Extension of Time-Limited No-Action Relief from Part 45 and Part 46 Requirements for Non-U.S. Swap Dealers and Major Swap Participants

The Division of Market Oversight extends time-limited no-action relief from the swap data reporting and recordkeeping requirements of Parts 45 and 46 for non-U.S. swap dealers and major swap participants established in Australia, Canada, the European Union, Japan, Switzerland, or the United Kingdom. This relief applies to entities not part of an affiliated group with a U.S. ultimate parent entity and covers swaps with non-U.S. counterparties that are not guaranteed or conduit affiliates of a U.S. person. The extension lasts until the earlier of 30 days following a comparability determination for the relevant jurisdiction or December 1, 2022. The relief excludes specific recordkeeping requirements under Regulations 45.2, 45.6, 46.2, and 46.4, though it permits the use of substitute identifiers if legal entity identifiers are unavailable.

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CFTC LETTER NO. 20-37 NO-ACTION NOVEMBER 18, 2020 Division of Market Oversight Dorothy DeWitt Director 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, Switzerland or the United Kingdom This letter responds to requests received by the Division of Market Oversight of the Commodity Futures Trading Commission (the “Commission” or “CFTC”), pursuant to Commission Regulation 140.99, to extend certain staff no-action relief provided in CFTC Letter No. 13-75 and extended under CFTC Letter Nos. 14-141, 15-61, 16-79, and 17-64. 1
I. Background
On December 20, 2013, the Division of Market Oversight issued CFTC 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 or Switzerland (collectively, the “Prior Jurisdictions”), 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 requirements of the swap data reporting rules set forth in Part 45 3 and Part 46 4 of the Commission’s regulations (collectively, the “SDR Reporting Rules”). The Division of Market

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Timeline

Amended 1 time · last 2022-10-28

2022-10-28CFTCExtension of Time-Limited No-Action Relief from Part 45 and Part 46 Requirements for Non-U.S. Swap Dealers and Major Swap Participantsamends

This document amends: CFTC Staff Letter 19-09: Extension of Regulatory Relief to UK Entities Following Brexit, 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