On the brink of the compliance date for arguably one of the most burdensome requirements that end-users face under the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act), the Commodity Futures Trading Commission’s (CFTC) Divisions of Market Oversight (DMO) and Clearing and Risk (DCR) issued no - action letters affording end-users (1) temporary relief from the general, historical and real - time swap data reporting requirements under Dodd - Frank; and (2) conditional relief from the reporting requirements applicable to (a) interaffiliate swaps and (b) trade options. Please note, however, that the no-action letters discussed herein do not afford end-users any relief from the recordkeeping requirements under Part 45. This Legal Alert provides a high-level summary of the relief afforded by each of these letters and the conditions that end-users must meet to qualify for the relief.

1. Temporary Relief from the General, Historical and Real-time Swap Data Reporting Requirements:

On the evening of April 9, 2013, with only a few hours left before the 12:01 a.m. scheduled reporting deadline for end - users, the DMO issued CFTC Letter No. 13 - 10 granting a temporary extension of the compliance date. However, as described below, CFTC Letter No. 13 - 10 distinguishes between, and affords distinct treatment to, financial entity end-users and non-financial entity end-users.

a. Relief Afforded to Financial Entities

With regard to the general reporting (Part 45 of the CFTC’s regulations) and real-time reporting (Part 43 of the CFTC’s regulations) requirements, which would apply to trades executed on or after April 10, 2013 (i.e. , prospectively)...

Please see full alert below for more information.

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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