swap dealers

CFTC Interim Final Rules on Business Conduct and Documentation Requirements

On December 18, 2012, the CFTC approved interim final rules for swap dealers and major swap participants which defer compliance with certain business conduct and documentation requirements until either May 1 or July 1, depending on the regulation.  Comments must be submitted within 30 days after publication in the Federal Register.  CFTC Release.

CFTC No-Action Relief for Swap Dealers and Major Swap Participants

On December 7, the CFTC issued limited no-action relief to swap dealers and major swap participants from compliance with the prohibition in Regulation 23.22(b) against permitting a person who is subject to a statutory disqualification to effect or be involved in effecting swaps on behalf of the swap dealer or major swap participant.  CFTC Release.  No-Action Letter.

CFTC No-Action Relief for Certain Swap Transactions

On December 6, the CFTC issued a no-action letter that provides swap dealers and major swap participants with relief from the requirement to disclose the pre-trade mid-market mark to counterparties in certain foreign exchange transactions under Regulation 23.43CFTC Release.  CFTC No-Action Letter.

On November 30, the CFTC issued a time limited no-action letter granting relief for bespoke or complex swaps from certain reporting obligations.  CFTC Release.  CFTC No-Action Letter.

CFTC No-Action Letter on Timeline for Swap Data Reporting Rules

On November 20, the CFTC issued a no-action letter providing swap dealers with time-limited no-action relief from certain requirements of the CFTC’s swap data reporting rules in Parts 43, 45, and 46 of the CFTC’s regulations.  The no-action letter establishes a common monthly date by which all newly registered swap dealers must be in compliance with their reporting obligations under the rules, and extends the deadline for reporting historical swap transaction data, as required under Part 46.  CFTC Release.  No-Action Letter.

CFTC No-Action Letter on Pay-to-Play Rules for Swap Dealers

On November 20, the CFTC issued a no-action letter on pay-to-play rules for swap dealers who conduct business with governmental special entities.  The rules restrict a swap dealer from engaging in certain activities with a governmental special entity if the swap dealer (or covered associate) made or solicited contributions to an official of that governmental special entity during the preceding two years.  The no-action letter provides relief for certain contributions.  CFTC Release.  No-Action Letter.

Agencies Reopen Comment Period on Swap Margin and Capital Proposed Rulemaking

On September 26, the Fed, Farm Credit Administration, FDIC, FHFA, and OCC reopened the comment period on a proposed rule to establish margin and capital requirements for swap dealers, major swap participants, security-based swap dealers, and major security-based swap participants.  The comment period has been extended to November 26 from July 11.  Joint Release.  Rule Extension.

CFTC Proposed Rules on Capital Requirements for Swap Dealers and Major Swap Participants

On April 27, pursuant to Section 731 of the Dodd-Frank Act, the CFTC proposed rules that would mandate capital requirements for swap dealers and major swap participants that are not subject to prudential regulation by the Fed, OCC, FDIC, FCA, or FHFA. Capital requirements would be adjusted depending on whether a swap dealer or major swap participant is a futures commissions merchant, a nonbank subsidiary of a U.S. bank holding company, or neither of the foregoing. CFTC Fact Sheet.