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RELEASE: pr6803-13

  • December 20, 2013

    CFTC’s Division of Market Oversight Issues Time-Limited No-Action Relief from Certain Requirements of Part 45 and Part 46 of the Commission’s Regulations, for Certain Swap Dealers and Major Swap Participants Established under the Laws of Australia, Canada, the European Union, Japan or Switzerland

    Washington, DC – The Commodity Futures Trading Commission’s (Commission) Division of Market Oversight (Division) issued a letter today providing time-limited relief to Commission-registered swap dealers (SDs) and major swap participants (MSPs) that are non-U.S. persons (non-U.S. SDs and non-U.S. MSPs, respectively) established under the laws of Australia, Canada, the European Union, Japan or Switzerland, and that are not part of an affiliated group in which the ultimate parent entity is a U.S. SD, U.S. MSP, U.S. bank, U.S. financial holding company or U.S. bank holding company, from certain requirements of the swap data reporting rules set forth at Part 45 and Part 46 of the Commission’s regulations.

    In the letter, the Division is extending relief to such non-U.S. SDs and non-U.S. MSPs from:

    (i)

    the requirements of Part 45 and Part 46 of the Commission’s regulations with respect to swaps with non-U.S. counterparties that are not guaranteed affiliates, or conduit affiliates, of a U.S. person, until no later than December 1, 2014;

    (ii)

    the requirements of Part 45 of the Commission’s regulations with respect to swaps with non-U.S. counterparties that are guaranteed affiliates, or conduit affiliates, of a U.S. person, until March 3, 2014; and

    (iii)

    the requirements of Part 46 of the Commission’s regulations with respect to swaps with non-U.S. counterparties that are guaranteed affiliates, or conduit affiliates, of a U.S. person, until April 2, 2014.

    The relief is provided subject to certain terms and conditions outlined in the letter.

    Last Updated: December 20, 2013

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