CFTC Issues Time-Limited No-Action Letter Relief for Temporarily Registered SEFs and Designated Contract Markets from the One-Business-Day Product Review Period Requirement (13-60)

The CFTC Division of Market Oversight issued a time-limited no-action letter providing relief for swap execution facilities ("SEFs") and designated contract markets ("DCMs") from the one-business-day product review period requirement of CFTC Rule 40.2(a)(2) ("Listing Product for Trading by Certification") for newly listed swap products. The letter states that the CFTC believes the one-day review period for product submissions could impede the ability of SEFs and DCMs to smoothly migrate swap products to SEFs due to the large number of swap product filings expected before the October 2, 2013, compliance deadline. Further, the CFTC will not be able to conduct product reviews until the government shutdown ends. The no-action relief will expire on October 3, 2013, or on the first business day after the conclusion of the government shutdown.

See: CFTC Letter 13-60; CFTC Press Release.Related News: CFTC Issues Amendments to CFTC No-Action Letter 13-55 (October 1, 2013); Two CFTC No-Action Letters (13-55 and 13-56) on Swap Data Reporting (with Lofchie Comment) (September 30, 2013); CFTC's DMO Issues Time-Limited No-Action Relief for Temporarily Registered SEFs (with Lofchie Comment) (September 30, 2013); CFTC's DMO Provides Time-Limited No-Action Relief to SEFs and Market Participants (with Lofchie Comment) (September 27, 2013).