CFTC Staff Letter 14-108: No-Action Relief for SEF Confirmations Incorporating Freestanding Agreements

The Division of Market Oversight grants conditional, time-limited no-action relief to swap execution facilities (SEFs) for uncleared swap transactions executed on or pursuant to their rules. The relief suspends enforcement of Commission regulations 37.6(b), 37.1000, 37.1001, and 45.2(a) regarding the requirement to submit previously-negotiated freestanding agreements to the SEF prior to execution and to maintain records of those incorporated documents. This relief is conditioned upon the incorporated agreements being available to Commission staff upon request within a reasonable period of time and expires at midnight Eastern Standard Time on September 30, 2015.

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U.S. COMMODITY FUTURES TRADING COMMISSION
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CFTC Letter No. 14-108
No-Action
Division of Market Oversight
Re: Staff No-Action Position Regarding SEF Confirmations and Recordkeeping Requirements under Certain Provisions Included in Regulations 37.6(b) and 45.2 This letter responds to requests received from multiple parties 1 by the Division of Market Oversight (“DMO” or the “Division”) of the Commodity Futures Trading Commission (the “Commission”) for no-action relief from the confirmation provisions in Commission regulation 37.6(b) 2 and the portions of Part 37 of the Commission’s regulations that discuss the incorporation of terms by reference in these confirmations. 3 As set forth below, the Division is granting conditional time-limited no-action relief. Background Title VII of the Dodd-Frank Wall Street Reform and Consumer Protection Act (the “Dodd-Frank Act”) 4 amended the Commodity Exchange Act (“CEA”) 5 to establish a comprehensive new regulatory framework for swaps. Among other responsibilities, CEA
section 5h requires the Commission to promulgate rules for swap execution facilities (“SEFs”). 6

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Timeline

Amended 1 time · last 2017-03-24

2017-03-24CFTCCFTC Staff Letter 17-17 (No-Action): Extension of Relief for SEF Confirmation and Recordkeeping Requirementsamends

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