Staff of the Commodity Futures Trading Commission’s Division of Intermediary Oversight granted relief from US registration requirements to non-US persons acting in the capacity of commodity trading advisors, commodity pool operators and introducing brokers who execute a swap transaction bilaterally or on or subject to the rules of a swap execution facility for other non-US persons where the swap is not submitted for clearing through a registered FCM. Currently the applicable CFTC regulation provides an exemption for registration for such non-US persons only for such transactions if the swap is submitted for clearing through a registered FCM. Staff granted this relief because, currently, not all swaps are required to be cleared and some swaps are not yet accepted for clearing by any derivatives clearing organization. The relief will expire only after an amendment to the relevant rule (Rule 3.10(c)(3)(i); click here to access the rule).