The Commodity Futures Trading Commission
("CFTC") extends no-action and exemptive relief from the
European Union to the United Kingdom.
On April 5, 2019, the CFTC's Divisions of Clearing and Risk,
Market Oversight and Swap Dealer and Intermediary Oversight
extended existing no-action and exemptive relief for European Union institutions and
regulatory schemes to their United Kingdom equivalents. The CFTC
took this action in view of the fact that the United Kingdom will
no longer be an EU member after Brexit. Absent further developments
or extensions, the United Kingdom will leave the European Union on
April 12 via the default-option "no deal" Brexit. The
CFTC relied on the approach of the UK authorities whereby existing
EU legislation is fully transposed into domestic UK law, meaning
that the UK regulatory regime will remain aligned with existing EU
rules in the immediate aftermath of Brexit. The UK regulatory
regime will thus continue to benefit from existing CFTC
