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ARTICLE · 23 APRIL 2019

CFTC Staff Grants Brexit-Related No-Action Relief

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The CFTC staff granted Brexit-related no-action relief intended to preserve the status quo following Brexit.

United StatesFinance and Banking
Hogan Lovells Cadwalader
Hogan Lovells Cadwalader
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The CFTC staff granted Brexit-related no-action relief intended to preserve the status quo following Brexit.

In Letter 19-08, the CFTC Division of Market Oversight ("DMO") and the Division of Swap Dealer and Intermediary Oversight ("DSIO") provided relief that elements of pre-existing CFTC relief for EU entities will continue to be available for UK entities following Brexit. In particular, the letter covers: (i) swap dealer comparability determinations for (a) entity-level requirements, (b) transaction-level requirements and (c) margin requirements; and (ii) exemptive relief from swap execution facility registration for multilateral trading facilities. The relief distinguishes between a "no-deal" and "soft" Brexit, and each case is time-limited.

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