21st March 2014. As previewed in the “path forward“, the CFTC issued a short-term extension to No-action Letter 14-16, exempting EU MTFs from the SEF registration and trade execution mandates. The press release has the catchy title, “CFTC’s Division of Market Oversight Provides Extension of Temporary No-Action Relief with respect to Swaps Trading on Multilateral Trading Facilities Overseen by Competent Authorities Designated by European Union Member States”, containing most of the need to know information. The agency also stated its intent to replace this severely time-limited extension with a longer-term, more-detailed version. The no-action relief expires on the sooner of the issuance of its replacement or 14th May 2014.
 (SEF) registration requirement set out in section 5h(a)(1) of the Commodity Exchange Act (CEA) and Commission regulation 37.3(a)(1). Trade execution mandate set out in section 2(h)(8) of the Act.