MFA and AIMA Submit Letter to CFTC on Cross-Border Exemptive Order Asking Delay of Reporting Requirements and on Changes to Status as U.S. Person

MFA and AIMA submitted a joint letter to the CFTC in response to its “Exemptive Order Regarding Compliance with Certain Swap Regulations.” The letter asks for a delay in the reporting requirements that might otherwise apply to funds in three circumstances: (i) where a fund that will be deemed a “U.S. person” as of October 10, 2013 under the CFTC Guidance (an “October U.S. Fund”) is transacting with an entity that intends to register on December 31, 1013; (ii) where an October U.S. Fund is transacting with a non-U.S. dealer that does not intend to register with the CFTC as of the end of the year; and (iii) as to all U.S. funds, as to certain historical reporting requirements.  Appendix A to the letter (page 11) provides a chart as to the specifics of each exemptive request. 

In addition, the letter requests that when a non-U.S. fund becomes a U.S. person because of a change in its circumstances after October 10, 2013 (for example, it becomes majority-owned by U.S. persons), the fund would have 75 days to come into compliance with CFTC swap regulations.

See: MFA and AIMA Letter.
See also: IIB Files Comments on CFTC Cross-Border Exemptive Order (August 20, 2013); Industry Groups Submit Critical Comments on CFTC Cross-Border Guidance (August 14, 2013); CFTC Issues Notice of Expiration of Cross-Border Exemptive Relief (August 1, 2013).