RegAlert2013-12-20 | CFTC Staff Letter 13-77Added · Updated
Time-Limited No-Action Relief for SEF Members from Oral Communication Recording Requirements
The Division of Swap Dealer and Intermediary Oversight and the Division of Market Oversight will not recommend enforcement action against a commodity trading advisor that is a member of a swap execution facility for failing to comply with the requirement to record oral communications under Commission Regulation 1.35(a) prior to May 1, 2014. This time-limited relief applies specifically to commodity trading advisors, excluding other asset manager categories already exempt from the rule. The relief is based on representations regarding compliance challenges and does not excuse affected persons from other applicable regulatory requirements.
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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
Market Oversight
Gary Barnett
Director
Vincent A. McGonagle
Director
CFTC Letter No. 13-77
No-Action
December 20, 2013
Division of Swap Dealer and Intermediary Oversight Division of Market Oversight Timothy W. Cameron, Esq. Matthew J. Nevins, Esq. Securities Industry and Financial Markets Association 120 Broadway, 35th Floor New York, NY 10271 Stuart J. Kaswell Managed Funds Association 600 14th Street, N.W. Suite 900 Washington, DC 20005 Re: Time-Limited No-Action Relief for Certain Members of Swap Execution Facilities from the Requirement to Record Oral Communications Pursuant to Commission Regulation 1.35(a) Ladies and Gentlemen:
This letter is in response to a December 10, 2013 letter received by the Division of Swap Dealer and Intermediary Oversight (“DSIO”) of the Commodity Futures Trading Commission (“Commission”) from the Asset Management Group of the Securities Industry and Financial Markets Association and from the Managed Funds Association (collectively, the “Trade Associations”). 1 In the letter, the Trade Associations sought relief 2 from the recordkeeping
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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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