Aggregated News From Investment Management Regulators

CFTC Staff Extends No-Action Relief from Certain Audit Trail Requirements Related to Post-Execution Allocation Information


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— The Commodity Futures Trading Commission’s Division of Market Oversight (DMO) today extended no-action relief to swap execution facilities (SEFs) from the requirement to capture post-execution allocation information in their audit trail data.

This extension allows DMO to continue to assess audit trail requirements related to post-execution allocation information. This no-action relief will now expire on the earlier of either (i) November 15, 2021 at 11:59 p.m. EST, or (ii) the applicable effective or compliance date of a Commission action—including a rulemaking or order—providing a permanent solution for SEF audit trail obligations related to post-execution allocation information. 

This no-action relief is subject to the following conditions:

  • The SEF must have a rule which requires that market participants provide post-execution allocation information to the SEF for particular trades, in the event that the SEF, at the request of the Commission or otherwise, requests such information; and
  • In the course of a trade practice surveillance or market surveillance investigation into any trading activity involving post-execution allocations, upon such request as stated in the condition above, the SEF must ascertain whether a post-execution allocation was made, and if so, the SEF must request, obtain, and review the post-execution allocation information as part of its investigation.

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Regulator Information

Abbreviation: CFTC
Jurisdiction: USA

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