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ARTICLE · 26 MARCH 2025

CFTC Pulls Back On SEF Registration Advisory: A Win For Market Clarity

Gesmer Updegrove LLP
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The Commodity Futures Trading Commission (CFTC) just hit the reset button. On March 13, 2025, the Division of Market Oversight (DMO) issued CFTC Letter No. 25-05...

United StatesFinance and Banking
Braeden Anderson
Braeden Anderson

The Commodity Futures Trading Commission (CFTC) just hit the reset button. On March 13, 2025, the Division of Market Oversight (DMO) issued CFTC Letter No. 25-05, officially scrapping the controversial 2021 Advisory on Swap Execution Facility (SEF) Registration (CFTC Letter No. 21-19). Effective immediately, this move restores the pre-2021 regulatory framework, providing much-needed clarity for commodity trading advisors (CTAs), introducing brokers (IBs), and other market players facilitating swap execution.

Key Takeaways

  • The CFTC has walked back its 2021 Advisory, which had raised alarm bells in the industry over the scope of SEF registration.
  • The rollback reinstates the original SEF framework from the 2013 final SEF rules, eliminating the added compliance burdens imposed by the Advisory.

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