CFTC Staff Letters

Extension of No-Action Relief from Sections 2(h)(8) and 5(d)(9) of the Commodity Exchange Act and from Commission Regulations 37.3(a)(2) and 37.9 for Swaps Executed as Part of Certain Package Transactions.

Extension of conditional time-limited no-action relief from filing certain infromation for ownership and control reports required by Parts 17, 18, and 20 of the Commission’s regulations

No-Action Relief from Swap Execution Facility Reinstatement Requirements under Commission Regulation 37.3(d)

DCR DSIO Issue Supplemental Advisory Grant of No-Action Relief from 1.56 and 39.13(g)(8)(iii)

Staff no-action position regarding the treatment of a deferred tax liability under Regulation 1.17 which is directly related to intangible assets booked as a result of an acquisition.

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"").

DCR is providing time-limited relief from the swap clearing requirement and related exceptions and exemptions. 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.

DMO is providing time-limited relief from the trade execution requirement in order to 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.

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.

DCR is extending the relief provided by CFTC Letter No. 20-13 and will not recommend that the Commission take enforcement action against the European Stability Mechanism (ESM) for failure to comply with the swap clearing requirement until the earlier of: (i) December 31, 2020, at 11:59 pm (Eastern Time); or (ii) the effective date of final Commission action applicable to swaps entered into by ESM that would otherwise be subject to the Commission’s clearing requirement. For the avoidance of doubt, DCR confirms that swaps entered into by ESM in reliance on the relief provided under CFTC Letter No. 17-58 may continue to rely on such relief. Other than with respect to such swaps, this letter supersedes the no-action relief provided to ESM by DCR under CFTC Letter Nos. 17-58, 19-23 and 20-13. This letter does not provide relief from other provisions of the CEA and Commission regulations, such as the recordkeeping and reporting requirements under parts 23 and 45 of the Commission’s regulations, which would apply to a non-cleared swap entered into by ESM opposite a counterparty that is subject to the CEA and Commission regulations with regard to that transaction.