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Exemptive, No-Action, & Interpretative Letters for CFTC.gov.
The following letter has been added:
13-33; Commission Regulations 23.402, 23.430, 23.431, 23.432, 23.434, 23.440, 23.450, 23.451, 23.504; No-Action; June 26, 2013
The Commodity Futures Trading Commission’s Division of Swap Dealer and Intermediary Oversight issued a no-action letter, applicable to swap dealers and major swap participants, that addresses "Intended-To-Be-Cleared Swaps," as defined in the letter. The letter provides relief with respect to the swap trading relationship documentation requirement under Commission Regulation § 23.504 and certain external business conduct standards requirements.
13-35; Part 43 and Part 45: Specified subsections of §§ 43.3(a); 43.4(a); Appendix A to Part 43; 45.3(b); 45.3(c); 45.3(d); 45.4(c); Appendix 1 to Part 45; No-Action; June 27, 2013
The Commodity Futures Trading Commission’s (CFTC) Division of Market Oversight (DMO) announced the issuance of a time-limited no-action letter granting relief, for bespoke or complex swaps, from certain reporting obligations under Part 43 and Part 45 of the Commission’s regulations. The relief effectively extends a number of elements of relief previously granted in CFTC Letter No. 12-39, issued on November 30, 2012. For bespoke or complex swaps, the no-action letter provides that DMO will not recommend that the Commission commence an enforcement action against (1) a reporting party for failure to report certain enumerated data fields otherwise required by Part 43 or (2) a reporting counterparty for failure to report certain enumerated data fields otherwise required by Part 45. In addition, for bespoke or complex swaps, the letter provides no-action relief from the reporting of the "any other term(s)" field as required by Part 45. Also, for bespoke or complex swaps that are uncleared inter-affiliate swaps, the letter provides no-action relief from certain confirmation data reporting obligations under 45. The relief will expire on September 30, 2013.
13-36; § 45.3; No-Action; June 27, 2013
No-action letter providing an extension of time-limited relief to Swap Dealers ("SDs") and Major Swap Participants ("MSPs”) from the obligation to report swap data under part 45 of the Commission’s regulations for cleared credit default swaps ("CDS") that are entered into pursuant to a derivatives clearing organization’s ("DCO") rules related to its price submission process for determining end-of-day settlement prices for cleared CDS ("CDS Clearing-Related Swaps"). The no-action letter provides that the Division will not recommend that the Commission take enforcement action against a reporting counterparty, an SD or MSP, for failure of such SD or MSP to comply with its obligations to report swap data required under part 45, for CDS Clearing-Related Swaps. The no-action relief is subject to, among others, the following conditions: (i) the reporting counterparty, as defined in part 45, must be a clearing member of a DCO that is eligible to clear CDS indices and must participate in that DCO’s CDS Settlement Price Process, and (ii) the no-action relief will apply only to CDS Clearing-Related Swaps arising from, or entered into pursuant to, a DCO’s Settlement Price Process, as required by the DCO’s rules and procedures. The no-action relief expires on December 31, 2013.
13-37; Commission Regulation 1.3(ggg); No-Action; June 27, 2013
The Division of Swap Dealer and Intermediary Oversight issued a time-limited no-action letter that provides relief for persons engaging in floor trader activities. The relief expires on October 2, 2013. During that limited time period, DSIO will not recommend that the Commission take an enforcement action against an entity for failure to include, in its calculation of the aggregate gross notional amount of swaps connected with its swap dealing activity for purposes of Commission Regulation 1.3(ggg)(4), a swap that is submitted for clearing to a registered derivatives clearing organization, provided that: (1) the entity does not have a registered swap dealer affiliate; (2) the entity entered into the swap using proprietary funds for its own account; and (3) the entity complies with the requirements set forth in Commission Regulations 1.3(ggg)(6)(iv)(D)-(H). To rely on the relief provided in the no-action letter, a person must file a claim with DSIO prior to July 1, 2013. The letter extends the time-limited relief previously provided by DSIO in CFTC Letter No. 12-60, which was issued on December 19, 2012.
13-38; Commission Regulation 23.504; No-Action; June 27, 2013
The Division of Swap Dealer and Intermediary Oversight issued a time-limited no-action letter relating to requirements imposed on Swap Dealers ("SDs") and Major Swap Participants ("MSPs") pursuant to Commission Regulation § 23.504 in connection with (i) foreign exchange transactions that are swaps, and (ii) physically-settled foreign exchange forwards and swap agreements that have been exempted from the definition of swap by the Secretary of the U.S. Department of the Treasury. The letter provides relief for SDs and MSPs from the requirements of swap trading relationship documentation in accordance with Regulation 23.504 until (1) September 1, 2013 with respect to a counterparty that is an active fund; or (2) December 31, 2013 with respect to any other counterparty except a registered SD or MSP, subject to certain conditions detailed in the letter
13-39; Part 23, Subpart H, of the Commission’s Regulations; No-Action; June 27, 2013
The Division of Swap Dealer and Intermediary Oversight issued a no-action letter that provides swap dealers with relief from certain External Business Conduct Standards rules in the context of foreign exchange intermediated prime brokerage arrangements.
The following letter has been added:
13-33; Commission Regulations 23.402, 23.430, 23.431, 23.432, 23.434, 23.440, 23.450, 23.451, 23.504; No-Action; June 26, 2013
The Commodity Futures Trading Commission’s Division of Swap Dealer and Intermediary Oversight issued a no-action letter, applicable to swap dealers and major swap participants, that addresses "Intended-To-Be-Cleared Swaps," as defined in the letter. The letter provides relief with respect to the swap trading relationship documentation requirement under Commission Regulation § 23.504 and certain external business conduct standards requirements.
13-35; Part 43 and Part 45: Specified subsections of §§ 43.3(a); 43.4(a); Appendix A to Part 43; 45.3(b); 45.3(c); 45.3(d); 45.4(c); Appendix 1 to Part 45; No-Action; June 27, 2013
The Commodity Futures Trading Commission’s (CFTC) Division of Market Oversight (DMO) announced the issuance of a time-limited no-action letter granting relief, for bespoke or complex swaps, from certain reporting obligations under Part 43 and Part 45 of the Commission’s regulations. The relief effectively extends a number of elements of relief previously granted in CFTC Letter No. 12-39, issued on November 30, 2012. For bespoke or complex swaps, the no-action letter provides that DMO will not recommend that the Commission commence an enforcement action against (1) a reporting party for failure to report certain enumerated data fields otherwise required by Part 43 or (2) a reporting counterparty for failure to report certain enumerated data fields otherwise required by Part 45. In addition, for bespoke or complex swaps, the letter provides no-action relief from the reporting of the "any other term(s)" field as required by Part 45. Also, for bespoke or complex swaps that are uncleared inter-affiliate swaps, the letter provides no-action relief from certain confirmation data reporting obligations under 45. The relief will expire on September 30, 2013.
13-36; § 45.3; No-Action; June 27, 2013
No-action letter providing an extension of time-limited relief to Swap Dealers ("SDs") and Major Swap Participants ("MSPs”) from the obligation to report swap data under part 45 of the Commission’s regulations for cleared credit default swaps ("CDS") that are entered into pursuant to a derivatives clearing organization’s ("DCO") rules related to its price submission process for determining end-of-day settlement prices for cleared CDS ("CDS Clearing-Related Swaps"). The no-action letter provides that the Division will not recommend that the Commission take enforcement action against a reporting counterparty, an SD or MSP, for failure of such SD or MSP to comply with its obligations to report swap data required under part 45, for CDS Clearing-Related Swaps. The no-action relief is subject to, among others, the following conditions: (i) the reporting counterparty, as defined in part 45, must be a clearing member of a DCO that is eligible to clear CDS indices and must participate in that DCO’s CDS Settlement Price Process, and (ii) the no-action relief will apply only to CDS Clearing-Related Swaps arising from, or entered into pursuant to, a DCO’s Settlement Price Process, as required by the DCO’s rules and procedures. The no-action relief expires on December 31, 2013.
13-37; Commission Regulation 1.3(ggg); No-Action; June 27, 2013
The Division of Swap Dealer and Intermediary Oversight issued a time-limited no-action letter that provides relief for persons engaging in floor trader activities. The relief expires on October 2, 2013. During that limited time period, DSIO will not recommend that the Commission take an enforcement action against an entity for failure to include, in its calculation of the aggregate gross notional amount of swaps connected with its swap dealing activity for purposes of Commission Regulation 1.3(ggg)(4), a swap that is submitted for clearing to a registered derivatives clearing organization, provided that: (1) the entity does not have a registered swap dealer affiliate; (2) the entity entered into the swap using proprietary funds for its own account; and (3) the entity complies with the requirements set forth in Commission Regulations 1.3(ggg)(6)(iv)(D)-(H). To rely on the relief provided in the no-action letter, a person must file a claim with DSIO prior to July 1, 2013. The letter extends the time-limited relief previously provided by DSIO in CFTC Letter No. 12-60, which was issued on December 19, 2012.
13-38; Commission Regulation 23.504; No-Action; June 27, 2013
The Division of Swap Dealer and Intermediary Oversight issued a time-limited no-action letter relating to requirements imposed on Swap Dealers ("SDs") and Major Swap Participants ("MSPs") pursuant to Commission Regulation § 23.504 in connection with (i) foreign exchange transactions that are swaps, and (ii) physically-settled foreign exchange forwards and swap agreements that have been exempted from the definition of swap by the Secretary of the U.S. Department of the Treasury. The letter provides relief for SDs and MSPs from the requirements of swap trading relationship documentation in accordance with Regulation 23.504 until (1) September 1, 2013 with respect to a counterparty that is an active fund; or (2) December 31, 2013 with respect to any other counterparty except a registered SD or MSP, subject to certain conditions detailed in the letter
13-39; Part 23, Subpart H, of the Commission’s Regulations; No-Action; June 27, 2013
The Division of Swap Dealer and Intermediary Oversight issued a no-action letter that provides swap dealers with relief from certain External Business Conduct Standards rules in the context of foreign exchange intermediated prime brokerage arrangements.