Conditional No-Action Relief with respect to Swaps Trading on Certain Multilateral Trading Facilities Overseen by Authorities Designated by European Union Member States

Extension of Time-Limited No-Action Relief with respect to Swaps Trading on Certain Multilateral Trading Facilities Overseen by Competent Authorities Designated by European Union Member States

No-action letter providing time-limited no-action relief from the requirements of the trade execution requirement in Commodity Exchange Act (CEA) section 2(h)(8) to Eligible Affiliate Counterparties, as defined in Commission regulation 50.52(a) of the Commission’s regulations, that engage in swap transactions with one another that involve a swap subject to the trade execution requirement.

Conditional No-Action Relief with respect to Swaps Trading on Certain Multilateral Trading Facilities Overseen by Competent Authorities Designated by European Union Member States

Time-Limited No-Action Relief with respect to Swaps Trading on Certain Multilateral Trading Facilities Overseen by Competent Authorities Designated by European Union Member States

The Division previously provided no-action relief for certain swaps required to be traded on a swap execution facility (SEF) or designated contract market (DCM) to the extent that those swaps were part of a package transaction. The Division has determined that further relief is appropriate to enable market participants to fully comply with the trade execution requirement with respect to swap components of certain categories of package transactions.

The Division of Market Oversight is extending the relief provided in CFTC Letter No. 14-26 for one year, until December 31, 2015. The letter provides no-action relief from the trade execution requirement of Commodity Exchange Act section 2(h)(8) to eligible affiliate counterparties, as defined in section 50.52(a) of the Commission’s regulations.

The Division is issuing a letter providing time-limited no-action relief to: (1) entities or counterparties transacting package transactions from the requirements of CEA section 2(h)(8); and (2) SEFs and DCMs, trading package transactions from the requirements of § 37.9 of the Commissions regulations and CEA section 5(d)(9), respectively, until 11:59 p.m. (eastern time) May 15, 2014.

Conditional no-action relief with respect to swaps trading on certain financial markets that are licensed in Australia and overseen by the Australian Securities & Investments Commission (ASIC)