Extension of Time-Limited No-Action Relief from Part 45 and Part 46 Requirements for Non-U.S. SDs and MSPs

The Division of Market Oversight extends no-action relief from certain swap data reporting requirements of Part 45 and Part 46 for non-U.S. swap dealers and major swap participants established in Australia, Canada, the European Union, Japan, and Switzerland, provided their ultimate parent is not a U.S. entity. This relief applies to swaps with non-U.S. counterparties that are not guaranteed or conduit affiliates of a U.S. person and remains effective until the earlier of 30 days following a comparability determination for the relevant jurisdiction or December 1, 2015. The relief does not cover specific recordkeeping requirements under Regulations 45.2, 45.6, 46.2, and 46.4, although a substitute identifier may be used if a counterparty's legal entity identifier is unavailable.

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U.S. COMMODITY FUTURES TRADING COMMISSION
Three Lafayette Centre
1155 21st Street, NW, Washington, DC 20581
Telephone: (202) 418-5000
Facsimile: (202) 418-5521 www.cftc.gov
Division of Market Oversight
CFTC Letter No. 14-141
No-Action
November 24, 2014
Division of Market Oversight
Extension of Time-Limited No-Action Relief from Certain Requirements of Part 45 and
Part 46 of the Commission’s Regulations, for Certain Swap Dealers and Major Swap
Participants Established under the Laws of Australia, Canada, the European Union, Japan and Switzerland This letter responds to requests received by the Division of Market Oversight (the “Division”) of the Commodity Futures Trading Commission (the “Commission”), pursuant to Commission Regulation 140.99, to extend certain no-action relief provided in CFTC Staff Letter No. 13-75 (the “Request Letters”). 1
I. Background
On December 20, 2013 the Division issued CFTC Staff Letter No. 13-75 to provide Commission-registered swap dealers (“SDs”) and major swap participants (“MSPs”) that are non-U.S. persons 2 established under the laws of Australia, Canada, the European Union, Japan and Switzerland, and that are not part of an affiliated group in which the ultimate parent entity is a U.S. SD, U.S. MSP, U.S. bank, U.S. financial holding company or U.S. bank holding company, with time-limited no-action relief from certain requirements of the swap data reporting rules set forth at Part 45 3 and Part 46 4 of the Commission’s regulations (collectively, the “SDR Reporting Rules”). The relief in CFTC Staff Letter No. 13-75 that remains effective, set forth in
section II(i) of the letter, is set to expire no later than December 1, 2014.

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Amended 2 times · last 2017-11-30

This document amends: CFTC Staff Letter 13-75: Time-Limited No-Action Relief from Part 45 and Part 46 for Non-U.S. SDs and MSPs in Australia, Canada, EU, Japan, or Switzerland

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