On June 5 2015 the US Commodity Futures Trading Commission (CFTC) Division of Swap Dealer and Intermediary Oversight (DSIO) issued no-action relief from introducing broker and commodity trading adviser registration to persons located outside the United States that facilitate swap transactions for international financial institutions that have offices in the United States. The relief granted by the DSIO is consistent with prior treatment of international financial institutions, including for purposes of the swap dealer definition and mandatory clearing requirements. For purposes of the no-action letter, and in accordance with prior CFTC policy, the definition of 'international financial institution' is limited to certain specified institutions and organisations, including:

  • the International Monetary Fund;
  • the International Bank for Reconstruction and Development;
  • the European Bank for Reconstruction and Development; and
  • the International Development Association.

CFTC Staff Letter 15-37 is available at www.cftc.gov/ucm/groups/public/@lrlettergeneral/documents/letter/15- 37.pdf.

For further information on this topic please contact Donna M Parisi, Geoffrey B Goldman or Azam H Aziz at Shearman & Sterling LLP by telephone (+1 212 848 4000) or email (dparisi@shearman.com, geoffrey.goldman@shearman.com or aaziz@shearman.com). The Shearman & Sterling website can be accessed at www.shearman.com.

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