Key takeaways:

• The Commodity Futures Trading Commission has granted temporary no-action relief to non-clearing member swap dealers ("NCSDs") from its requirement that such entities submit daily reports regarding physical commodity swaps and swaptions. The no-action letter provides that the Division of Market Oversight will not recommend that the CFTC commence an enforcement action against a NCSD for failure to submit such reports until 60 days after the effective date of the final regulations further defining the term "swap" (the "Part 20 Swap Dealer Compliance Date"). An entity relying on this relief must state its intention to do so in an email to the Division no later than the effective date of the final regulations further defining the term "swap."
• Additionally, with respect to certain NCSDs with limited resources or which lack experience in reporting transactions to the CFTC, the no-action letter provides that the Division will not recommend that the CFTC commence enforcement action for failure to submit such reports until six months after the Part 20 Swap Dealer Compliance Date. Any NCSD relying on this relief must submit an email to the Division no later than the Part 20 Swap Dealer Compliance Date describing, among other things, the resource limitations or lack of experience that make the extension necessary.