RegAlert2013-03-30 | CFTC Staff Letter 13-06Added · Updated
CFTC Staff Letter 13-06: 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 comply with specific recordkeeping requirements under Regulations 23.201, 23.202, and 23.203 until June 30, 2013. This relief exempts firms from recording landline telephone conversations in jurisdictions outside the United States, United Kingdom, Singapore, Hong Kong, Japan, Australia, Switzerland, and Canada, and allows transaction records to remain searchable via existing system capabilities rather than requiring immediate identifiability by transaction and counterparty. Additionally, firms may continue using local time for legacy system timestamps provided the data is convertible to Coordinated Universal Time upon regulatory request, and may retain records outside the principal place of business if they are promptly available at a designated U.S. location within 72 hours of a Commission representative's request.
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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. 13-06
No-Action
March 30, 2013
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 February 28, 2013, to the Division of Swap Dealer and Intermediary Oversight (the “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 request no-action relief from certain recordkeeping requirements of subpart F to part 23 of the Commission’s Regulations and Regulation 1.31 (the “Recordkeeping Regulations”). 1 In the letter, you provide rationales similar to those in your letter to the Division dated August 10, 2012 for why the Division should grant such relief from the Recordkeeping Regulations. In response to your August 2012 letter, the Division issued CFTC Letter No. 12-29, which granted no-action relief to SDs and MSPs from
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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.