The CFTC Divisions of Market and Intermediary Oversight granted
conditional no-action relief to an Australian multilateral
swap-trading facility from the requirement to register as a
swap-execution facility ("SEF"). The CFTC noted that with
this action, the Australian facility becomes the first
foreign-regulated, multilateral swap-trading facility that permits
direct access to U.S. persons to qualify for long-term no-action
relief. The action also provides relief to parties executing swaps
in the Australian facility from the CEA's trade execution
requirement concerning certain swap-data reporting obligations
under CFTC rules. Under certain conditions, swap dealers and major
swap participants also will be excused from complying with certain
business conduct, confirmation and swap-trading relationship
This relief is being granted due to the determination that the
Australian multilateral swaps-trading facility is subject to
sufficient pre- and post-trade price transparency requirements in
Australia, as well as appropriate governmental oversight.
The relief will continue until the effective date of any
CFTC-exempt SEF framework adopted pursuant to CEA Section 5h(g).
The CFTC emphasized that the no-action letter was modeled after
CFTC No-Action Letter 14-46, which "invited EU-regulated
multilateral trading facilities to apply for similar, long-term
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