RegAlert2013-09-27 | CFTC Staff Letter 13-57Added · Updated
Time-Limited No-Action Relief for Temporarily Registered Swap Execution Facilities from Enforcement Responsibilities Under Commission Regulations 37.200(a), 37.200(b), 37.201(b)(1), 37.201(b)(3), 37.201(b)(5), 37.202(b) and 37.203
The Division of Market Oversight provides time-limited no-action relief to temporarily registered Swap Execution Facilities (SEFs) from enforcement responsibilities under Commission regulations 37.200(a), 37.200(b), 37.201(b)(1), 37.201(b)(3), 37.201(b)(5), 37.202(b), and 37.203 regarding market participants trading on those SEFs. This relief applies only to entities that achieved temporary registration status as of October 2, 2013, and allows SEFs to provide temporary access to participants who have not completed onboarding documentation, including user agreements and consent to jurisdiction agreements. The relief commences on the date of issuance, September 27, 2013, and expires at 12:01 am EST on November 1, 2013. The Division will not recommend enforcement action against SEFs for failing to enforce these specific regulations with respect to such participants during this period, though SEFs remain responsible for establishing and maintaining the necessary rules, systems, and procedures.
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U.S. COMMODITY FUTURES TRADING COMMISSION
Three Lafayette Centre
1155 21st Street, NW, Washington, DC 20581
Telephone: (202) 418-5000
Facsimile: (202) 418-5521 www.cftc.gov
Division of Market Oversight
CFTC Letter No. 13-57
No-Action
September 27, 2013
Division of Market Oversight
Time-Limited No-Action Relief for Temporarily Registered Swap Execution Facilities from Enforcement Responsibilities Under Commission Regulations 37.200(a), 37.200(b), 37.201(b)(1), 37.201(b)(3), 37.201(b)(5), 37.202(b) and 37.203 The Division of Market Oversight (“DMO”) of the Commodity Futures Trading Commission (“CFTC” or “Commission”) is issuing this letter to provide time-limited no-action relief for temporarily registered swap execution facilities (“SEFs”) from any enforcement responsibilities under Commission regulations 37.200(a), 37.200(b), 37.201(b)(1), 37.201(b)(3), 37.201(b)(5), 37.202(b) and 37.203 with respect to market participants trading on those SEFs. This no-action relief shall commence on the date of issuance of this letter and shall expire on November 1,
2013. 1
I. Background
Section 5h of the Commodity Exchange Act (“CEA”), as added by the Dodd-Frank Act,
2 established a comprehensive regulatory framework for swaps trading, including: (i) registration, operation, and compliance requirements for SEFs and (ii) fifteen core principles. 3 Applicants and registered SEFs are required to comply with the core principles as a condition of obtaining and maintaining their registration as a SEF. 4 The Commission has promulgated rules to implement Section 5h of the CEA, and the compliance date for those rules is October 2, 2013. 5
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Lineage: In force
Timeline
This document supersedes: CFTC Staff Letter 12-48: No-Action Relief for Preservation of Regulatory Status Quo for Certain Transactions
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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