CFPB Division of Swap Dealer and Intermediary Oversight

U.S. Commodity Futures Trading Commission Divisions Issue Time-Limited No-Action Letter Extending Relief from Certain Recordkeeping Requirements Under Commission Regulations

On December 8, 2015, the U.S. Commodity Futures Trading Commission’s (the “CFTC”) Division of Swap Dealer and Intermediary Oversight and Division of Market Oversight issued a time-limited no-action letter extending the relief provided in CFTC Letter No. 14-147. The relief would otherwise expire on December 31, 2015 and applies to commodity trading advisors (“CTAs”) that are registered with the CFTC and are members of designated contract markets (“DCMs”) or swap execution facilities (“SEFs”). The extension grants no-action relief to these entities from the requirement to record oral communications, and also to covered market participants from the requirement to link records of oral and written communication that lead to the execution of a transaction in a commodity interest and related cash or forward transactions. Such relief will expire on the effective date of any final CFTC action with respect to the CFTC’s proposal to amend Regulation 1.35(a). Press Release. No-Action Letter.

CFTC Staff Issues No-Action Relief for Swaps with Legacy SPVs

On March 31, CFTC Division of Swap Dealer and Intermediary Oversight announced that it is providing no-action relief to provisionally registered swap dealers (SDs) from complying with certain specified regulations when entering into swaps with legacy SPVs.  Subject to certain specified conditions, the relief is provided for swaps that are entered into with legacy SPVs in replacement of existing swaps executed on or prior to October 10, 2013, solely for purposes of addressing a reasonably anticipated credit downgrade of an SD counterpartyPress ReleaseNo-Action Relief.