CFTC Staff Letter 14-140: Extension of No-Action Relief for Non-U.S. Swap Dealers

The Divisions of the Commodity Futures Trading Commission extend the no-action relief regarding transaction-level requirements for Non-U.S. Swap Dealers until September 30, 2015, or the effective date of any Commission action, whichever is earlier. This relief applies to Covered Transactions involving Non-U.S. persons or Non-U.S. Swap Dealers that are not guaranteed or conduit affiliates of a U.S. person and are arranged, negotiated, or executed by personnel or agents located in the United States. The Divisions will not recommend enforcement actions for failures to comply with applicable transaction-level requirements, except for multilateral portfolio compression under regulation 23.503 and swap trading relationship requirements under regulation 23.504 when the counterparty is another Non-U.S. Swap Dealer.

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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
Phyllis P. Dietz
Acting Director
Vincent A. McGonagle
Director
CFTC Letter No. 14-140
No-Action
November 14, 2014
Division of Swap Dealer and Intermediary Oversight Division of Clearing and Risk Division of Market Oversight Re: Extension of No-Action Relief: Transaction-Level Requirements for Non-U.S. Swap Dealers Ladies and Gentlemen:
This letter extends the no-action relief provided in CFTC Staff Letter No. 14-74, which extended the no-action relief provided in CFTC Staff Letters Nos. 13-71 and 14-01, which responded to requests received 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”) from swap dealers (“SDs”) registered with the Commission that are established under the laws of jurisdictions other than the United States (“Non-U.S. SDs”), 1 seeking time-limited relief from certain transaction-level requirements (as described below) under the Commodity Exchange Act (“CEA”) and the Commission’s regulations promulgated thereunder. The Non-U.S. SDs sought relief from such requirements when entering into swaps with a counterparty that is not a U.S. person. 2

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Lineage: Amended

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Timeline

Amended 1 time · last 2015-08-13

2015-08-13CFTCExtension of No-Action Relief: Transaction-Level Requirements for Non-U.S. Swap Dealersamends

This document amends: CFTC Staff Letter 14-74: Extension of No-Action Relief for Non-U.S. Swap Dealers

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