CFTC Extends Expiration of MTF Relief


On February 12, the Commodity Futures Trading Commission’s Division of Market Oversight (DMO) issued relief from registration as a swap execution facility (SEF) to multilateral trading facilities (MTFs) regulated within the European Union. To qualify for such relief, an MTF was required to submit a request to DMO that satisfied the conditions set forth in CFTC Letter No. 14-16. DMO simultaneously issued CFTC Letter No. 14-15, which provided temporary no-action relief to such an MTF until the earlier of March 24, 2014, or DMO’s issuance of a letter granting the MTF’s relief request pursuant to CFTC Letter No. 14-16. A Katten Client Advisory covering CFTC Letters Nos. 14-15 and 14-16 is available here.

DMO has now issued CFTC Letter No. 14-31, which provides that DMO and the Division of Swap Dealer and Intermediary Oversight intend to issue yet another no-action letter to supersede and replace No-Action Letter 14-16. (As of March 21, no MTF had submitted a formal relief request to DMO pursuant to CFTC Letter No. 14-16.) The replacement no-action letter will provide similar long-term relief to MTFs, but will contain certain clarifications and other amendments. In the interim, CFTC Letter No. 14-31 extends temporary no-action relief from SEF registration to an MTF until the earlier of May 14, 2014, or DMO’s issuance of a letter granting an MTF’s relief request pursuant to the replacement no-action letter. 

CFTC Letter No. 14-31 is available here.

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

© Katten Muchin Rosenman LLP | Attorney Advertising

Written by:


Katten Muchin Rosenman LLP on:

JD Supra Readers' Choice 2016 Awards
Reporters on Deadline

"My best business intelligence, in one easy email…"

Your first step to building a free, personalized, morning email brief covering pertinent authors and topics on JD Supra:

Sign up to create your digest using LinkedIn*

*By using the service, you signify your acceptance of JD Supra's Privacy Policy.

Already signed up? Log in here

*With LinkedIn, you don't need to create a separate login to manage your free JD Supra account, and we can make suggestions based on your needs and interests. We will not post anything on LinkedIn in your name. Or, sign up using your email address.