No-action relief that extends the relief provided in Letter No. 16-58 by permitting SEFs and DCMs to address clerical or operational errors that cause a swap to be rejected from clearing.

DMO and DCR are extending the relief provided in CFTC Letter No. 15-24 and enabling SEFs and DCMs to address clerical and operational errors.

The Division of Market Oversight and the Division of Clearing and Risk are issuing a no-action letter that provides relief similar to that provided in No-Action Letters 13-66 and 14-50 by permitting swap execution facilities (SEFs) and designated contract markets (DCMs) to address clerical or operational errors that cause a swap to be rejected from clearing. The relief provided in this letter also permits SEFs and DCMS to address clerical or operational errors discovered after a swap has been cleared.

SEFs and DCMs will have time-limited no-action relief from Commission Regulation 37.9(a)(2) regarding methods of execution for required transactions, or Commission Regulations 37.203(a) and 38.152 that prohibit pre-arranged trading, if a SEF or DCM permits a new trade, with terms and conditions that match the terms and conditions of the original trade, other than the time of execution, to be submitted for clearing. This no-action relief shall commence on the date of issuance of this letter and shall expire on February 16, 2015.

Time-Limited No-Action Relief for (1) Futures Commission Merchants from Requirement to Comply with Commission Regulations 1.73(a)(2)(i) and (a)(2)(ii); and (2) Temporarily Registered Swap Execution Facilities from Requirement to Comply with Commission Regulation 37.702(b).

Time-Limited No-Action Relief for Temporarily Registered Swap Execution Facilities from Enforcement Responsibilities Under Commission Regulations 37.200(a), 37.200(b), 37.201(b)(1), 37.201(b)(3), 37.201(b)(5), 37.202(b) and 37.203 with respect to market participants trading on those SEFs.

Extends 12-73. The no-action letter provides an extension of previously-granted no-action relief to a derivatives clearing organization (DCO) that is dually registered as a securities clearing agency for failure to enforce certain of its clearing member requirements. Under this relief, the DCO may waive the applicability of certain of its bylaws and rules to facilitate a transaction involving the transfer, assignment and assumption of the securities correspondent clearing business of one clearing member to another.

The no-action letter provides relief to a derivatives clearing organization (DCO) that is dually registered as a securities clearing agency for failure to enforce certain of its clearing member requirements. Under this relief, the DCO may waive the applicability of certain of its bylaws and rules to facilitate a transaction involving the transfer, assignment and assumption of the securities correspondent clearing business of one clearing member to another.