CFTC Staff Letter 12-18: Temporary Relief from De Minimis Threshold for Swaps with Special Entities

The Division of Swap Dealer and Intermediary Oversight provides no-action relief allowing persons to enter into utility commodity swaps with utility special entities without registering as swap dealers, provided the aggregate gross notional amount of such swaps does not exceed $800 million. This relief applies only to persons that are not financial entities and are not otherwise within the definition of swap dealer under the general or standard special entity de minimis thresholds. To utilize this relief, persons must submit a notice to the Division by December 31, 2012, and subsequently on a quarterly basis, detailing the identity of the utility special entities and the total gross notional value of the swaps. The relief remains in effect until the Commission takes action on the underlying petition.

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U.S. COMMODITY FUTURES TRADING COMMISSION
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Division of
Swap Dealer and
Intermediary Oversight
CFTC Letter No. 12-18
No-Action
October 12, 2012
Division of Swap Dealer and Intermediary Oversight Staff No-Action Relief: Temporary Relief from the De Minimis Threshold for Certain Swaps with Special Entities On May 23, 2012, the Commodity Futures Trading Commission (the “Commission”) published a rule further defining certain terms, including the term “swap dealer” (the “Rule”). 1

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Lineage: Superseded

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Timeline

Amended 1 time · last 2014-03-21

2014-03-21CFTCStaff No-Action Relief: Revised Relief from the De Minimis Threshold for Certain Swaps with Utility Special Entitiessupersedes

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