Extension of 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, Switzerland or the United Kingdom.

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"").

DSIO is providing relief to swap dealers from registration de minimis requirements, uncleared swap margin rules, business conduct requirements, confirmation, documentation, and reconciliation requirements, and certain other eligibility requirements. This relief is to help facilitate the orderly transition from swaps that reference the London Interbank Offered Rate (LIBOR) and other interbank offered rates to swaps that reference alternative benchmarks.

Withdrawal of staff advisory and no-action relief: transaction-level requirements for non-U.S. swap dealers

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

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

No-action relief granted to swap dealers from the uncleared swap margin requirements under Part 23 of the Commission's regulations with respect to certain amendments to legacy swaps.

DSIO’s interpretation of Regulation 23.451 clarifying staff’s view that a swap dealer’s contributions for transition or inaugural expenses incurred by a successful candidate are only covered by the rule to the extent that such expenses are incurred by a successful candidate for a position as an official of a governmental Special Entity.

Portfolio margining of uncleared swaps and security-based swaps.

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