RegAlert2014-03-28 | CFTC Staff Letter 14-41Added · Updated
CFTC Staff Letter 14-41 (No-Action): Extension of No-Action Relief for SGX-DC Clearing Members
The Division of Clearing and Risk extends no-action relief for Singapore Exchange Derivatives Clearing Limited (SGX-DC) and its Clearing Members until April 30, 2014, or until all relevant positions are closed or transferred to a registered futures commission merchant. This relief permits non-registered Clearing Members to carry existing positions and accept new offsetting positions in OTC Commodity Contracts for Affected U.S. Persons and FCM customers in omnibus accounts. SGX-DC must notify Clearing Members of these terms and require the distribution of a standard disclosure statement to affected parties. The relief explicitly excludes the clearing of new positions other than those entered into for the purpose of offsetting existing positions.
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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 Clearing and
Risk
CFTC Letter No. 14-41
No-Action
March 28, 2014
Division of Clearing and Risk
Mr. Muthukrishnan Ramaswami
President
Singapore Exchange Derivatives Clearing Limited 2 Shenton Way, #19-00 SGX Centre 1 Singapore 068804 Re: Extension of No-Action Relief with Regard to Section 4d(f) of the Commodity Exchange Act Dear Mr. Ramaswami:
By letter dated December 20, 2013 (the “2013 No-Action Letter”), 1 the Division of Clearing and Risk (“Division”) of the Commodity Futures Trading Commission (“Commission”) extended no-action relief that had been granted in 2012 2 to Clearing Members of Singapore Exchange Derivatives Clearing Limited (“SGX-DC”) and to SGX-DC, stating that the Division would not recommend that the Commission take enforcement action against (i) Clearing Members of SGX-DC for failing to comply with the futures commission merchant (“FCM”) registration requirements of Section 4d(f) of the Commodity Exchange Act (“CEA”) 3 in carrying existing positions and accepting for clearing offsetting positions in OTC Commodity Contracts 4 on behalf of Affected U.S. Persons, 5 and (ii) SGX-DC for
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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.