September 21, 2021

Volume XI, Number 264

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September 20, 2021

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CFTC Staff Provides Further Brexit-Related Relief

On April 8, the Market Participants Division (MPD), Division of Clearing and Risk (DCR), Division of Data (DOD) and Division of Market Oversight (DMO) of the Commodity Futures Trading Commission jointly issued no-action relief, effective immediately, to maintain the regulatory status quo for swap dealers (SD) following the withdrawal of the United Kingdom from the European Union. The no-action letter provides relief to SDs from certain transaction-level requirements for certain swaps between their foreign branches and non-US persons. MPD also provided no-action relief to SDs from the comparability determination requirement by allowing them to utilize existing relief provided in CFTC Staff Letter No. 20-39.

Staff Letter 21-09 and Press Release

©2021 Katten Muchin Rosenman LLPNational Law Review, Volume XI, Number 106
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About this Author

Kevin M. Foley, Finance Lawyer, Katten Llaw Firm
Partner

Kevin M. Foley has extensive experience in commodities law and advises a wide range of clients, both in the United States and abroad, on compliance with the Commodity Exchange Act and the rules of the Commodity Futures Trading Commission (CFTC) affecting traditional exchange-traded products, as well as the over-the-counter markets involving swaps and other derivative instruments. His clients include futures commission merchants, derivatives clearing organizations, designated contract markets, foreign boards of trade and an industry trade association.

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312-902-5372
Associate

Alexander Kim is an associate in the Financial Markets and Funds practice.

212-940-6535
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