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)...