CFTC Staff Issues No-Action Letter Regarding Swap Data Error Correction Notification Requirements

WASHINGTON, D.C. — The Commodity Futures Trading Commission’s Division of Market Oversight today has taken a no-action position with respect to reporting counterparties that fail to submit a swap data error correction notification with respect to an error if, at the time the reporting counterparty initially discovers and assesses the impact of an error; the reporting counterparty makes a reasonable determination that the number of reportable trades affected by the error does not exceed five percent of the reporting counterparty’s open swaps for the relevant asset class in swaps for which it was the reporting counterparty.