Relief for Foreign-Owned U.S. Banks in Respect of Foreign Affiliates’ Swap Activities
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- The CFTC issued a no-action letter permitting certain U.S. banks that are wholly owned by foreign swap dealers to not include the swap activity of their foreign affiliates in determining the availability of the de minimis exception from registration.
- The no-action letter extends the relief provided in a prior CFTC no-action letter to certain nationally-chartered U.S. banks.
- In order to rely on the no-action relief, eligible foreign-owned US banks must file a claim to perfect the relief, which claim will be effective upon filing.