I. Introduction
On September 27, 2013, the CFTC issued three letters providing
temporary relief for: (i) temporarily registered swap execution
facilities1 ("SEFs") from certain swap data
reporting requirements;2 (ii) Reporting
Counterparties3 trading on SEFs from reporting certain
swap continuation data to a swap data repository
("SDR");4 and (iii) temporarily registered
SEFs from enforcement responsibilities under certain CFTC
regulations with respect to market participants trading on those
SEFs5 (each letter, a "No-Action Letter").
Each of the No-Action Letters delays requirements that were
otherwise scheduled to go into effect on October 2, 2013.
The relief appears designed to address the fact that –
until the CFTC published the final "core principles" for
SEFs in May 2013 – many market participants had not expected
that SEF registration would affect their trading in swaps prior to
the CFTC determining that certain swaps were "made available
to trade" on SEFs.
