Temporary Relief From Registration For Swaps Intermediaries

CFTC issues no-action letters providing temporary relief from registration, from the swap dealer associated persons statutory disqualification prohibition, and from including certain swaps in the de minimis exception threshold.

On October 12, the Commodity Futures Trading Commission's (CFTC's) Division of Swap Dealer and Intermediary Oversight (DSIO) issued no-action letters that provide (1) temporary relief from registration for swaps intermediaries; (2) relief from the statutory disqualification prohibition for associated persons of swap dealers and major swap participants;¹ and (3) temporary relief from having to include certain cleared energy, metal, and agriculture swaps in the calculation for the swap dealer de minimis exception threshold.² As a result, intermediaries involved in swaps activities will have additional time to determine whether and when they must register with the CFTC.