DSIO Issues No-Action Relief for Certain Persons from Registration as an IB or CTA (CFTC Letter 13-04)

The CFTC's Division of Swap Dealer and Intermediary Oversight ("DSIO") announced in a letter that it is taking a no-action position to provide relief from IB or CTA registration requirements for certain entities, and their employees, that act as agents of a swap dealer that is not yet registered but is in the process of being registered. The relief is subject to a good number of conditions including that the various affiliates often are subject to joint and several liability for the conduct of any employees of the entity acting as agent. The letter extends relief that the DSIO had previously granted in CFTC Letter No. 12-70(December 31, 2012).

Click hereto view CFTC Letter 13-04 (links externally to CFTC website).Related News: "CFTC Issues No-Action Letter Providing Registration Relief to Certain Introducing Brokers and Commodity Trading Advisors Involved in Swaps Activities (with Robins Comment)" (Dec. 31, 2012).