Release Number 8212-20
CFTC Withdraws “ANE” Staff Advisory and Issues New Cross-Border No-Action Relief
July 23, 2020
Washington, D.C. — In conjunction with the Commission’s approval of the final cross-border rule today, the Divisions of Swap Dealer and Intermediary Oversight (DSIO), Clearing and Risk (DCR), and Market Oversight (DMO) today withdrew a staff advisory and no-action relief regarding certain cross-border situations and issued new no-action relief.
Specifically, the Divisions took the following actions in response to public comments to the rulemaking:
The final cross-border rule states that until the CFTC issues future cross-border rulemakings relating to unaddressed TLRs, the CFTC will not consider, as a matter of policy, a non-U.S. swap dealer’s use of their personnel or agents located in the U.S. to “arrange, negotiate, or execute” swap transactions with non-U.S. counterparties in determining whether such requirements apply to such transactions.