Exemptive Relief

Relief from Annual Reporting Requirements.

On January 23rd, the CFTC's Division of Swap Dealer and Intermediary Oversight granted the relief requested by the commodity pool operator of three commodity pools which operate in accordance with an exemption under Regulation 4.7. The CPO requested exemptive relief from the annual report requirement in Regulation 4.7(b)(3) to permit it to file an annual report for the pools for the period from their inception of trading on November 1, 2013 to December 31, 2014. The CPO submitted waivers from all of the pools' participants evidencing their consent to the relief requested. DSIO granted the requested relief conditioned upon the future filing and distribution of a certified annual report for the period from November 1, 2013 through December 31, 2014. CFTC Letter No. 14-06.


 

Other Developments

Technology Advisory Committee Meeting.

The CFTC's Technology Advisory Committee will hold its rescheduled public meeting on February 10, 2014. The meeting will focus on issues related to swap data reporting, the CFTC's concept release on automated trading environments, and swap execution facilities. CFTC Press Release. See also Agenda.


CFTC Committee to Discuss Cross-Border Guidance.

The CFTC's Global Markets Advisory Committee will meet on February 12, 2014 to discuss the CFTC staff's advisory issued on November 14, 2013, related to the CFTC's cross-border guidance addressing the applicability of certain CFTC regulations. CFTC Press Release.


 

ICAP Files for SEF Registration.

On January 31st, Bloomberg reported ICAP Plc has filed a swap execution facility ("SEF") registration application with the CFTC. ICAP is the first large SEF to seek U.S. approval for an off-shore unit. SEF Application.


 

Make Available to Trade Determinations.

On January 28th, the CFTC's Division of Market Oversight announced that TW SEF LLC's ("Tradeweb") self-certification of available-to-trade determinations for certain interest rate swap ("IRS") and credit default swap ("CDS") contracts is deemed certified. The self-certification includes certain IRS contracts made available to trade via earlier determinations that were deemed certified on January 16, 2014 and January 22, 2014, respectively; additional IRS contracts; and certain CDS contracts. As a result of this certification, transactions involving certain IRS contracts and CDS contracts will be subject to the trade execution requirement, effective February 26, 2014, in addition to the IRS contracts that will be subject to the trade execution requirement on February 15, 2014 and February 21, 2014, respectively. On January 30th, DMO announced that MarketAxess SEF Corporation's ("MarketAxess") self-certification of available-to-trade determinations for certain CDS contracts is self-certified. The CDS contracts included in MarketAxess' MAT Determination are those submitted by Tradeweb. These CDS contracts will become subject to the trade execution requirement on February 26, 2014.