As a result of the recent Commodity Futures Trading Commission restructuring, the CFTC recently approved a Final Rule on Revisions to CFTC Delegated Authority Provisions and Technical Amendments.
Continue Reading CFTC Unanimously Approves Revisions to Delegated Authorities and Technical Amendments
Division of Market Oversight
CFTC Staff Provides Relief Associated With Swap Trade Confirmations
By Kevin M. Foley & Laura N. Krcmaric on
Posted in CFTC, Derivatives
On March 24, the Commodity Futures Trading Commission’s Division of Market Oversight extended no-action relief relating to the recordkeeping and confirmation requirements in CFTC Regulations 37.6(b), 37.1000, 37.1001, 45.2, and 45.3(a). This relief applies only to uncleared swap transactions executed on or pursuant to the rules of a Swap Execution Facility (SEF) and is subject to several conditions.
Continue Reading CFTC Staff Provides Relief Associated With Swap Trade Confirmations
CFTC Staff Issues Time-Limited No-Action Relief for Derivatives Clearing Organizations and Other Reporting Entities From Certain Obligations on Cleared Swap Reporting
On December 19, 2016, the Division of Market Oversight (Division) of the Commodity Futures Trading Commission provided time-limited no-action relief from the swap data recordkeeping and reporting requirements for cleared swaps (cleared swaps rule) to which derivatives clearing organizations (DCOs) and reporting entities would otherwise have been subject on December 27, 2016. Subject to certain conditions, DCOs are now relieved from obligations to report original swap terminations under the cleared swaps rule. This relief will expire on the earlier of 12:01 a.m. on June 27, 2017, or the date that all DCOs that will be reporting original swap termination messages to a swap data repository (SDR) have successfully tested the termination message reporting systems.
Continue Reading CFTC Staff Issues Time-Limited No-Action Relief for Derivatives Clearing Organizations and Other Reporting Entities From Certain Obligations on Cleared Swap Reporting
CFTC Staff Issues Time-Limited No-Action Relief for Entities Submitting Swaps for Clearing With Derivatives Clearing Organizations Acting Under Exemptive Orders or No-Action Relief
On December 19, 2016, the Division of Market Oversight of the Commodity Futures Trading Commission announced time-limited no-action relief for entities submitting swaps for clearing by derivatives clearing organizations (DCOs) relying on a CFTC exemption order or no-action relief (Relief DCOs). Entities submitting such swaps for clearing are now relieved of the obligation to terminate the original “alpha” swap and the obligation to report any swaps between the Relief DCO counterparties and the Relief DCO. This relief expires on the earlier of (1) January 31, 2018; (2) the effective date of any CFTC regulation altering the reporting obligations of any entities with respect to the reporting of such swaps; (3) the revocation or expiration of any exemptive order issued to that Relief DCO; or (4) the revocation or expiration of any no-action letter issued to that Relief DCO.
Continue Reading CFTC Staff Issues Time-Limited No-Action Relief for Entities Submitting Swaps for Clearing With Derivatives Clearing Organizations Acting Under Exemptive Orders or No-Action Relief
CFTC Division of Market Oversight Reminds Market Participants of the Upcoming Expiration of Certain No-Action Relief From the Ownership and Control Final Rule
By Kevin M. Foley & Dina Wegh on
Posted in CFTC
The Commodity Futures Trading Commission’s Division of Market Oversight recently issued a press release to remind all participants in CFTC-regulated derivatives markets that certain time-limited no-action relief from compliance with certain provisions of the Ownership and Control Report (OCR) final rule expires on November 18.
Continue Reading CFTC Division of Market Oversight Reminds Market Participants of the Upcoming Expiration of Certain No-Action Relief From the Ownership and Control Final Rule