Extension of No-Action Relief: Transaction-Level Requirements for Non-U.S. Swap Dealers

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
Division of
Clearing and Risk
Division of
Market Oversight
Thomas J. Smith
Acting Director
Phyllis P. Dietz
Acting Director
Vincent A. McGonagle
Director
CFTC Letter No. 15-48
No-Action
August 13, 2015
Division of Swap Dealer and Intermediary Oversight Division of Clearing and Risk Division of Market Oversight Re: Extension of No-Action Relief: Transaction-Level Requirements for Non-U.S. Swap Dealers Ladies and Gentlemen:
This letter extends the no-action relief provided in CFTC Staff Letter No. 14-140, which extended the no-action relief provided in CFTC Staff Letters Nos. 13-71, 14-01, and 14-74, which responded to requests received by the Division of Swap Dealer and Intermediary Oversight (“DSIO”), the Division of Clearing and Risk, and the Division of Market Oversight (collectively, the “Divisions”) of the Commodity Futures Trading Commission (“Commission”) from swap dealers (“SDs”) registered with the Commission that are established under the laws of jurisdictions other than the United States (“Non-U.S. SDs”),1 seeking time-limited relief from certain transaction-level requirements (as described below) under the Commodity Exchange Act (“CEA”) and the Commission’s regulations promulgated thereunder. The Non-U.S. SDs sought relief from such requirements when entering into swaps with a counterparty that is not a U.S. person.2 1 Although the relief was requested by certain Non-U.S. SDs, such relief is available to all Non-U.S. SDs. 2 As used in this letter, the term “U.S. person” has the same meaning as in the Interpretive Guidance and Policy Statement Regarding Compliance with Certain Swap Regulations (the “Guidance”), 78 FR 45292 at 45316-17 (July 26, 2013).