The Division of Market Oversight is issuing a no-action letter that extends No-Action Letter 14-108 and continues to provide relief from (1) the requirement that a SEF obtain documents that are incorporated by reference in confirmations issued under Commission Regulation 37.6(b) prior to issuing the confirmation, and (2) the requirement that a SEF maintain such documents as records. In addition, the division is providing relief from the requirement set forth in Commission Regulation 45.3(a) that SEFs report terms contained in the agreements that are confirmation data.

No-Action Relief is provided to swap dealers from compliance with certain Commission regulations related to business conduct standards with counterparties and swap trading relationship documentation when entering into swaps with certain special purpose vehicles in existence prior to October 10, 2013.

Extension of No-Action Relief: Transaction-Level Requirements for Non-U.S. Swap Dealers

Time-limited no-action relief granted by DMO to swap execution facilities (SEFs) for incorporating by reference previously-negotiated freestanding agreements into SEF-generated confirmations for uncleared swap transactions, executed on or pursuant to the rules of a SEF, without the SEF receiving the freestanding agreements prior to execution or maintaining them afterwards, as required in sections 36.7(b) and 45.2(a) of the Commission’s regulations.

Extension of No-Action Relief: Transaction-Level Requirements for Non-U.S. Swap Dealers

Time-limited no-action relief for Non-U.S. SDs with respect to compliance with Transaction-Level Requirements when entering into Covered Transactions, until January 14, 2014.

The Division of Swap Dealer and Intermediary Oversight (DSIO) issued a no-action letter that provides relief for certain regulatory obligations of SDs and MSPs in the context of an “Intended-To-Be-Cleared Swap,” which, as defined in the letter, is a swap that is: (i) of a type accepted for clearing by a DCO, and (ii) intended to be submitted for clearing contemporaneously with execution. The relief extends to certain requirements under the External BCS and Commission Regulation 23.504, subject to the conditions and limitations set forth in the letter. This letter supersedes Letter No.

Given that an SD or MSP could partially comply with Regulation 23.504 by establishing and maintaining the required written policies and procedures, the Division has determined to grant only part of the relief requested. In addition, the Division is persuaded by the requesters that its no-action relief would best be structured by counterparty type to rapidly achieve compliance for a large volume of Covered Transactions while providing appropriate relief to the SDs, MSPs and counterparties that need more time to establish documentation compliant with Regulation 23.504.

No-Action Relief: Swaps Intended to be Cleared - Request for relief from certain disclosure and notice requirements and other duties imposed on swap dealers (SDs) and major swap participants (MSPs) pursuant to Commission regulations 23.402, 23.430, 23.431, 23.432, 23.434, 23.440, 23.450, and 23.451, as well as certain documentation requirements imposed on SDs and MSPs pursuant to Commission regulation 23.504.