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ARTICLE · 14 APRIL 2015

CFTC Issues No-Action Relief For Amended Legacy Swaps Between SDs And SPVs

Hogan Lovells Cadwalader
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On March 31, 2015, the Division of Swap Dealer and Intermediary Oversight (the "Division") of the Commodity Futures Trading Commission (the "CFTC") issued no-action relief regarding compliance...

United StatesFinance and Banking
Ivan Loncar
Ivan Loncar
Neil Weidner
Neil Weidner
Isaac Neill
Isaac Neill
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On March 31, 2015, the Division of Swap Dealer and Intermediary Oversight (the "Division") of the Commodity Futures Trading Commission (the "CFTC") issued no-action relief regarding compliance with certain of its swap regulations, including, but not limited to, business conduct and swap trading relationship documentation requirements for swap dealers ("SDs"), in connection with swaps entered into by structured finance special purpose vehicles ("SPVs") prior to October 10, 2013 ("Legacy SPV Swaps").1  The relief was granted in response to a request by the Structured Finance Industry Group ("SFIG").  Cadwalader represented SFIG in connection with the request.

BACKGROUND

SPVs that are formed to issue obligations in structured finance transactions commonly enter into swaps to hedge risks associated with such obligations.  In order to limit the credit risk assumed by the SPV, Moody's, S&P and Fitch (each a "rating agency") have developed criteria designed to isolate

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