CFTC Staff Letter 13-28: Extension of Regulatory Status Quo for Certain Swap Transactions

The Division of Market Oversight extends no-action relief from July 1, 2013, until the SEF final rulemaking compliance date of October 2, 2013, allowing facilities operating as Swap Execution Facilities (SEFs) or Designated Contract Markets (DCMs) to continue transactions without disruption. This relief applies to agreements, contracts, and transactions involving agricultural, exempt, and excluded commodities, superseding the December 2012 Letter. The Division will not recommend enforcement actions against persons or entities offering, entering into, or providing advice on such transactions, provided they comply with the conditions of the Second Amendment to the July 14, 2011 Order and applicable anti-fraud and anti-manipulation prohibitions.

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CFTC Letter No. 13-28
No-Action
June 17, 2013
Division of Market Oversight
Staff No-Action Relief: Extension of the Regulatory Status Quo Established with Respect to Certain Transactions by the Commission’s Second Amendment to the July 14, 2011 Order for Swap Regulation On July 13, 2012, the Commodity Futures Trading Commission (the “Commission”) published a Final Order (the “Second Amendment to July 14, 2011 Order”) that, among other things, granted temporary exemptive relief from certain provisions of the Commodity Exchange Act (“CEA”) and Commission regulations applicable to certain agreements, contracts, and transactions as a result of Title VII of the Dodd-Frank Wall Street Reform and Consumer Protection Act (“DoddFrank Act”), which, as of July 16, 2011, repealed various previously applicable CEA exemptions and exclusions. 1

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Lineage: In force

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This document supersedes: CFTC Staff Letter 12-48: No-Action Relief for Preservation of Regulatory Status Quo for Certain Transactions

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