CFTC Staff Letter 13-33: No-Action Relief for Swaps Intended to be Cleared

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. 13-33 Corrected
No-Action
June 27, 2013
Division of Swap Dealer and Intermediary Oversight Re: No-Action Relief: Swaps Intended to be Cleared Ladies and Gentlemen:
This letter responds to requests received by the Division of Swap Dealer and Intermediary Oversight (“Division”) of the Commodity Futures Trading Commission (“Commission”) from the International Swaps and Derivatives Association (“ISDA”) and the Asset Management Group of the Securities Industry and Financial Markets Association (“AMG” and, together with ISDA, the “Requesting Associations”), each on behalf of its members who enter into swaps that are intended to be submitted for clearing contemporaneously with execution. 1 For these swaps, the Requesting Associations seek relief from certain disclosure and notice requirements and other duties imposed on swap dealers (“SDs”) and major swap participants (“MSPs”) pursuant to Commission regulations §§ 23.402, 23.430, 23.431, 23.432, 23.434, 23.440, 23.450, and 23.451, as well as certain documentation requirements imposed on SDs and MSPs pursuant to Commission regulation § 23.504.
I. Background
On July 21, 2010, President Obama signed the Dodd-Frank Act. 2 Title VII of the Dodd￾Frank Act 3 amended the Commodity Exchange Act (“CEA”) 4 to establish a comprehensive