The Commodity Futures Trading Commission’s Division of Market Oversight has issued temporary no-action relief to non-US swap dealers (SDs) and non-US major swap participants (MSPs) established in Australia, Canada, the European Union, Japan or Switzerland from certain swap data reporting requirements in Parts 45 and 46 of CFTC regulations.Pursuant to the no-action letter, such SDs and MSPs are exempt from the swap reporting requirements of Parts 45 and 46 of CFTC regulations for swaps with non-US counterparties that are not guaranteed/conduit affiliates of a US person until the earlier of December 1, 2014, or 30 days following the issuance of a swap data reporting comparability determination for the applicable jurisdiction. For swaps with non-US counterparties that are guaranteed/conduit affiliates of a US person, such SDs and MSPs are exempt from (1) Part 45 reporting obligations until March 3, 2014, and (2) Part 46 reporting obligations until April 2, 2014. 

SDs and MSPs taking advantage of such relief must continue to comply with the recordkeeping requirements of CFTC Regulations 45.2, 45.6, 46.2 and 46.4. 

Such relief does not extend to an SD or MSP that is part of an affiliated group in which the ultimate parent entity is a US SD, MSP, bank, financial holding company or bank holding company. 

CFTC Letter No. 13-75 is available here.