RegAlert2016-11-21 | CFTC Staff Letter 16-79Added · Updated
CFTC Staff Letter 16-79: Extension of Time-Limited No-Action Relief from Part 45 and Part 46 Requirements for Non-U.S. SDs and MSPs
The Division of Market Oversight extends time-limited no-action relief from certain swap data reporting requirements for non-U.S. swap dealers and major swap participants established in Australia, Canada, the European Union, Japan, or Switzerland. This relief applies to swaps with non-U.S. counterparties that are not guaranteed or conduit affiliates of a U.S. person, excluding specific recordkeeping requirements under Regulations 45.2, 45.6, 46.2, and 46.4. The extension remains effective until the earlier of 30 days following a comparability determination for the relevant jurisdiction or December 1, 2017. Affected entities must generate a substitute counterparty identifier if a Legal Entity Identifier is not publicly available or provided.
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U.S. COMMODITY FUTURES TRADING COMMISSION
Three Lafayette Centre
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Telephone: (202) 418-5000
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Division of Market Oversight
CFTC Letter No. 16-79
No-Action
November 21, 2016
Division of Market Oversight
Extension of Time-Limited No-Action Relief from Certain Requirements of Part 45 and
Part 46 of the Commission’s Regulations, for Certain Swap Dealers and Major Swap
Participants Established under the Laws of Australia, Canada, the European Union, Japan or Switzerland This letter responds to requests received by the Division of Market Oversight (the “Division”) of the Commodity Futures Trading Commission (the “Commission”), pursuant to Commission Regulation 140.99, to extend certain staff no-action relief provided in CFTC Letter No. 13-75 and extended under CFTC Letter Nos. 14-141 and 15-61.
I. Background
On December 20, 2013 the Division issued CFTC Letter No. 13-75 to provide Commission-registered swap dealers (“SDs”) and major swap participants (“MSPs”) that are non-U.S. persons 2 established under the laws of Australia, Canada, the European Union, Japan or Switzerland, and that are not part of an affiliated group in which the ultimate parent entity is a U.S. SD, U.S. MSP, U.S. bank, U.S. financial holding company or U.S. bank holding company, with time-limited no-action relief from requirements of the swap data reporting rules set forth at
Part 45 3
and Part 46 4 of the Commission’s regulations (collectively, the “SDR Reporting Rules”). On November 24, 2014, in CFTC Letter No. 14-141, the Division extended certain of the relief provided in CFTC Letter No. 13-75 with respect to swaps with non-U.S. counterparties that are not guaranteed affiliates, or conduit affiliates, of a U.S. person, and the Division further
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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.