CFTC Staff Letter 20-21: Withdrawal of Staff Advisory and No-Action Relief for Non-U.S. Swap Dealers

The Divisions withdraw CFTC Staff Advisory 13-69 and CFTC Staff Letter 17-36 in their entirety. The Divisions will not recommend that the Commission take an enforcement action against a Non-U.S. Swap Dealer for failure to comply with Unaddressed Transaction-Level Requirements when entering into Covered Transactions. This relief applies to swaps between Non-U.S. Swap Dealers and non-U.S. persons arranged, negotiated, or executed using personnel or agents located in the United States. The relief remains in effect until the Commission takes action addressing the applicability of any particular Unaddressed Transaction-Level Requirement to such transactions.

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CFTC Letter No. 20-21 No-Action July 23, 2020
Re: Withdrawal of Staff Advisory and No-Action Relief: Transaction-Level Requirements for Non-U.S. Swap Dealers Ladies and Gentlemen:
This letter is issued by the Division of Swap Dealer and Intermediary Oversight (“DSIO”), the Division of Clearing and Risk (“DCR”), and the Division of Market Oversight (“DMO,” and collectively with DSIO and DCR, the “Divisions”) of the Commodity Futures Trading Commission (“Commission”). On July 23, 2020, the Commission approved a final rule (the “Cross-Border Final Rule”) addressing the cross-border application of the registration thresholds and certain requirements applicable to swap dealers (“SDs”) and major swap participants (“MSPs”), and establishing a formal process for requesting comparability determinations for such requirements from the Commission. 1 In issuing the CrossBorder Final Rule, the Commission announced its policy regarding application of certain Commission requirements to swaps between SDs that are not U.S. persons 2 (“Non-U.S. SDs”) and counterparties that are not U.S. persons entered into by the

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This document supersedes: CFTC Staff Letter 17-36: Extension of No-Action Relief for Non-U.S. Swap Dealers

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