CFTC Issues Three Time-Limited Extensions Relating to SEFs (CFTC Letters 13-55, 13-56 and 13-5)

The CFTC’s Division of Market Oversight issued a letter providing time-limited extensions for relief for swaps in the FX asset class. The time-limited extensions are provided for the following no-action letters:

  • CFTC Letter No. 13-55 (amended) (Time-Limited No-Action Relief for Temporarily Registered Swap Execution Facilities from Certain Swap Data Reporting Requirements of Parts 43 and 45 of the Commission’s Regulations);
  • CFTC Letter No. 13-56 (Time Limited No-Action Relief for Reporting Counterparties from Certain Continuation Data Reporting Requirements of Section 45.4 of the Commission’s Regulations with respect to Uncleared Swaps Executed on or Pursuant to the Rules of a Temporarily Registered Swap Execution Facility); and
  • CFTC Letter No. 13-58 (Time-Limited No-Action Relief to Temporarily Registered Swap Execution Facilities from Commission Regulation 37.6(b) for Non-Cleared Swaps in All Asset Classes).

The relief provided in the letter is extended until 12:01 a.m. EST on November 29, 2013. 

Lofchie Comment: This steady stream of no-action letters evidences a rulemaking process that is not working well; requirements are promulgated without consideration for whether they can be achieved within the specified timeframes or indeed at all.

See: CFTC No-Action Letter 13-68; Press Release.
Related News: CFTC Issues Technical Amendments to CFTC No-Action Letter 13-55” (October 2, 2013); “Two CFTC No-Action Letters (13-55 and 13-56) on Swap Data Reporting” (October 1, 2013);”CFTC’s DMO Issues Time-Limited No-Action Relief for Temporarily Registered SEFs” (September 30, 2013).