CFTC Staff Letter 15-29: Conditional No-Action Relief for Swaps Trading on Australian Licensed Markets Overseen by ASIC

The CFTC Divisions of Market Oversight and Swap Dealer and Intermediary Oversight provide conditional no-action relief to Qualifying Australian Licensed Markets licensed by ASIC, exempting them from SEF registration requirements under CEA section 5h(a)(1) and regulation 37.3(a)(1). This relief extends to parties executing swaps on these markets, exempting them from the trade execution mandate under CEA section 2(h)(8) and specific business conduct and documentation requirements for swap dealers and major swap participants under Part 23. Relief is triggered by a DMO letter acknowledging a market's certification that it maintains a compliant order book, ensures non-discriminatory access, and prohibits trading by non-eligible contract participants who are U.S. persons. The relief expires upon the effective date of final rules implementing CEA section 5h(g) regarding exempt facilities subject to comparable home country supervision.

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1
CFTC Letter No. 15-29
No-Action
May 15, 2015
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 This no-action letter supersedes CFTC No-Action Letter No. 14-117 (“No-Action Letter 14- 117”), which was issued jointly by 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”) on September 15, 2014. 1 No person may rely upon the relief provided in No-Action Letter 14-117 after the date hereof. The conditional relief provided in this letter generally tracks the conditional relief provided in NoAction Letter 14-117, but contains several notable clarifications and changes to the conditions for relief. DMO and DSIO 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”) 2 from the swap execution facility (“SEF”) registration

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Lineage: Amended

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Timeline

Amended 1 time · last 2022-12-02

2022-12-02CFTCCFTC Staff Letter 22-19: Supplemental No-Action Letter Modifying Reporting Conditions for Yieldbrokeramends

This document supersedes: CFTC Staff Letter 14-117: Conditional No-Action Relief for Swaps Trading on Australian Licensed Markets

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