CFTC Gives Swap Dealers Reprieve From Reporting Rule

Law360, Los Angeles (July 1, 2014, 7:57 PM EDT) -- The U.S. Commodity Futures Trading Commission has given swap dealers a longer period of relief from some of its contested swaps data reporting requirements, the agency said Tuesday.

According to a no-action letter issued by the CFTC's Division of Market Oversight, all swap dealers and major swap participants acting as reporting counterparties for swap transactions will now have until June 30, 2015, to comply with an agency rule requiring them to report valuation data for cleared swaps. Absent an extension, the no-action relief would have ended on June 30, the letter said.

The relevant rule requires that swap valuation data be...

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