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15 July 2015
On June 5 2015 the Commodity Futures Trading Commission (CFTC) Division of Market Oversight issued a no-action letter extending time-limited relief to swap dealers and major swap participants from the obligation to report valuation data for cleared swaps.(1) The no-action relief applies to:
According to the no-action letter, the Division of Market Oversight will not recommend that the CFTC take enforcement action against swap dealers or major swap dealers for failing to comply with the requirements of the CFTC's regulation to report valuation data. Originally expiring on June 30 2015, in accordance with the time-limited relief provided previously in CFTC Staff Letter 14-90,(2) the no-action letter issued on June 15 2015 extends the relief until June 30 2016.(3)
For further information on this topic please contact Donna M Parisi or Geoffrey B Goldman at Shearman & Sterling LLP by telephone (+1 212 848 4000) or email (email@example.com or firstname.lastname@example.org). The Shearman & Sterling website can be accessed at www.shearman.com.
(1) CFTC Staff Letter 15-38. For further information please see www.cftc.gov/ucm/groups/public/@lrlettergeneral/documents/letter/15- 38.pdf and CFTC.
(2) For further information please see www.cftc.gov/ucm/groups/public/@lrlettergeneral/documents/letter/14-90.pdf.
(3) For further information please see www.cftc.gov/PressRoom/PressReleases/pr7186-15#PrRoWMBL.
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