In the lead-up to Brexit, the US Commodity Futures Trading Commission (CFTC or the Commission) has been taking steps to ensure consistency and continuity of CFTC regulatory obligations to which UK firms are subject with respect to their swap activities involving US persons. The Commission has issued relief that permits UK entities to rely on existing no-action relief involving the European Union, and although the relief is directed to UK entities, the entire market benefits from greater regulatory certainty.