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New CFTC Chairman, same no-action

The CFTC yesterday gave notice of an extension to no-action letter 13-34, exempting SDs and MSPs from their obligation to report cleared valuation data. The latest link in the no-action daisy chain, Letter 14-90, adds a full year to the relief which now expires on 30 June 2015. The letter applies to all SD/MSP reporting counterparties under regulation 45.8, and all cleared swaps under regulation 45.4(b)(2)(ii).

This is a long extension to relief from a basic requirement. Perhaps old habits die hard, but it is at best disappointing to see the “new” CFTC continuing what amounts to an ad hoc, radically uncertain phase-in of vital legislation.

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