The Commodity Futures Trading Commission will begin issuing no-action letters and interpretive guidance for firms who have to register as swap dealers in the $650 trillion global over-the-counter swaps market, according to a commissioner at the agency. Jill Sommers, a Republican commissioner at the CFTC, told an audience of securities traders on Friday that the commission would start releasing a wave of documents to help firms comply with the requirements of the swaps rules. "There are a very long list of compliance problems. And so for the [last] few weeks and I suspect to the week of October 11 we will be issuing no-action letters, exemptive relief, and interpretive guidance to people on what exactly they have to do to comply," said Sommers who was speaking at the Security Traders Association conference in Washington. Sommer's remarks come as firms struggle with swap dealer registration requirements and cross-border requirements for foreign swaps dealers. Industry groups
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