The CFTC’s Division of Market Oversight (“Division”) issued a no-action letter providing time-limited relief to Swap Dealers (“SDs”) and Major Swap Participants (“MSPs”) from the obligation to report valuation data for cleared swaps as required by Commission Regulation 45.4(b)(2)(ii) [Swap Data Reporting: Continuation Data]. The no-action letter provides that the Division will not recommend that the Commission take enforcement action against a SD or MSP for failure of such SD or MSP to comply with the requirements of regulation 45.4(b)(2)(ii) to report valuation data. The no-action relief

The CFTC Division of Swap Dealer and Intermediary Oversight ("DSIO") issued a no-action letter permitting a CTA not to register with the CFTC as such where its advisory activities were conducted as subadvisor to its parent company that was itself a fully registered CTA. The relief was subject to various conditions, but the gist of the letter is essentially that the subsidiary was completely controlled by the parent and was in many respects an alter ego of the parent. In addition to the fact that the parent wholly owned the subsidiary, the letter noted that the parent and subsidiary were

The CFTC Division of Market Oversight ("DMO") issued the attached time-limited no-action letter providing swap dealers with relief from Parts 43 and 45reporting for prime brokerage transactions. Subject to a variety of conditions, the initial burden of trade reporting will fall on the executing dealer that enters into a swap with a counterparty and not on the prime broker that enters into a back-to-back arrangement. Compliance with the requirements of the letter will require prime brokers and executing brokers to enter into an agreement as to, among other things, the allocation between them of

As a part of the review of the UK special administration regime for investment banks, industry opinion is being sought on the extent to which the current framework achieves its objectives and whether it should continue to have effect. The regime, created by the Banking Act 2009 in response to the administration of Lehman Brothers, was developed as a mechanism to ensure that the failure of investment firms could be resolved in an orderly manner as much as possible, in particular to protect client assets, creditor rights, markets and the UK financial services industry as a whole. Any responses

SIFMA issued its 2013 and 2014 holiday schedules for full and early market closes for the trading of US dollar-denominated fixed-income securities in the United States, the United Kingdom and Japan. View release in full here (links externally to SIFMA website).