ISDA indicates that the industry should be able to review all swaps within 10 minutes after execution by May 1, 2016. Other industry participants have indicated that they should be able to do so by August 1, 2016. Therefore, the AQATP standard may be met if trades are routed to and received by the relevant DCO no more than 10 minutes after the execution of the trade, effective on August 1, 2016 and thereafter. Staff notes that the reporting obligations of SEFs and DCMs contained in Regulations 43 and 45 are not affected by this letter.

As the Commission continues to consider the issues in the Proposed Amendment, the Divisions believe an extension of the no-action relief in CFTC Staff Letter No. 14-147 is warranted.

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.

On November 7, 2014, in response to a request from ISDA similar to that previously received,6 the Division issued CFTC Letter No. 14-136 extending the relief granted in CFTC Letter No. 14-26 until December 31, 2015. The Division explained that the rationale for relief was unchanged and it needed additional time to assess whether the relief should be permanent.

As noted in the Request Letter, the Commission has not yet issued comparability determinations as to whether the regulatory requirements of any foreign jurisdiction are comparable to and as comprehensive as the applicable requirements under the Commodity Exchange Act and Commission regulations with respect to the SDR Reporting Rules.5 While review of those requests for comparability determinations that have been received by the Commission continues, the Division believes that it would be appropriate to provide an extension of the time-limited no-action relief provided in CFTC Letter No.

The Division agrees that SEFs can facilitate the pre-trade credit checks that are required for FCMs and SEFs to comply with §§1.73 and 37.702(b), respectively. The Division has determined to extend the no-action relief provided in No-Action Letter 14-118.

Extension of conditional time-limited no-action relief for Yieldbroker Pty Limited with regard to Section 5h(a)(1) of the Commodity Exchange Act and Commission Regulation 37.3(a)(1) until May 15, 2016.

The Division of Market Oversight (DMO) of the Commodity Futures Trading Commission (Commission) herein extends existing no-action relief from requirements in sections 2(h)(8) and 5(d)(9) of Commodity Exchange Act (CEA or the Act) and from requirements in Commission Regulations 37.3(a)(2) and 37.9 for swaps executed as part of certain package transactions.

The Division of Clearing and Risk, Division of Market Oversight, and the Division of Swap Dealer and Intermediary Oversight of the Commodity Futures Trading Commission are extending the expiration date of the no-action relief previously granted to Southwest Power Pool, Inc..

The Division of Market Oversight (DMO) is issuing a no-action letter that provides additional time for reporting parties to comply with certain reporting requirements of the ownership and control final rule (the OCR Final Rule), which was published in the Federal Register on November 18, 2013. Conditional Time-Limited No-Action Relief from certain Ownership and Control (OCR) Data reporting requirements under Parts 17, 18 and 20 of the Commissions Regulations: Replaces CFTC No-Action Letter No. 15-03