Division of Swap Dealer and Intermediary Oversight ("DSIO") today issued a time-limited no-action letter that provides relief for persons engaging in floor trader activities. The relief provided in the letter expires on October 2, 2013. During that limited time period, DSIO will not recommend that the CFTC take an enforcement action against an entity for failure to include, in its calculation of the aggregate gross notional amount of swaps connected with its swap dealing activity for purposes of CFTC Regulation 1.3(ggg)(4) (definition of "swap dealer") a swap that is submitted for clearing to

The CFTC's Division of Market Oversight ("DMO") issued the attached no-action letter extending time-limited relief to SDs and MSPs from the obligation to report valuation data for cleared swaps as required by CFTC Rule 45.4(b)(2)(ii) ("Swap Data Reporting: Continuation Data"). The extension alters the initial no-action relief expiration date from June 30, 2013 to June 30, 2014. The relief applies to the following parties: All SDs and MSPs that are reporting counterparties under regulation 45.4(b)(2)(ii), and All cleared swaps for which the SD or MSP has the obligation to report valuation data

CFTC Commissioner Jill Sommers released a statement supporting Commissioner Wetjen's proposal of an interim final guidance that would be based on industry and public feedback, after Chairman Gensler had criticized the idea of delaying cross-border rules at a Senate Appropriations hearing. Commissioner Sommers expressed her support for Commissioner Wetjen, and her general disagreement with Chairman Gensler by stating, "No one has ever accused Gary Gensler of being reasonable, but Commissioner Wetjen has put a reasonable proposal [for delay of the cross-border rules] on the table that would

FINRA filed with the SEC revisions to the content outline and selection specifications for the Equity Trader ("Series 55") examination program. The proposed revisions update the material to reflect changes to the laws, rules and regulations covered by the examination and to reflect the functions currently performed by an Equity Trader. FINRA is not proposing any textual changes to the By-Laws, Schedules to the By-Laws, or Rules of FINRA. See: Text of Proposed Rule Change.

Division of Swap Dealer and Intermediary Oversight ("DSIO") today issued a time-limited no-action letter that provides swap dealers with relief from certain External Business Conduct Standards rules in the context of foreign exchange intermediated prime brokerage arrangements. The relief provided in the no-action letter is applicable to all swap dealers, subject to the conditions and limitations set forth in the letter. Lofchie Comment: Another no-action letter subject to numerous conditions and requiring yet more documentation. Click here to view the No-Action Letter.