEF prior to issuing the confirmation;
• CFTC Rules 37.1000, 37.1001 and 45.2(a), which require that SEFs maintain such documents as records; and