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CFTC extends no-action letter on transaction-level requirements in cross-border situations

The US Commodity Futures Trading Commission (CFTC) has issued a time-limited no-action letter that extends relief to swap dealers (SDs) registered with the Commission that are established under the laws of jurisdictions other than the US from certain transaction-level requirements under the Commodity Exchange Act.

On 14 November 2013, DSIO issued an Advisory in response to inquiries from swap market participants regarding the applicability of the Commission’s Transaction-Level Requirements in certain situations.
Subsequent to the issuance of the DSIO Advisory, concerns were raised by certain Non-US SDs regarding compliance with the Transaction-Level Requirements, who represented that, in order to avoid market disruption for their non-US counterparties, additional time would be necessary to come into compliance.
The CFTC has requested public comment regarding the subjects addressed by the DSIO Advisory. In view of the foregoing, the Divisions are extending the date of the time-limited staff no-action relief provided in CFTC Letter No 14-01.
The letter provides no-action relief to Non-US SDs until 31 December 2014, subject to the limitations in the letter.

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