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

The Divisions of the Commodity Futures Trading Commission extend no-action relief until September 15, 2014, so that Non-U.S. Swap Dealers will not be recommended for enforcement action for failing to comply with certain Transaction-Level Requirements. This relief applies to Covered Transactions involving non-U.S. persons where the swap is arranged, negotiated, or executed by personnel or agents located in the United States. The exemption covers all applicable Transaction-Level Requirements for transactions with non-Swap Dealer counterparties, and excludes only multilateral portfolio compression and swap trading relationship requirements for transactions between Non-U.S. Swap Dealers.

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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
Gary Barnett
Director
Ananda Radhakrishnan
Director
Vincent A. McGonagle
Director
CFTC Letter No. 14-01
No-Action
January 3, 2014
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 by CFTC Staff Letter 13-71, 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.
I. Background
A. Transaction-Level Requirements

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Lineage: Amended

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Timeline

Amended 3 times · last 2017-07-25

2017-07-25CFTCCFTC Staff Letter 17-36: Extension of No-Action Relief for Non-U.S. Swap Dealersamends
2016-08-04CFTCCFTC Staff Letter 16-64: Extension of No-Action Relief for Non-U.S. Swap Dealersamends
2014-06-04CFTCCFTC Staff Letter 14-74: Extension of No-Action Relief for Non-U.S. Swap Dealersamends

This document amends: CFTC Staff Letter 13-71: Time-limited no-action relief for Non-U.S. SDs regarding Transaction-Level Requirements until January 14, 2014

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