CFTC No-Action Letter 13-50 Provides Additional Delay for Portfolio Reconciliation

The CFTC issued a no-action letter providing time-limited relief to SDs and MSPs from compliance with CFTC Rule 23.502 ("Portfolio Reconciliation") provided that the SDs and MSPs intend to comply with comparable EMIR rules. CFTC Letter 13-50 extends from August 23 to September 15, 2013 the relief from portfolio reconciliation provided by CFTC Letter No. 13-45, contingent upon (i) the SD or MSP intending to comply with the EMIR rules that come into effect on September 15 and (ii) the SD or MSP satisfying the other conditions set forth in CFTC Letter No. 13-45.

See: CFTC No-Action Letter 13-50; CFTC Press Release.