RegAlert2012-12-31 | CFTC Staff Letter 12-70Added · Updated
CFTC Staff Letter 12-70: No-Action Relief for Swap Dealers and Affiliates from Introducing Broker or Commodity Trading Advisor Registration
The Division of Swap Dealer and Intermediary Oversight will not recommend enforcement against Agent Swap Dealers, Agent Affiliates, and their employees for failing to register as introducing brokers or commodity trading advisors, provided specific conditions are met. These conditions require majority ownership between the entities, absence of statutory disqualification for involved personnel, and written joint liability undertakings. The Division also determines that employees of De Minimis Dealers engaging solely in swap-related introducing broker activities are not introducing brokers under the Commodity Exchange Act. Conversely, no relief is granted for Associated Persons of Futures Commission Merchants or Introducing Brokers, though a filing deadline extension to March 31, 2013, is provided for such registrations.
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Division of Swap Dealer and Gary Barnett
Intermediary Oversight Director
U.S. COMMODITY FUTURES TRADING COMMISSION
Three Lafayette Centre
1155 21st Street, NW, Washington, DC 20581
Telephone: (202) 418-6700
Facsimile: (202) 418-5528 gbarnett@cftc.gov
CFTC Letter No. 12-70
No-Action and Interpretation
December 31, 2012
Division of Swap Dealer and Intermediary Oversight Re: Staff Positions – Relief for Certain Swap Dealers, De Minimis Dealers, Agent Affiliates, and Associated Persons from Registration as an Introducing Broker under
Section 4d or a Commodity Trading Advisor under Section 4m of the Commodity
Exchange Act, and Interpretation that Certain Employees of De Minimis Dealers are not an Introducing Broker as defined in Section 1a(31) of the Commodity Exchange Act
I. Introduction
The Dodd-Frank Wall Street Reform and Consumer Protection Act (“Dodd-Frank Act”) 1 amended the definitions of the terms “introducing broker” (“IB”) and “commodity trading advisor” (“CTA”) in the Commodity Exchange Act (“CEA”) 2 to include any person who engages in, respectively, IB activities or CTA activities, in connection with swap transactions. The Commission has similarly amended the IB and CTA definitions in the Commission’s regulations to incorporate swap-related activities. 3 If a person comes within the definition of the
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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.