Time-Limited No-Action Relief for Swaps Trading on EU Multilateral Trading Facilities

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CFTC Letter No. 14-15
No-Action
February 12, 2014
Division of Market Oversight
Time-Limited No-Action Relief with respect to Swaps Trading on Certain Multilateral Trading Facilities Overseen by Competent Authorities Designated by European Union Member States The Division of Market Oversight (“DMO”) of the Commodity Futures Trading Commission (“CFTC” or “Commission”) is issuing this no-action letter to provide time-limited no-action relief for (1) multilateral trading facilities overseen by competent authorities designated by European Union Member States (“MTFs”) 1 from the swap execution facility (“SEF”) registration requirement set out in section 5h(a)(1) of the Commodity Exchange Act (“CEA” or “Act”) 2 and Commission regulation 37.3(a)(1); 3 and (2) parties executing swap transactions on MTFs from the trade execution mandate set out in section 2(h)(8) of the Act. 4 This no-action relief will commence upon issuance of this no-action letter, and will expire for any particular MTF upon the earlier of: (1) DMO’s issuance of a letter acknowledging receipt of, and granting an MTF’s relief request pursuant to CFTC Letter No. 14-16, or (2) 11:59 pm on March 24, 2014. This no-action letter is being issued simultaneously with CFTC Letter No. 14-16, 5 to allow additional time for MTFs to comply with the conditions for obtaining the longer-term relief