The Commodity Futures Trading Commission’s Division of Swap Dealer and Intermediary Oversight extended no-action relief previously granted that excludes Europe-based swap dealers from having to comply both with CFTC and European Union requirements related to margin for non-cleared swaps. Under the DSIO’s no action relief, EU-based SDs will only have to comply with EU obligations until November 7, 2017. During this time, the CFTC is determining whether the EU’s margin rules are comparable with respect to the CFTC’s rules; if the Commission determines they are, non-US SDs would only have to comply with EU requirements pursuant to the substituted compliance framework previously articulated in the CFTC’s cross-border margin rule. (Click here for background in the article “Final Cross Margin Rule for Uncleared Swaps Issued by CFTC” in the June 5, 2016 edition of Bridging the Week.) The DSIO’s relief only benefits SDs who are not supervised by a prudential regulator (i.e., non‑banks). (Click here for background on the original-granted relief in the article “CFTC Staff Authorizes Swap Dealers to Comply With EU Uncleared Swaps Margin Rules When Dealing With EU Counterparties in Lieu of US Rules for Interim Period” in the February 5, 2017 edition of Bridging the Week.)