CFTC Staff Issues No-Action Letter on Data Reporting for Event Contracts

WASHINGTON - The Commodity Futures Trading Commission's Division of Market Oversight and Division of Clearing and Risk today announced they have taken a no-action position regarding swap data reporting and recordkeeping regulations.

The divisions will not recommend the Commission initiate an enforcement action against designated contract markets, derivatives clearing organizations, or their participants for failure to comply with certain swap-related recordkeeping requirements and for failure to report to swap data repositories data associated with fully collateralized event contract transactions. This no-action position is subject to the terms of the no-action letter issued today.

This position is in response to numerous requests from DCMs and DCOs that list and clear event contracts. The divisions anticipate receiving similar requests, including requests to modify previous no-action positions to account for amendments to DCM designation orders, changes in DCOs, and other developments. The divisions intend for today's no-action position to streamline the process for addressing such requests and to ensure uniform treatment of market participants.

The divisions' no-action position covers all beneficiaries of previous no-action letters concerning data reporting for similar contracts. Entities wishing to list or clear similar contracts may request a no-action position identical to today's letter. If the divisions grant such a request, they will add the requester to the appendix to the no-action letter. This approach removes the need for the divisions to continually issue identical no-action letters and ensures consistent treatment for new and previous applicants.