Global Markets Advisory Committee to meet. The CFTC Global Markets Advisory Committee will meet on May 21, 2014 to discuss issues related to the CFTC’s coordination with foreign regulators on the oversight of foreign-based swap clearinghouses and foreign swaps execution facilities. (5/9/2014) CFTC press release.
Streamlined application process for CPO registration relief. The Division of Swap Dealer and Intermediary Oversight announced a streamlined approach for considering requests for registration no-action relief on an expedited basis from commodity pool operators (CPO) who delegate certain activities to a registered CPO. (5/12/2014) CFTC press release.
Temporary SEF approved. The CFTC approved the application of ICAP Global Derivatives Limited for temporary registration as a swap execution facility. (5/9/2014) CFTC press release.
DCO registration relief. The Division of Clearing and Risk granted OTC Clearing Hong Kong Limited time-limited relief from the requirements to register as a derivatives clearing organization. (5/7/2014) CFTC press release.
CFTC Expands Electronic Filing Capabilities. New enhancements to the CFTC’s filing portal have been made. The portal has been expanded to allow designated contract markets, swap execution facilities and swap data repositories to electronically submit event-specific reports to the CFTC. (5/5/2014) CFTC press release.
Packaged trades implementation timeline. Beginning May 16, 2014, market participants executing swaps that are part of a “package transaction” (that is, transactions which include at least one swap that has been made available to trade), must do so on a swap execution facility or designated contract market in accordance with a phased compliance timeline. (5/1/2014) CFTC Press Release.
Interposed longevity reinsurance transactions. The CFTC has made public the Division of Swap Dealer and Intermediary Oversight’s no-action letter, which granted an insurance company’s request to be allowed to provide reinsurance of pension plans’ longevity risks through multi-step “Interposed Longevity Reinsurance Transactions” without such reinsurance being considered as insurance or a guarantee of a swap. CFTC Letter No. 14-67.
CPO relief. In the following letters, the CFTC has provided commodity pool operators with relief from rules requiring the submission of independently audited financial statements: CFTC Letter No. 14-63; CFTC Letter No. 14-64; CFTC Letter No. 14-65; CFTC Letter No. 14-66.