RegAlert2012-12-17 | CFTC Staff Letter 12-53Added · Updated
CFTC Staff Letter 12-53: Time-Limited No-Action Relief from Parts 43 and 45 Reporting for Prime Brokerage Transactions
The Division of Market Oversight grants time-limited no-action relief until June 30, 2013, allowing swap dealers to allocate real-time and SDR reporting responsibilities for prime brokerage transactions between prime brokers and executing dealers. Relief applies provided the parties are registered swap dealers, the ED-PB Swap and Mirror Swap have identical economic terms, and reporting responsibilities are agreed upon. Prime brokers are exempt from including the ED-PB Swap Unique Swap Identifier in initial Mirror Swap reporting until functionality exists or June 30, 2013, provided they amend reports upon receiving the identifier and require executing dealers to disclose it promptly.
CFTC published 6 documents in the last 30 days — get each new one by email the day it lands.
U.S. COMMODITY FUTURES TRADING COMMISSION
Three Lafayette Centre
1155 21st Street, NW, Washington, DC 20581
Telephone: (202) 418-5000
Facsimile: (202) 418-5521 www.cftc.gov
CFTC Letter No. 12-53
No-Action
December 17, 2012
Division of Market Oversight
Jeff Lillien
The Financial Markets Lawyers Group
33 Liberty Street, 7 th Floor
New York, NY 10045
Robert Pickel
Chief Executive Officer
International Swaps and Derivatives Association, Inc.
1101 Pennsylvania Avenue, NW
Suite 600
Washington, DC 20004
Re: Time-Limited No-Action Relief from (i) Parts 43 and 45 Reporting for Prime Brokerage Transactions, and (ii) Reporting Unique Swap Identifiers in Related Trades under Part 45 by Prime Brokers. Dear Messrs. Lillien and Pickel, This letter responds to the Financial Markets Lawyers Group’s (“FMLG”) request, dated December 11, 2012 (originally submitted on November 21, 2012, but revised and resubmitted on December 11, 2012) and the International Swaps and Derivatives Association, Inc.’s (“ISDA”) request, dated December 6, 2012 (collectively, the “Letters”) for No Action Relief from the Division of Market Oversight (“DMO” or “Division”) of the Commodity Futures Trading Commission (“Commission”) regarding the application of the Commission’s regulations for realtime reporting of swap transactions under Parts 43 1 (“Real-Time Reporting”) and 45 2 reporting (“SDR Reporting,” and together with Real-Time Reporting, “Swap Reporting”) in the context of prime brokerage arrangements (“Prime Brokerage”) relating to any uncleared, over-the-counter transaction that is a “swap” as defined in Section 1a(47) of the Commodity Exchange Act 3 (“CEA” or the “Act”) and related Commission regulations. 4 FMLG and ISDA requested No Action Relief for swap dealers that, in the context of Prime Brokerage transactions, enter into
Read the rest free, and get an email when CFTC publishes again
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
More like this from CFTC
CFTC published 6 documents in the last 30 days. We email you each new one the day it's published.