On December 19, 2016, the Division of Market Oversight (Division) of the Commodity Futures Trading Commission provided time-limited no-action relief from the swap data recordkeeping and reporting requirements for cleared swaps (cleared swaps rule) to which derivatives clearing organizations (DCOs) and reporting entities would otherwise have been subject on December 27, 2016. Subject to certain conditions, DCOs are now relieved from obligations to report original swap terminations under the cleared swaps rule. This relief will expire on the earlier of 12:01 a.m. on June 27, 2017, or the date that all DCOs that will be reporting original swap termination messages to a swap data repository (SDR) have successfully tested the termination message reporting systems.

Further, the Division will not recommend an enforcement action against any entity reporting a swap for failure to report the new primary economic terms (PET) data fields the cleared swaps rule added subject to certain conditions. The registered reporting entities must back-report these fields after relief expires on the earlier of 12:01 a.m. on March 27, 2017, or the date the applicable SDR updates its data standards and accepts the new PET data fields.

Staff Letter 16-86 is available here.