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Brief
On July 31, 2025, the Commodity Futures Trading Commission (CFTC) issued an update regarding CFTC Staff Issues No-Action Letter Regarding Swap Data Error Correction Notification Requirements. The CFTC took a no-action position on reporting counterparties that fail to submit swap data error correction notifications for errors affecting fewer than 5% of their open swaps in the relevant asset class, provided they make a reasonable determination at the time of discovery. This no-action letter aims to provide guidance and flexibility in handling such situations.
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