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CFTC Grants Additional Temporary IB and CTA Registration Relief for Certain Persons
1 April 2013
The CFTC has issued a no-action letter expanding the no-action relief from the IB and CTA registration requirements previously granted under CFTC Letter No. 12-70 to certain additional persons that engage in Affiliate Support Activities on behalf of certain affiliates not yet registered with the CFTC as an SD.
The relief applies where the employee of an Agent Affiliate engages in such activities on behalf of an affiliate swap counterparty that either has filed a Form 7-R or has engaged in more than a de minimis amount of swap dealing but has not submitted a complete application for registration and less than two months have elapsed since the end of the month in which it exceeded such de minimis amount.
The relief is subject to a number of conditions and expires once the affiliate swap counterparty registers as an SD.
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