Provides, subject to certain conditions, no-action positions for post-trade risk reduction service providers for failure to register as a swap execution facility, and for those entering into swaps that are subject to the swap clearing requirement and trade execution requirement.

Amendment of Appendix A of Staff Letter 24-11 to add two UK swap trading facilities to Staff Letter 24-11.

This letter further extends no-action positions provided by DMO for those package transactions where at least one individual swap component is made available to trade and therefore subject to the trade execution requirement under CEA section 2(h)(8), and all other components are contracts for the purchase or sale of a commodity for future delivery, i.e. futures contracts (“MAT/Futures Package Transactions”).

No-action letter stating that the Division will not recommend that the Commission commence an enforcement action against a swap execution facility (“SEF”) that does not satisfy the minimum trading functionality requirement set forth in Commission regulation 37.3(a)(2) by offering an order book as defined in Commission regulation 37.3(a)(3) (an “Order Book”), in connection with swap transactions executed on the SEF that are not subject to the trade execution requirement in Commodity Exchange Act (“CEA” or “Act”) section 2(h)(8) (“Permitted Transactions”).

The Division of Market Oversight (“DMO”) of the Commodity Futures Trading Commission (“CFTC” or “Commission”) is hereby withdrawing CFTC Letter No. 21-19 – Staff Advisory on Swap Execution Facility Registration Requirement (the “SEF Registration Advisory”) in its entirety.

Extension of no-action position in 22-16 issued to ensure the continued availability, following Brexit, of no-action positions under certain existing CFTC comparability determinations and exemption orders originally issued by the CFTC for EU entities, while CFTC staff undertakes an analysis of UK law in order to make appropriate recommendations of comparability or exemption to the CFTC.

Extension of no-action relief letter 21-24 that was issued to ensure the continued availability, following Brexit of no-action positions under certain existing CFTC comparability determinations and exemption orders originally issued by the CFTC for EU entities, while CFTC staff undertakes an analysis of UK law in order to make appropriate recommendations of comparability or exemption to the CFTC.

The Division is extending its no-action positions for those package transactions where at least one individual swap component is made available to trade (“MAT”) and therefore subject to the CEA section 2(h)(8) trade execution requirement, and all other components are contracts for the purchase or sale of a commodity for future delivery, i.e., futures contracts (“MAT/Futures Package Transactions”).

The Division of Market Oversight of the Commodity Futures Trading Commission is issuing this advisory to remind entities of the swap execution facility registration requirements set forth in the Commodity Exchange Act and Commission regulations and to highlight certain scenarios where entities may be required to register.

Amendment of existing DMO Staff Relief in Staff Letter 20-39 to United Kingdom (“UK”) multilateral trading facilities (“MTFs”) and organised trading facilities (“OTFs”) to provide relief to additional UK MTFs and OTFs and their participants.