October 12, 2012
CFTC Division of Swap Dealer and Intermediary Oversight Issues Letter Providing Time-Limited No-action Relief with Respect to Foreign Exchange Forwards and Foreign Exchange Swaps
Washington, DC — Today, the Commodity Futures Trading Commission’s Division of Swap Dealer and Intermediary Oversight is issuing a letter providing time-limited no-action relief from the obligation to include any foreign exchange swap or foreign exchange forward for purposes of determining if a person is a major swap participant, or the calculation to determine if an entity is a swap dealer if the Secretary of the Treasury determines at a later date to exempt such swaps or forwards from the definition of the term “swap” under the Commodity Exchange Act (“CEA”).
The letter also provides similar temporary no-action relief, for the same time period, for persons who would meet the definitions of the terms commodity pool operator (“CPO”) and commodity trading advisor (“CTA”) in the CEA solely as a result of their foreign exchange swap and foreign forward activity, from registration in those capacities.
Last Updated: October 12, 2012