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Screenshot of a breaking news alert e-mail from Q2 2017
The Commodity Futures Trading Commission’s (CFTC) Division of Market Oversight (DMO) today announced the issuance of a no-action letter extending the conditional time-limited relief provided in CFTC No-Action Letter No. 13-76 for Australian-based trading platform Yieldbroker Pty Limited (Yieldbroker).
This is no surprise here as authorities across Europe and the United States have been lenient on financial market participants as they understand the complications and burdens the new Dodd-Frank and EMIR regulations have brought on and companies can not just adapt overnight but need time to thoroughly change their way of operation to become compliant under the new statutes.
We reported that back on September 27, 2013, Yieldbroker provided the CFTC with a confidential draft SEF application. The CFTC then gave Yieldbroker a one month exemption from SEF licensing. As the process was taking more time than originally thought, the CFTC then announced a second one-month extension, to December 1. Yieldbroker, the CFTC and ASIC staff were engaged in discussions regarding an arrangement whereby Yieldbroker would register as an SEF, while maintaining its AML status in Australia.
Now again, Aussie based Yieldbroker will indefinitely be given more time to become SEF compliant.