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.
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