On February 12, 2016, the US Commodity Futures Trading Commission’s Division of Swap Dealer and Intermediary Oversight provided no-action relief clarifying that the exemption from registration in Rule 3.10(c)(3) for persons located outside the United States who act as Introducing Brokers, Commodity Trading Advisors or Commodity Pool Operators on behalf of persons located outside of the United States is available in connection with swaps that are not submitted for clearing if such swaps are not subject to a CFTC clearing requirement.

The full text of the CFTC no-action letter is available at: http://www.cftc.gov/idc/groups/public/@lrlettergeneral/documents/letter/16-08.pdf