July 11, 2013
Washington, DC – The Commodity Futures Trading Commission’s (CFTC) Division of Swap Dealer and Intermediary Oversight (DSIO) today announced the issuance of a technical correction to CFTC Staff Letter 13-45 that had been issued earlier today.
The no-action letter provides relief from certain designated risk mitigation requirements applicable to registered swap dealers (SDs) and major swap participants (MSPs) organized or established in the United States or European Union with respect to certain transactions, when such transactions are subject to both section 4s of the CEA and Article 11 of the European Market Infrastructure Regulation (EMIR). Under the terms of the no-action letter, DSIO stated that relief would be extended to SDs and MSPs for whom, under both regimes, the requirements are essentially identical and the SD or MSP complies with the requirements under EMIR. The scope of relief provided in the no-action letter is subject to the specific conditions that are enumerated in the letter, including its limitation to the products and participants described in the letter.
The technical correction clarifies the intended scope of the letter such that the relief provided in the letter is available with respect to all transactions described in the letter that are subject to both section 4s of the CEA and EMIR.
Last Updated: July 11, 2013