Brexit-related time limited no-action position with respect to certain swap dealer transaction-level requirements

Wells Fargo requests no-action relief permitting the London Branch and its counterparties to comply with the relevant requirements applicable to its Foreign Clients in lieu of the Commissions Transaction-Level Requirements. Wells Fargo requests the no-action relief only with respect to swaps between the London Branch and its Foreign Clients. Based on the foregoing and the representations made by Wells Fargo, the Divisions believe that granting no-action relief is warranted.

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

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.