Receive our daily newsletter

CFTC Staff Extends COVID-19 Related No-Action Relief for SEFs and DCMs

The CFTC Division of Swap Dealer and Intermediary Oversight ("DSIO") and Division of Market Oversight ("DMO") extended certain elements of previously issued COVID-19-related relief through January 15, 2021 for registrants and members of swap execution facilities ("SEFs") and designated contract markets ("DCMs"). The relief was set to expire on September 30, 2020.

CFTC Letter 20-26 extends relief previously granted in a series of no-action letters from March 2020 (Letters 20-02 through 20-07 and 20-09) and extended in June 2020 (Letter 20-19).

Specifically, the DSIO extended relief from the requirement to record oral communications related to voice trading and other telephonic communications, as well as time-stamping requirements when located in remote, socially-distanced locations. The CFTC noted that the extension does not include the relief in Letters 20-03 and 20-06 that provided additional time for submitting a compliance report under CFTC Rule 3.3.

The DMO extended relief previously granted related to (i) DCM audit train and related requirements under CEA Sections 5(d)(4) and (10) and (ii) SEF recording of voice communications under Part 37 of the CFTC regulations.

Related Articles


Body of Law: