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

The Division of Swap Dealer and Intermediary Oversight issued a no-action letter that provides swap dealers with relief from certain External Business Conduct Standards rules in the context of foreign exchange intermediated prime brokerage arrangements.

Time-Limited Relief for Swap Dealers and Major Swap Participants from Compliance with Business Conduct Standards in Foreign Exchange Transactions with a Settlement Cycle of No More than Seven Local Business Days.