RegAlert2017-02-01 | CFTC Staff Letter 17-05Added · Updated
CFTC Staff Letter 17-05: No-Action Relief for Swap Dealers Complying with EU Uncleared Swap Margin Requirements
The Division of Swap Dealer and Intermediary Oversight will not recommend enforcement actions against swap dealers subject to European Union margin requirements who comply with those rules in lieu of specific provisions of the Commission’s Final Margin Rule. This time-limited relief applies from February 4, 2017, to May 8, 2017, allowing affected swap dealers to satisfy the Sub-Comp Eligible Provisions by adhering to the EMIR RTS. The relief does not constitute a comparability determination and does not excuse compliance with other applicable requirements under the Commodity Exchange Act or its regulations.
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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
Eileen T. Flaherty
Director
CFTC Letter No. 17-05
No-Action
February 1, 2017
Division of Swap Dealer and Intermediary Oversight Re: Time Limited No-Action Position for Swap Dealers Complying with European Union Uncleared Swap Margin Requirements Ladies and Gentlemen:
This letter presents a no-action position from the Division of Swap Dealer and Intermediary Oversight (“DSIO”) of the Commodity Futures Trading Commission (“Commission”) for swap dealers (“SDs”) registered with the Commission and subject to the Commission’s rules regarding margin requirements for uncleared swaps1 regarding compliance with such margin requirements. Specifically, as detailed below, this letter provides relief for the period from and including February 4, 2017 to and excluding May 8, 2017 from compliance with certain provisions of the Commission’s uncleared swap margin requirements when entering into swaps with counterparties subject to the non-centrally cleared OTC derivative margin requirements applicable in the European Union2 (the “EMIR RTS”).
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Lineage: Amended
Timeline
Amended 1 time · last 2017-04-18
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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