ARTICLE
24 April 2014

CFTC Provides Conditional No-Action Relief For Swaps Trading On MTFs

SS
Shearman & Sterling LLP

Contributor

Our success is built on our clients’ success. We have a long and distinguished history of supporting our clients wherever they do business, from major financial centers to emerging and growth markets. We represent many of the world’s leading corporations and major financial institutions, as well as emerging growth companies, governments and state-owned enterprises, often working on ground-breaking, precedent-setting matters. With a deep understanding of our clients' businesses and the industries they operate in, our work is driven by their need for outstanding legal and commercial advice.
The Commodity Futures Trading Commission announced the joint issuance of CFTC No-Action Letter No. 14-46.
United States Finance and Banking

On 9 April 2014, the Commodity Futures Trading Commission's ("CFTC") Divisions of Market Oversight ("DMO") and Swap Dealer and Intermediary Oversight ("DSIO") announced the joint issuance of CFTC No-Action Letter No. 14-46 ("No-Action Letter 14-46") which provides no-action relief for (1) qualifying Multilateral Trading Facilities ("MTFs") from the swap execution facility ("SEF") registration requirement; (2) parties executing swap transactions on qualifying MTFs from the trade execution mandate; and (3) swap dealers and major swap participants executing swap transactions on qualifying MTFs from certain business conduct requirements. No-Action Letter 14-46 replaces and clarifies previous no-action relief granted by CFTC No-Action Letter No. 14-16, issued by the DMO and DSIO on 12 February 2014.

The CFTC no-action letter is available at: http://www.cftc.gov/ucm/groups/public/@lrlettergeneral/documents/letter/14-46.pdf.

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.

Mondaq uses cookies on this website. By using our website you agree to our use of cookies as set out in our Privacy Policy.

Learn More