SEF Registration Relief Extended

On May 15th, the CFTC’s Division of Market Oversight (the “DMO”) extended to August 15, 2014, the conditional time-limited relief provided in CFTC Letter No. 13-76 for Australian-based trading platform Yieldbroker Pty Limited. DMO will not recommend that the CFTC take enforcement action against Yieldbroker for failure to register as a swap execution facility. CFTC Letter No. 14-70.

Derivatives Investigation

On May 14th, Bloomberg reported the CFTC is examining whether banks are improperly evading the provisions of the Dodd-Frank Act which require the central clearing of derivative contracts. End Run.

DCO Exemptive Relief

On May 13th, Risk.net reported the CFTC is close to adopting a framework through which foreign central counterparties can obtain exemptive relief from registration as derivatives clearing organizations. Exemptive Relief.

DSIO Streamlines CPO Registration Relief

On May 12th, the CFTC’s Division of Swap Dealer and Intermediary Oversight issued a staff letter in which it described 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. Under the streamlined approach, relief would be limited to certain circumstances and subject to a number of conditions, including that the delegating CPO represent in its form of request that certain specified criteria are met. DSIO will continue to consider requests for CPO registration relief involving delegating CPOs where the specified criteria set forth in the letter cannot be met. CFTC Press Release.

Global Markets Advisory Committee

The CFTC’s Global Markets Advisory Committee has scheduled a meeting for May 21, 2014. The agenda includes a discussion of issues related to the cross-border coordination of oversight of foreign-based swap clearinghouses and foreign swaps execution facilities. CFTC Press Release.