RegAlert2012-10-12 | CFTC Staff Letter 12-16Added · Updated
CFTC Staff Letter 12-16: No-Action Relief for Cleared Swaps in Agricultural and Exempt Commodities
The Division of Swap Dealer and Intermediary Oversight will not recommend enforcement action against persons who exclude certain cleared swaps referencing exempt or agricultural commodities from the aggregate gross notional amount calculation used to determine swap dealer registration obligations. This relief applies to swaps executed prior to December 31, 2012, that are either cleared on a Commission-registered derivatives clearing organization or entered into contingent upon subsequent exchange for and clearance as a futures position. The exemption is limited to transactions meeting these specific criteria and does not relieve affected persons from compliance with other applicable requirements under the Commodity Exchange Act.
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U.S. COMMODITY FUTURES TRADING COMMISSION
Three Lafayette Centre
1155 21st Street, NW, Washington, DC 20581
Telephone: (202) 418-5977
Facsimile: (202) 418-5407 gbarnett@cftc.gov
Division of Swap Dealer and
Intermediary Oversight
Gary Barnett
Director
CFTC Letter No. 12-16
No-Action
October 12, 2012
Division of Swap Dealer and Intermediary Oversight Re: Time-Limited No-Action Relief: Cleared Swaps in Agricultural and Exempt Commodities and Swaps Exchanged for Futures Not to be Considered in Calculating Aggregate Gross Notional Amount for Purposes of Swap Dealer De Minimis Exception Ladies and Gentlemen:
This letter is in response to requests from multiple parties received by the Division of Swap Dealer and Intermediary Oversight (“Division”) of the Commodity Futures Trading Commission (“Commission”) requesting relief from the obligation to include certain cleared swaps and swaps exchanged for futures referencing exempt commodities, 1 such as energy commodities or metals, and agricultural commodities 2 in the calculation of the aggregate gross
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Lineage: In force
Source: Commodity Futures Trading Commission — original document · Summary generated with machine assistance and reviewed before publication; the authoritative text is the regulator's original document. How RegAlert works
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CFTC published 6 documents in the last 30 days. We email you each new one the day it's published.