The US Commodity Futures Trading Commission (CFTC) has issued a no-action letter which supersedes no-action letter no. 14-16 of 12 February 2014. The letter grants no-action relief to EU multilateral trading facilities (MTFs) from the Dodd-Frank rules for swap execution facilities that were scheduled to take effect on 15 May 2014.

The no-action letter generally tracks the conditional relief provided in the previous no-action letter but contains a number of clarifications, as well as new and amended conditions including that an MTF must certify that it is subject to and compliant with regulations that require all MTF participants to consent to the MTF’s jurisdiction, allowing the MTF to effectively enforce its rules.

View Conditional no-action relief with respect to swaps trading on certain multilateral trading facilities overseen by competent authorities designated by European Union Member States, 9 April 2014