The CFTC staff has once again extended its no-action relief from the “arrange, negotiate or execute” provisions of CFTC Advisory 13-69, the controversial 2013 advisory that applies transaction-level swap requirements based on the involvement of U.S.-located personnel.  Today’s relief differs from previous relief in that it does not have a specific expiration date and in indicating that the CFTC may address the application of the “arrange, negotiate or execute” standard to individual transaction-level requirements at different times.  It remains to be seen whether this change is a signal that, as market participants have suggested, the CFTC will apply the conduct test only to an individual transaction-level requirement where it would further the goals of that requirement.

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