CFTC Staff Letters

CFTC Staff Letters provides Letters from 2008 and later. For Letters published before 2008 visit the Letters Archive page.

PDF Description
PDF Image 23-11 Letter Type: No-Action
Division: MPD
Regulation Parts: 23.105
Tags: Financial Reports, Swap Dealer
Issuance Date:
Description:

Time limited no-action relief from regulation 23.105(p) for certain alternative financial reporting by SDs subject to the capital requirements of a prudential regulator.


See also: Request Letter
Requester(s): ISDA, SIFMA
PDF Image 23-10 Letter Type: No-Action
Division: MPD
Regulation Parts: 3, 4
Tags: Commodity Pool, CPO, CTA, Registration, Swaps
Issuance Date:
Description:

No-action position from CPO/CTA registration granted to an entity that uses foreign exchange swaps in managing the risks of its biopharmaceutical royalties business.


See also: Request Letter
Requester(s): ROYALTY
PDF Image 23-09 Letter Type: No-Action
Division: DMO, DOD
Regulation Parts: 43, 43.3, 45, 45.4
Tags: Reporting, Swaps, LIBOR, Part 43, Part 45
Issuance Date:
Description:

The Commodity Futures Trading Commission’s Division of Market Oversight (DMO) and Division of Data (DOD) take a no-action position regarding certain Part 43 and Part 45 swap reporting obligations in relation to the cessation or non-representativeness of USD LIBOR and other rates on June 30, 2023.


See also: Request Letter
Requester(s): ARRC
PDF Image 23-08 Letter Type: No-Action
Division: MPD
Regulation Parts: 1.20, 1.32
Tags: FCM, Reporting, Segregated, Segregation, Customer Funds
Issuance Date:
Description:

No-Action position regarding the deposit and holding of customer funds by a registered FCM under certain circumstances with Taiwan Banks


See also: Request Letter
Requester(s): ADMIS
PDF Image 23-07 Letter Type: Advisories
Division: DCR
Regulation Parts: 39
Tags: Clearing, Digital Assets
Issuance Date:
Description:

AO Advisory on Risks Associated with Expansion of DCO Clearing of Digital Assets


Requester(s): CFTC
PDF Image 23-06 Letter Type: Advisories
Division: DCR
Regulation Parts: 1a(15)
Tags: Clearing, DCO, Prime Brokerage
Issuance Date:
Description:

Advisory that encourages entities using prime brokerage arrangements that provide credit substitution on a centralized basis to examine the specific nature of their activities for the potential need to register as a derivatives clearing organization (DCO).


Requester(s): CFTC
PDF Image 23-05 Letter Type: No-Action
Division: COM, DMO
Regulation Parts: 2(h)(8), 37.9
Tags: Execution, Swaps, Trade Execution, Trade Execution Requirement
Issuance Date:
Description:

The Division of Market Oversight (“Division” or “DMO”) of the Commodity Futures Trading Commission (“CFTC” or “Commission”) is providing a no-action position regarding the requirements in section 2(h)(8) of the Commodity Exchange Act (“CEA” or “Act”) and Commission regulation 37.9, for credit default swaps (“CDS”) that are executed for the sole purpose of migrating open CDS positions from ICE Clear Europe Ltd. (“ICEU”) to a new central clearing counterparty (“CCP”) ahead of ICEU’s planned discontinuation of CDS clearing services in October 2023.


See also: Request Letter
Requester(s): ISDA
PDF Image 23-04 Letter Type: Exemption
Division: MPD
Regulation Parts: 4.7, 4.7(b)(2), 4.7(b)(3)
Tags: Commodity Pool, CPO, Pool Participant, Reporting
Issuance Date:
Description:

Exemptive relief for a CPO from the requirement to provide quarterly account statements within 30 days of the end of each quarter for certain pools, provided that the CPO provides monthly account statements within 45 days of the end of each month for such pool.


See also: Request Letter
Requester(s): CGA, EIMS
PDF Image 23-02 Letter Type: No-Action
Division: MPD
Regulation Parts: 23.105
Tags: Financial Reports, SD, Swap Dealer, Tangible Net Worth
Issuance Date:
Description:

No-action position regarding the timing of filing certain reports under swap dealer financial reporting requirements in Regulation 23.105(d) and (l).


See also: Request Letter
Requester(s): CRG
PDF Image 23-01 Letter Type: No-Action
Division: MPD
Regulation Parts: 23.402, 23.430, 23.431, 23.432, 23.434, 23.440, 23.450, 23.451, 23.504
Tags: Business Conduct Standards, Documentation, Intended To Be Cleared
Issuance Date:
Description:

Revision of CFTC Staff Letter No. 13-70, regarding certain duties imposed on swap dealers (SDs) and major swap participants (MSPs) pursuant to the Commission’s Business Conduct Standards with Counterparties, as well as certain documentation requirements imposed on SDs and MSPs pursuant to Commission regulation § 23.504 for Intended-To-Be-Cleared Swaps.


See also: Request Letter
Requester(s): ISDA