RegAlert2014-09-15 | CFTC Staff Letter 14-117Added · Updated
CFTC Staff Letter 14-117: Conditional No-Action Relief for Swaps Trading on Australian Licensed Markets
The CFTC Divisions of Market Oversight and Swap Dealer and Intermediary Oversight provide conditional no-action relief to Qualifying Australian Licensed Markets, parties executing swaps on those markets, and swap dealers or major swap participants. This relief exempts qualifying markets from SEF registration requirements under CEA section 5h(a)(1) and regulation 37.3(a)(1), exempts parties from the trade execution mandate under CEA section 2(h)(8), and exempts swap dealers and major swap participants from certain business conduct and documentation requirements under part 23 of the Commission's regulations. The relief is contingent upon the market being licensed in Australia, regulated by ASIC, and submitting a certification confirming compliance with comparable regulatory standards and restrictions on trading by non-eligible contract participants.
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U.S. COMMODITY FUTURES TRADING COMMISSION
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CFTC Letter No. 14-117
No-Action
September 15, 2014
Division of Market Oversight
Division of Swap Dealer and Intermediary Oversight Conditional No-Action Relief with respect to Swaps Trading on Certain Financial Markets that are Licensed in Australia and Overseen by the Australian Securities & Investments Commission The Divisions of Market Oversight (“DMO”) and Swap Dealer and Intermediary Oversight (“DSIO”) (together, the “Divisions”) of the Commodity Futures Trading Commission (“CFTC” or “Commission”) are jointly issuing this letter to provide conditional no-action relief for: (1) qualifying domestic financial markets operating in Australia that are licensed in Australia and regulated by the Australian Securities & Investments Commission (“ASIC”) (“Qualifying Australian Licensed Markets”) 1 from the swap execution facility (“SEF”) registration requirement set out in section 5h(a)(1) of the Commodity Exchange Act (“CEA” or “Act”) 2 and Commission regulation 37.3(a)(1); 3 (2) parties executing swap transactions on Qualifying Australian Licensed Markets from (i) the trade execution mandate set out in section 2(h)(8) of the Act; 4 and (ii) their obligations to report part 45 creation data and the initial part 43 data associated with such swap transactions once a Qualifying Australian Licensed Market begins reporting part 45 creation data and the initial part 43 data associated with swap transactions to a Commission-registered or provisionally-registered swap data repository (“SDR”), as if it were a SEF; 5 and (3) swap dealers (“SDs”) and major swap participants (“MSPs”) executing swap
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Lineage: Superseded
Timeline
Amended 1 time · last 2015-05-15
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
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CFTC published 6 documents in the last 30 days. We email you each new one the day it's published.