Firms should "should use best efforts to fulfill their
reporting obligations with respect to such swaps," the CFTC
said.
(Reporting by Chris Prentice, Kanishka Singh, Rami Ayyub and
Ismail Shakil)
(Updates with background, details)
WASHINGTON, March 16 (Reuters) - The U.S. Commodity
Futures Trading Commission on Wednesday said it would give a
pass to firms that cannot meet certain swap reporting
requirements following the recent failures of Silicon Valley
Bank and Signature Bank .
The agency has been in contact with banking regulators about
the Federal Deposit Insurance Corporation's transfer of
qualified financial contracts from the failed banks to newly
established bridge banks, it said in a notice published on its
website.
The Commission will not launch enforcement actions
against any counterparties that cannot meet agency reporting
requirements for swaps contracts solely from the FDIC transfers,
it said. Those may include business conduct, margin, clearing
and trade execution requirements.
Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.