The Division of Swap Dealer and Intermediary Oversight, the Division of Clearing and Risk and the Division of Market Oversight (collectively, the Divisions) of the Commodity Futures Trading Commission have extended relief previously provided in a series of previous no-action letters relating to transaction-level requirements for non-US swap dealers (non-US SDs). Specifically, the Divisions have granted relief to non-US SDs from certain specified “transaction-level requirements” when using personnel or agents located in the United States to arrange, negotiate or execute swaps with non-US persons that are not guaranteed affiliates or conduit affiliates of a US person.

For these purposes, “transaction-level requirements” include the requirements set forth in CFTC Regulations 23.202, 23.205, 23.400 to 23.451, 23.501, 23.502, 23.505, 23.506, 23.610, 23.701 to 23.704, and Parts 37, 38, 43 and 50. To the extent that the counterparty is not a CFTC-registered swap dealer, the “transaction-level requirements” also include the requirements set forth in CFTC Regulations 23.503 and 23.504.

The relief will remain in place until the effective date of any CFTC rule or other formal action addressing whether a particular transaction-level requirement is or is not applicable to any of the transactions described above.