On November 26, the CFTC issued a time-limited no-action letter that provides relief to swap dealers registered with the CFTC that are established under the laws of jurisdictions other than the United States from certain transaction-level requirements under the Commodity Exchange Act. Press Release. No-Action Letter.
On November 5, the CFTC issued a proposed rule that would require that all registered introducing brokers (IBs), commodity pool operators (CPOs) and commodity trading advisors (CTAs) become and remain members of at least one registered futures association. Comments on the proposed rule must be submitted within 60 days after publication in the Federal Register. CFTC Release. CFTC Proposed Rule.
On August 13, the CFTC issued a final rule to exempt swaps entered into by qualified cooperatives from certain clearing requirements. The rule will be effective 30 days after publication in the Federal Register; however, the CFTC granted no-action relief to cover the interim period. CFTC Release. CFTC Final Rule. CFTC No-Action Letter.
From June 26 through June 28, the CFTC released the following no-action letters:
- June 28: Masking of Certain Identifying Information for Part 45 and Part 46 Reporting Counterparties.
- June 28: Portfolio Reconciliation Requirements for Swap Dealers and Major Swap Participants.
- June 27: Certain External Business Conduct Standards and Documentation Standards for Swap Dealers and Major Swap Participants.
- June 27: Certain Business Conduct Standards for Foreign Exchange Intermediated Prime Brokerage Arrangements.
- June 27: Treatment of Swap Transactions for Persons Engaging in Floor Trader Activities.
- June 27: Relief from Reporting Requirements of Part 45 for CDS clearing-relating swaps.
- June 27: Relief concerning Bespoke or Complex Swaps.
- June 26: Documentation Standards imposed on Swap Dealers and Major Swap Participants in connection with (i) foreign exchange transactions that are swaps; and (ii) physically-settled foreign exchange forwards and swap agreements.
- June 26: Relief from Obligation to Report Valuation Data for Cleared Swaps.
- June 26: Duties imposed on Swap Dealers and Major Swap Participants for external business contact and documentation requirements relating to ‘Intended-To-Be-Cleared’ (ITBC) Swaps.
- June 26: Annual Compliance Reports for Swap Dealers.
- June 26: Terms that are included in Portfolio Reconciliations.
On June 10, the CFTC issued an amended order that revises an order issued on July 23, 2012, expanding the list of approved providers of Legal Entity Identifiers (LEIs) that can be used by registered entities and swap counterparties when complying with the CFTC’s swap data reporting regulations. The amended order provides that in addition to LEIs issued by DTCC-SWIFT, the CFTC will recognize LEIs issued by WM Datenservice following recognition by ESMA of DTCC-SWIFT CFTC Interim Compliant Indicators under European reporting regulations. The amended order also sets forth the conditions for future acceptance of LEIs from additional providers. CFTC Release. CFTC Amended Order.
On May 17, pursuant to Sections 721, 723 and 733 of the Dodd-Frank Act, the CFTC approved final rules governing the registration and operation of swap execution facilities (SEFs). The final rules implement the Dodd-Frank Act’s new statutory framework that, among other requirements, adds a new Section 5h to the CEA regarding the registration of SEFs and adds a new Section 2(h)(8) to the CEA concerning the execution of swaps on SEFs. The final rules will become effective 60 days following publication in the Federal Register; however, compliance is required with most provisions of the final rules 120 days following publication. CFTC Fact Sheet. CFTC Final Rule.
On April 2, the CFTC issued a time limited no-action letter that extended the deadline for compliance with reporting for commodity pool operators of securitization vehicles from March 31 until June 30. CFTC No Action Letter.
On March 28, the CFTC issued a no-action letter providing limited relief, in certain circumstances, from the requirement that chief compliance officers of futures commission merchants prepare and submit an Annual Report. CFTC Release.
On March 29, the CFTC approved final regulations governing dual and multiple associations of associated persons of swap dealers, major swap participants and other CFTC registrants. CFTC Release.