CFTC Staff Letter 20-40: Revised Extension of Regulatory Relief to UK Entities

CFTC LETTER NO. 20-40 NO-ACTION NOVEMBER 24, 2020 Re: Revised Extension to UK Entities of Regulatory Relief Previously Granted to European Union Entities in CFTC No-Action Letters: 12-70 and 13-45
I. Introduction
This letter revises the extension to United Kingdom (“UK”) entities of existing regulatory relief provided pursuant to CFTC No-Action Letter 19-09. 1 That letter referenced existing regulatory relief provided to certain European Union (“EU”) entities by staff of the Commodity Futures Trading Commission (“CFTC” or “Commission”) and was provided in accordance with the Joint Statement by UK and US Authorities on Continuity of Derivatives Trading and Clearing Post-Brexit of February 25, 2019. 2 The Market Participants Division (“MPD”) is issuing this letter to permit certain UK entities to rely on the longstanding relief provided to certain EU entities in the following letters (collectively, the “Existing Relief”), subject to the conditions and circumstances described therein:

1. Letter 12-70: Relief for Certain Swap Dealers, De Minimis Dealers, Agent
   Affiliates, and Associated Persons from Registration as an Introducing Broker under Section 4d or a Commodity Trading Advisor under Section 4m of the Commodity Exchange Act, and Interpretation that Certain Employees of De Minimis Dealers are not an Introducing Broker as defined in Section 1a(31) of the Commodity Exchange Act; 3 and
2. Letter 13-45: No-Action Relief for Registered Swap Dealers and Major Swap
   Participants from Certain Requirements under Subpart I of Part 23 of