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

CFTC Letter No. 22-14 No-Action October 28, 2022 U.S. COMMODITY FUTURES TRADING COMMISSION Three Lafayette Centre 1155 21st Street, NW, Washington, DC 20581 Telephone: (202) 418-5000 Vincent A. McGonagle Director Extension of Time-Limited No-Action Position 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 a request 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 position provided in CFTC Letter No. 20-37. 1
I. Background
On December 20, 2013, the Division of Market Oversight issued CFTC Letter No. 13-
75. The letter provided 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”). During April 2019, DMO expanded its no-action position to cover non-U.S. SDs and non-U.S. MSPs established under the