RegAlert2023-07-10 | CFTC Staff Letter 23-11Added · Updated
CFTC Staff Letter 23-11: Extension of Time-Limited No-Action Relief for Bank Swap Dealers from Regulation 23.105(p) Financial Reporting
The CFTC Market Participants Division extends the expiration date of its no-action position from CFTC Staff Letter 21-18 until the earlier of October 6, 2025, or the adoption of revised financial reporting requirements under Regulation 23.105(p). This extension applies to Bank Swap Dealers (SDs) subject to prudential regulator capital requirements, allowing them to submit alternative financial reports, such as Call Report schedules or home country equivalents, in lieu of the specific forms mandated by Appendix C to Subpart E of Part 23. Eligible entities, including covered non-U.S. Bank SDs and dually-registered SDs, must file these alternative reports in English, converted to U.S. dollars, and adhere to specific timing windows relative to their home regulator filings. The Division will not recommend enforcement action against Bank SDs that comply with these specified conditions during the extended period.
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CFTC LETTER NO. 23-11 NO-ACTION JULY 10, 2023
Kyle Brandon
Managing Director, Head of Derivatives Policy
Securities Industry and Financial Markets Association 120 Broadway, 35 th Floor New York, NY 10271 Stephen Kennedy Global Head of Public Policy International Swaps and Derivatives Association 10 E. 53rd Street, 9th Floor New York, NY 10022 Re: Extension of Time-Limited No-Action Position for Bank Swap Dealers from Certain Financial Reporting Requirements Dear Ms. Brandon and Mr. Kennedy:
The Market Participants Division (the “Division”) of the U.S. Commodity Futures Trading Commission (“Commission” or “CFTC”) is extending its time-limited no-action position taken in CFTC Staff Letter 21-18 (“Letter 21-18”), 1 regarding financial reporting requirements for eligible swap dealers (“SDs”). Letter 21-18 was issued in response to your joint letter dated August 20, 2021 to the Division. The Division has subsequently received from you a second request letter dated June 15, 2023 asking for extension of the position taken in Letter 21-
18. Letter 21-18 provided, subject to the conditions therein, that the Division would not
recommend an enforcement action to the Commission prior to the time-limited date of October 6, 2023 if certain SDs subject to capital requirements of a prudential regulator (“Bank SDs”) fail to comply with financial reporting requirements set forth in Regulation 23.105(p)(2) 2 as described below.
I. Regulatory Background
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Lineage: Amended
Timeline
Amended 2 times · last 2024-05-23
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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CFTC published 6 documents in the last 30 days. We email you each new one the day it's published.