The letter provides relief to swap dealers registered with the CFTC that are established under the laws of jurisdictions other than the US (non-US SDs) from certain transaction-level requirements under the Commodity Exchange Act.
On November 14, 2013, DSIO issued an Advisory (DSIO Advisory) in response to inquiries from swap market participants regarding the applicability of the CFTC’s Transaction-Level Requirements in certain situations. Subsequent to the issuance of the DSIO Advisory, concerns were raised by certain Non-U.S. 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 letter issued today by the Divisions will provide no-action relief to non-US SDs until January 14, 2014, subject to the limitations set forth in the letter.
Press release
© CFTC - Commodity Futures Trading Commission
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