RegAlert2013-07-11 | CFTC Staff Letter 13-45Added · Updated
No-Action Relief for Registered Swap Dealers and Major Swap Participants from Certain CFTC Risk Mitigation Rules for Covered Swaps Subject to EMIR
The Division of Swap Dealer and Intermediary Oversight provides no-action relief to registered swap dealers and major swap participants organized or established in the United States or European Union, allowing compliance with EMIR Risk Mitigation Rules to constitute compliance with corresponding CFTC Risk Mitigation Rules for Covered Swaps. This relief applies to uncleared swaps and physically-settled foreign exchange forwards and swap agreements exempted from the swap definition, provided the transactions are subject to both regulatory regimes and at least one counterparty is a registered SD or MSP. The Division excludes Commission regulation § 23.502(c) from the relief, requiring SDs and MSPs to continue reporting valuation disputes exceeding $20 million to the Commission and US prudential regulators. The relief is available for transactions where one counterparty is established in the EU or subject to EMIR, one is a US person, and one is a registered SD or MSP, or for EU-organized SDs/MSPs engaging in the specified swap types.
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U.S. COMMODITY FUTURES TRADING COMMISSION
Three Lafayette Centre
1155 21st Street, NW, Washington, DC 20581
Telephone: (202) 418-5977
Facsimile: (202) 418-5407 gbarnett@cftc.gov
Division of Swap Dealer and
Intermediary Oversight
Gary Barnett
Director
CFTC Letter No. 13-45 Corrected
No-Action
July 11, 2013
Division of Swap Dealer and Intermediary Oversight Re: No-Action Relief for Registered Swap Dealers and Major Swap Participants from Certain Requirements under Subpart I of Part 23 of Commission Regulations in Connection with Uncleared Swaps Subject to Risk Mitigation Techniques under EMIR Ladies and Gentlemen:
The Division of Swap Dealer and Intermediary Oversight (Division) of the Commodity Futures Trading Commission (Commission) has determined that relief from certain requirements applicable to registered swap dealers (SDs) or major swap participants (MSPs) organized or established in the United States or European Union 1 is warranted with respect to certain transactions (as defined below) entered into by registered SDs when such transactions are subject to both section 4s of the Commodity Exchange Act (CEA) and Article 11 of the European Market Infrastructure Regulation (EMIR), including the related regulatory technical standards (EMIR Regulatory Technical Standards), for which, under both regimes, the requirements are essentially identical. 3
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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
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CFTC published 6 documents in the last 30 days. We email you each new one the day it's published.