October 12, 2012

CFTC’s Division of Swap Dealer and Intermediary Oversight Provides Registration No-Action Relief for Certain Swaps Intermediaries

Washington, DC — The Commodity Futures Trading Commission’s (CFTC) Division of Swap Dealer and Intermediary Oversight (DSIO) today announced the issuance of a no-action letter to provide relief from registration for various swaps intermediaries until December 31, 2012. Without the delay, certain entities would have to be registered immediately.

Specifically, the letter provides a registration delay for any person who, solely by virtue of its swaps activity, would have been required to register immediately as an introducing broker, commodity pool operator, commodity trading advisor, associated person (AP), floor broker, or floor trader. The DSIO letter also provides delay for any person who would be required to register solely because of their involvement with the transition of certain contracts on ICE and NYMEX to clearing as commodity futures and options.

Additionally, the letter provides guidance that will permit a swap dealer (SD) or major swap participant (MSP) to employ an AP, notwithstanding that the person is subject to a statutory disqualification, subject to a condition requiring the SD or MSP to consult with the National Futures Association.

Last Updated: October 12, 2012