The CFTC on Thursday released additional confirmation that it will not enforce its new rules on swaps until the end of 2011.
The Commodity Futures Trading Commission circulated a staff “no-action” letter being drafted for officials at the agency’s Division of Market Oversight and the Division of Clearing and Intermediary Oversight, where enforcement actions would originate.
The CFTC on June 14 announced a six-month delay for certain business conduct and registration requirements for swaps, followed by a June 15 SEC decision to offer temporary relief for compliance with the swaps rules.
The CFTC action Thursday is unrelated to the SEC’s vote Wednesday to propose rules for business conduct standards for swap dealers and participants, with special attention for practices related to pension funds, endowments and governmental plans.
The CFTC draft “no action” letter can be found at www.cftc.gov/ucm/groups/public/@newsroom/documents/file/noaction061411.pdf.