March 29, 2013

CFTC’s Division of Swap Dealer and Intermediary Oversight Issues No-Action Relief for Certain Persons from Registration as an Introducing Broker or Commodity Trading Advisor

Washington, DC — The Division of Swap Dealer and Intermediary Oversight (DSIO) of the Commodity Futures Trading Commission announced today in a letter that it is taking a no-action position which provides relief from the requirement to register as an introducing broker or a commodity trading advisor for certain affiliates of a swap counterparty and the affiliates’ employees, where the affiliates and their employees engage in certain activity on behalf of the swap counterparty and the swap counterparty has commenced application for registration as a swap dealer or has exceeded the de minimis amount of swap dealing activity under Commission Regulation 1.3(ggg)(4)(i). The letter makes available registration relief to certain persons who would not otherwise be eligible for the relief DSIO previously provided to Agent Affiliates under CFTC Letter No. 12-70 (December 31, 2012). The relief is subject to a number of conditions, including that the swap counterparty be registered as a swap dealer within a specific period of time and conditions similar to those specified in CFTC Letter No. 12-70.

Last Updated: March 29, 2013