CFTC Staff Letter 13-75: Time-Limited No-Action Relief from Part 45 and Part 46 for Non-U.S. SDs and MSPs in Australia, Canada, EU, Japan, or Switzerland

U.S. COMMODITY FUTURES TRADING COMMISSION
Three Lafayette Centre
1155 21st Street, NW, Washington, DC 20581
Telephone: (202) 418-5000
Facsimile: (202) 418-5521 www.cftc.gov
Division of Market Oversight
CFTC Letter No. 13-75
No-Action
December 20, 2013
Division of Market Oversight
Time-Limited No-Action Relief from Certain Requirements of Part 45 and Part 46 of the Commission’s Regulations, for Certain Swap Dealers and Major Swap Participants Established under the Laws of Australia, Canada, the European Union, Japan or Switzerland This letter is issued by the Division of Market Oversight (the “Division”) of the Commodity Futures Trading Commission (the “Commission”) to provide Commission-registered swap dealers (“SDs”) and major swap participants (“MSPs”) that are non-U.S. persons 1 established under the laws of Australia, Canada, the European Union, Japan or Switzerland, and that are not part of an affiliated group in which the ultimate parent entity is a U.S. SD, U.S. MSP, U.S. bank, U.S. financial holding company or U.S. bank holding company, with time-limited no-action relief from certain requirements of the swap data reporting rules set forth at Part 45 2 and Part 46 3 of the Commission’s regulations (collectively, the “SDR Reporting Rules”).
I. Background
On July 22, 2013, the Commission published in the Federal Register an order (the “Exemptive Order”) 4 which, among other things, permits non-U.S. SDs and non-U.S. MSPs established in specified non-U.S. jurisdictions to delay, under certain circumstances and subject to certain conditions, compliance with the SDR Reporting Rules with respect to their swaps with counterparties that are non-U.S. persons (“non-U.S. counterparties”). That exemptive relief expires on December 21, 2013.