Approval letter issued to the National Futures Association with regard to Swap Dealer captial model requirements and review program.

This no-action letter extends until January 15, 2021, the relief previously provided by CFTC Staff Letter 20-19, which, in turn, extended the time period for certain no-action relief provided in CFTC Staff Letters 20-02, 20-03, 20-04, 20-05, 20-06, 20-07, and 20-09, each issued on March 17, 2020 (the ""COVID-19 Letters"").

Revised time-limited no-action position with respect to uncleared swaps with the European Stability Mechanism under Commission regulation 23.150-161.

No-action positions for swap dealers to facilitate physical separation of personnel in response to the COVID-19 pandemic

No-action relief granted to a swap dealer concerning the calculation of initial margin under Commission regulation 23.154.

No-action relief to facilitate an orderly transition of swaps from inter-bank offered rates to alternative benchmarks.

Advisory providing further guidance on certain requirements applicable to swap dealers, futures commission merchants, and major swap participants in connection with the preparation and submission of chief compliance officer annual compliance reports pursuant to § 3.3.

Revised no-action position with respect to uncleared swaps with the European Stability Mechanism under Commission Regulations 23.150-159, 23.161.

Portfolio margining of uncleared swaps and security-based swaps.

Extension of No-Action Relief: Transaction-Level Requirements for Non-U.S. Swap Dealers