CFTC Provides No-Action Relief from SDR Requirements to Swap Counterparties that are not SD or MSP
Yesterday, the CFTC provided a no-action relief to all swap counterparties not being an SD or MSP that they do not need to report trades to a swap data repository. The relief runs until end-May, end-July, end-September and end-October respectively depending on the counterparty's status as well as the relevant instrument type. It is being differentiated between "financial entities" and "non-financial entities," with non-financial entities getting more time. The CFTC also makes a distinction between asset classes with respect to relief for Part 43 and Part 45 reporting requirements. Details can be gleaned from the press release. Interestingly, State Street yesterday also send out an email to interested parties, the content of which can be found here.