CFTC Staff Extends Relief from Capital and Reporting Requirements to Non-U.S. Dealers

The CFTC Market Participants Division ("MPD") extended no-action relief from certain capital and financial reporting requirements for nonbank swap dealers ("SDs") domiciled in Japan, Mexico, the UK and the EU.

The previously granted relief was set to expire on October 6, 2022. The extension now runs until October 1, 2024 or, alternatively, the dates upon which the CFTC issues final comparability determinations for each jurisdiction, as applicable.

As previously covered, the MPD stated that it will not recommend enforcement action against a non-bank SD that complies with home country capital and financial reporting requirements in lieu of CFTC capital requirements in Rules 23.100-106, subject to a number of conditions specified in the relief letter.