CFTC Staff Letter 14-31: Extension of Time-Limited No-Action Relief for Swaps Trading on EU Overseen MTFs

The Division of Market Oversight extends time-limited no-action relief from the SEF registration requirement and trade execution mandate for multilateral trading facilities overseen by competent authorities designated by European Union Member States until 11:59 pm EDT on May 14, 2014. This extension allows entities to prepare for the issuance of a Replacement Long-Term No-Action Letter containing clarified conditions, with a recommendation to submit relief requests by May 1, 2014. The relief expires earlier if the Division issues a letter acknowledging receipt of and granting a relief request pursuant to the forthcoming long-term letter.

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1
CFTC Letter No. 14-31
No-Action
March 21, 2014
Division of Market Oversight
Extension of Time-Limited No-Action Relief with respect to Swaps Trading on Certain Multilateral Trading Facilities Overseen by Competent Authorities Designated by European Union Member States On February 12, 2014, the Division of Market Oversight (“DMO”) of the Commodity Futures Trading Commission (“CFTC” or “Commission”) issued CFTC No-Action Letter No. 14-15 (“No-Action Letter 14-15”) 1 to allow additional time for multilateral trading facilities overseen by competent authorities designated by European Union Member States (“MTFs”) to comply with the conditions for obtaining the longer-term relief provided by CFTC No-Action Letter No. 14-16 (“No-Action Letter 14-16”), 2 and for DMO to consider relief requests made by MTFs pursuant to No-Action Letter 14-16. The short-term no-action relief provided by No-Action Letter 14-15 will expire for any particular MTF upon the earlier of: (1) DMO’s issuance of a letter acknowledging receipt of, and granting an MTF’s relief request pursuant to No-Action Letter 14-16, or (2) 11:59 pm on March 24, 2014. 3

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This document amends: Time-Limited No-Action Relief for Swaps Trading on EU Multilateral Trading Facilities

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