Staff in the Division of Data at the Commodity Futures Trading Commission (“CFTC”) granted interim no-action relief to derivatives clearing organizations acting under exemptive orders from the CFTC, or no-action relief from the CFTC’s Division of Clearing and Risk. ASX Clear (Futures) Pty Limited, Japan Securities Clearing Corporation, Korea Exchange, Inc., OTC Clearing Hong Kong Limited, and Shanghai Clearing House had each been granted exemptive relief by the CFTC or no-action relief by the Division of Clearing and Risk from certain reporting and unique swap identifier generation requirements. Each remained required to report to a swap data repository information about the two swaps resulting from novating the alpha swap cleared, and the alpha swap’s termination. Those exemptive orders and no-action relief didn’t relieve any market participant clearing a swap through those entities acting as derivatives clearing organizations, however. In this no-action letter, the CFTC staff offered those market participants no-action relief for failures to report continuation data under section 45.4 or creation data under section 45.3 after a swap is accepted for clearing by one of those exempted entities, or for failing to generate unique swap identifiers under section 45.5 for those swaps. To qualify for that no-action relief offered in this letter, the market participant must still provide the clearing entity with all information on the alpha swap required in the clearing agreement. This no-action relief ends on the earlier of May 25, 2022, which is the compliance date for amended Parts 45 and 43, or the revocation or expiration of the exemptive order or no-action letter from the Division of Clearing and Risk for any particular clearing entity.
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