CFTC Staff Letter 13-71: Time-limited no-action relief for Non-U.S. SDs regarding Transaction-Level Requirements until January 14, 2014

U.S. COMMODITY FUTURES TRADING COMMISSION
Three Lafayette Centre
1155 21st Street, NW, Washington, DC 20581
Telephone: (202) 418-5000
Division of Swap Dealer and
Intermediary Oversight
Division of
Clearing and Risk
Division of
Market Oversight
Gary Barnett
Director
Ananda Radhakrishnan
Director
Vincent A. McGonagle
Director
CFTC Letter No. 13-71
No-Action
November 26, 2013
Division of Swap Dealer and Intermediary Oversight Division of Clearing and Risk Division of Market Oversight Re: No-Action Relief: Certain Transaction-Level Requirements for Non-U.S. Swap Dealers Ladies and Gentlemen:
This letter is issued by the Division of Swap Dealer and Intermediary Oversight (“DSIO”), the Division of Clearing and Risk, and the Division of Market Oversight (collectively, the “Divisions”) of the Commodity Futures Trading Commission (“Commission”) to provide time limited relief to swap dealers (“SDs”) registered with the Commission that are established under the laws of jurisdictions other than the United States (“Non-U.S. SDs”) from certain transaction-level requirements (as described below) under the Commodity Exchange Act (“CEA”), as amended by the Dodd-Frank Wall Street Reform and Consumer Protection Act, 1 and the Commission’s regulations promulgated thereunder when entering into swaps with a certain category of non-U.S. counterparties (as described below). 2
I. Background
On November 14, 2013, DSIO issued an advisory 3 in response to inquiries from swap market participants regarding the applicability of the Commission’s Transaction-Level