December 21, 2012

CFTC’s Division of Market Oversight Provides Additional Information Concerning its Existing No-Action Relief (CFTC Letter No. 12-46) for Reporting Parties Regarding Legal Entity Identifiers and Certain Identifying Information

Washington, DC – The Commodity Futures Trading Commission’s (CFTC) Division of Market Oversight (Division) today is providing additional information pertaining to its existing no-action relief for reporting parties under Parts 20, 45 and 46 of the Commission’s regulations (CFTC Letter No. 12-46 or Letter).

The additional information provided today specifies that reporting parties eligible for relief pursuant to CFTC Letter No. 12-46 may, for purposes of this Letter only, meet the Letter’s requirement for a “written opinion of outside legal counsel” through a legal memorandum from outside legal counsel that includes the following attestation:

“We confirm that the rigor of the analysis we provided in our memorandum was no less extensive or involved than if we were to provide the same analysis in the form of a written, legal opinion. We confirm that we consider our memorandum to represent advice for which our firm takes full responsibility. We would, therefore, be obliged to stand behind such advice equally as we would for advice delivered in the form of a legal opinion.”

Reporting parties may also continue to provide a written opinion of outside legal counsel as a means of satisfying the relevant conditions for no-action in CFTC Letter No. 12-46.

Separately, the Division is also announcing that reporting parties may use more than one Privacy Law Identifier (PLI) to meet the PLI requirements in CFTC Letter No. 12-46.

Last Updated: December 26, 2012