RegAlert2022-12-02 | CFTC Staff Letter 22-19Added · Updated
CFTC Staff Letter 22-19: Supplemental No-Action Letter Modifying Reporting Conditions for Yieldbroker
The Division of Market Oversight modifies CFTC Staff Letters 15-29 and 16-72 to remove reporting conditions requiring a Qualified Australian Market to report Part 43 and Part 45 data to a swap data repository as if it were a swap execution facility. This change applies to Yieldbroker Pty Limited, allowing U.S. persons trading on its platform to act as the reporting counterparty, provided they are registered swap dealers with systems to report to swap data repositories. The modification requires Yieldbroker to update its rulebook to affirmatively assign reporting responsibilities to participants and ensures the transition occurs without a gap in reporting. All other conditions in the original staff letters remain in full effect, and this supplemental letter expires immediately upon the expiration of those underlying letters.
CFTC published 6 documents in the last 30 days — get each new one by email the day it lands.
CFTC Letter No. 22-19 No-Action December 02, 2022 Division of Market Oversight Vincent McGonagle Director Supplemental Staff Letter with respect to Swaps Trading on Certain Financial Markets that are Licensed in Australia and Overseen by the Australian Securities & Investments Commission This letter responds to a request received by the Division of Market Oversight (“DMO” or the “Division”) of the Commodity Futures Trading Commission (“CFTC” or “Commission”) from Yieldbroker Pty Limited (“Yieldbroker”) requesting a modification to CFTC No-Action Letter No. 15-29 (“Staff Letter 15-29”) 1 and CFTC Letter No. 16-72 (“Staff Letter 16-72”) 2 to treat U.S. persons trading on Yieldbroker’s platform as the reporting counterparty for purposes of Parts 43 and 45 of the Commission’s regulations. 3 These modifications would eliminate the conditions that require a Qualified Australian Market (“QALM”) to report Part 45 creation data and Part 43 data to a swap data repository (“SDR”) as if it were a swap execution facility (“SEF”). 4 Background Staff Letter 15-29 includes several no-action positions related to SEF registration requirements, the trade execution requirement, swap data reporting requirements, and swap dealer and major swap participant business conduct requirements, confirmation requirements, and swap trading relationship documentation obligations. Under the no-action positions set out in Staff Letter 15-29 related to reporting, a QALM would assume the reporting obligation as if it were a SEF. Staff Letter 15-29 includes a requirement that a QALM, as a condition to qualifying for relief under the letter, must certify that it will report Part 43 and 45 data to a SDR, as if it were a SEF, for all transactions that are subject to the clearing requirement and/or involve a counterparty that is a U.S. Person. 5 Staff Letter 15-29 also includes a condition that a QALM must have rules that affirmatively prohibit the reporting of such transactions by reporting counterparties, in order
Read the rest free, and get an email when CFTC publishes again
Lineage: In force
Timeline
This document amends: CFTC Staff Letter 15-29: Conditional No-Action Relief for Swaps Trading on Australian Licensed Markets Overseen by ASIC
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
More like this from CFTC
CFTC published 6 documents in the last 30 days. We email you each new one the day it's published.