United States: CFTC Staff Issues Extension To Time-Limited No-Action Letter On The Applicability Of Transaction-Level Requirements In Certain Cross-Border Situations

On 4 June 2014, the CFTC's Division of Swap Dealer and Intermediary Oversight, Division of Clearing and Risk, and Division of Market Oversight issued a time-limited no-action letter that extends relief to swap dealers ("SDs") registered with the CFTC that are established under the laws of jurisdictions other than the United States ("Non-US SDs") from certain transaction-level requirements under the Commodity Exchange Act.

The letter provides no-action relief to Non-US SDs until 31 December 2014, subject to the limitations in the letter.

The full text of the CFTC no-action letter is available at: http://www.cftc.gov/ucm/groups/public/@lrlettergeneral/documents/letter/14-74.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.