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 United States (Non-US SDs) from certain transaction-level requirements under the Commodity Exchange Act.
Subject to the limitations stated in the letter, the relief is until the earlier of September 30, 2016 or the effective date of any Commission action with respect to matters addressed by a DSIO Advisory issued 14 November, 2013 (DSIO Advisory). The DSIO Advisory was issued in response to inquiries from swap market participants regarding the applicability of the Commission’s transaction-level requirements in certain situations.
