Release Number 6740-13

October 17, 2013

CFTC’s Division of Swap Dealer and Intermediary Oversight Issues No-Action Relief Regarding the Treatment of Swap Transactions by Certain Non-U.S. Persons, for Purposes of Making Calculations Under the Swap Dealer Definition

Washington, DC – The U.S. Commodity Futures Trading Commission’s (Commission’s) Division of Swap Dealer and Intermediary Oversight (DSIO) today issued a no-action letter that provides relief for certain non-U.S. persons that are not guaranteed or conduit affiliates of U.S. persons with respect to counting for purposes of the de minimis calculation.

The relief provided in the letter states that DSIO will not recommend that the Commission take an enforcement action against any non-U.S. person that is not a guaranteed or affiliate conduit of a U.S. person for failure to include, in its de minimis calculation for purposes of the swap dealer definition under Commission Regulation 1.3(ggg)(4), a swap executed with a guaranteed affiliate of a U.S. person on or before the date such non-U.S. person is required to register with the Commission as a swap dealer under Commission Regulation 1.3(ggg)(4)(iii), provided that (1) the guaranteed affiliate is affiliated with a swap dealer registered with the Commission; (2) the guaranteed affiliate has crossed the de minimis threshold; and (3) the guaranteed affiliate represents in writing, with a copy thereof delivered to DSIO no later than 48 hours after execution of such swap using the email address [email protected], that (a) such guaranteed affiliate intends to register as a swap dealer; and (b) the date its registration is required under Commission Regulation 1.3(ggg)(4)(iii).



Last Updated: October 17, 2013