In an action parallel with the request for public comment (see “CFTC Requests Comment on Staff Advisory Regarding the Applicability of Transaction Level Requirements,” above), on January 3, the Commodity Futures Trading Commission Division of Swap Dealer and Intermediary Oversight (DSIO) issued a no-action letter extending the relief provided by CFTC Letter No. 13-71. Pursuant to this relief, DSIO will not recommend enforcement action against a non-US swap dealer that uses personnel or agents located in the United States to arrange, negotiate or execute certain swaps with non-US persons for failing to comply with the transaction-level requirements, provided the non-US persons are not guaranteed affiliates or conduit affiliates of a US person. This relief will now be available until September 15, 2014. 

CFTC No-Action Letter 14-01 is available here.