RegAlert2012-10-26 | CFTC Staff Letter 12-29Added · Updated
CFTC Staff Letter 12-29 (No-Action): Relief for Swap Dealers and Major Swap Participants from Certain Internal Business Conduct Requirements
The Division of Swap Dealer and Intermediary Oversight will not recommend enforcement actions against swap dealers and major swap participants for failing to fully comply with specific recordkeeping requirements in Subpart F to Part 23 of the CFTC’s Regulations prior to March 31, 2013. This no-action relief grants an additional six months to install systems for recording landline telephone conversations and an additional year for mobile telephone recordings and converting legacy systems to use Coordinated Universal Time timestamps. The Division also permits reliance on existing search capabilities for transaction records and allows retention of data at foreign branches or third-party hosted systems if retrievable from a designated principal place of business.
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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. 12-29
No-Action
October 26, 2012
Division of Swap Dealer and Intermediary Oversight Melissa MacGregor Managing Director and Associate General Counsel SIFMA 1101 New York Avenue, 8 th Floor Washington, D.C. 20005-4269 Re: Request for No-Action Relief for Swap Dealers and Major Swap Participants from Compliance with Certain Internal Business Conduct Requirements Found in Subpart F to Part 23 of the CFTC’s Regulations Dear Ms. MacGregor:
This letter is in response to your request dated August 10, 2012, to the Division of Swap Dealer and Intermediary Oversight (“Division”) of the Commodity Futures Trading Commission (the “Commission”) on behalf of the Securities Industry and Financial Markets Association’s (“SIFMA”) member firms and other swap dealers (“SDs”) and major swap participants (“MSPs”) (collectively, the “Firms”), in which you requested no-action relief from certain recordkeeping requirements of subpart F to part 23 of the Commission’s Regulations (“Regulations”). 1 In the letter, you assert that there are several operational constraints that will prevent SDs and MSPs 2 from becoming fully compliant with certain requirements of subpart F to
part 23 in a timely manner.
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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.