CFTC Staff Letter 17-22: Extension of No-Action Position for Swap Dealers Complying with EU Uncleared Swap Margin Requirements

The Division of Swap Dealer and Intermediary Oversight extends a time-limited no-action position, relieving swap dealers from compliance with specific provisions of the Commission’s Final Margin Rule known as the Sub-Comp Eligible Provisions. This relief applies to swap dealers that are subject to and in compliance with European Union uncleared swap margin requirements (EMIR RTS) during the period from May 8, 2017, through November 6, 2017. The extension allows these entities to comply with EMIR RTS in lieu of the specified U.S. margin requirements pending a comparability determination by the Commission.

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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. 17-22
No-Action
April 18, 2017
Division of Swap Dealer and Intermediary Oversight Re: Extension of Time Limited No-Action Position for Swap Dealers Complying with European Union Uncleared Swap Margin Requirements Ladies and Gentlemen:
This letter extends the relief provided in Commodity Futures Trading Commission (“Commission”) Staff Letter No. 17-05, which presented a no-action position from the Commission’s Division of Swap Dealer and Intermediary Oversight (“DSIO”) 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.2 As detailed below, Commission Staff Letter No. 17-05 provided 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 Union3 (the “EMIR RTS”). This no-

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This document amends: CFTC Staff Letter 17-05: No-Action Relief for Swap Dealers Complying with EU Uncleared Swap Margin Requirements

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