No-action relief extended for SEFs from certain block trade requirements. The CFTC’s Division of Market Oversight announced that it has extended time-limited no-action relief to Swap Execution Facilities (SEFs) from certain requirements in the definition of “block trade” in CFTC Regulations. Subject to some conditions,CFTC Staff Letter 16-74 extends time-limited relief to SEFs from the “occurs away” requirement under Section 43.2 until November 15, 2017, or the effective date of any CFTC action with respect to the issues referenced in the no-action letter. (10/7/2016)
CFTC and FCA sign MOU to enhance supervision of cross-border regulated firms. The announced that CFTC Chairman Timothy Massad and Andrew Bailey, Chief Executive of the FCA, signed an MOU regarding cooperation and the exchange of information in the supervision and oversight of certain regulated firms that operate on a cross-border basis in the US and in the UK. (10/6/2016)
CFTC expands interest rate swap clearing requirement. The CFTC announcedthat it has expanded the existing clearing requirement for interest rate swaps. The CFTC voted unanimously to approve an amendment to CFTC regulation 50.4(a) that establishes a new clearing requirement determination. Under the new clearing requirement determination, market participants are required to submit a swap that is identified in expanded regulation 50.4(a) for clearing by a derivatives clearing organization. (9/28/2016) See Question and Answer: Requirement Determination under Section 2(h) of the CEA for Interest Rate Swaps and Federal Register Final Rule. Also see Statement of Chairman Timothy Massad.