CFTC Staff Letters Archive

CFTC Staff Letters Archive provides Letters from 2007 and earlier. For Letters published 2008 or later visit the All Letters page.

There are no Advisory Letters or Other Written Communications for 2007 or earlier.

Date	PDF and Description
11/21/1988	89-18 ; Section 4(a);; No-Action The Off-Exchange Task Force granted no-action relief to Goldman, Sachs and Company to permit the issuance and offer of notes which constitute commercial paper under Section 3(a)(3) of the Securities Act of 1933, the principal amount of which would be adjusted based on the fluctuation between the U.S. dollar and a specified foreign currency.
11/02/1988	89-17 ; Section 4c;; No-Action The Off-Exchange Task Force granted no-action relief to Magma Copper Company to permit the issuance of certain notes which offer a return in part indexed to the prices of copper, gold or silver.
09/30/1988	89-16 ; Section 4c;; No-Action The Off-Exchange Task Force granted no-action relief to Inco Limited to permit the issuance of certain floating rate notes which offer a return in part indexed to the price of nickel.
09/23/1988	88-18 ; Section 4c;; No-Action The Off-Exchange Task Force granted no-action relief to Shearson Lehman Hutton Inc. to permit a corporation to offer certificates of deposit with interest payable at maturity indexed in part to the spot price of gold.
09/06/1988	88-17 ; Section 4c;; No-Action The Off-Exchange Task Force granted no-action relief to Forrest Oil Corp. to permit a corporation to issue and offer debentures that bear interest at an annual fixed rate and also provide for an additional payment on each semiannual interest payment date that is related to the increase in the price of natural gas over an established base price.
08/26/1988	88-16 ; Section 4c;; No-Action The Off-Exchange Task Force granted no-action relief to First Boston Corp. and Federal National Mortgage Association to permit a federally chartered stockholder-owned corporation to issue notes that afford a specified real rate of return by means of a reevaluation mechanism that reflects a nationally disseminated measure of inflation published by a U.S. government agency. The no-action position is not inconsistent with the basic framework of analysis contained in an advance notice of proposed rulemaking and the instruments may be viewed as analogous to hybrid instruments with de minimus option characteristics.
07/22/1988	88-12 ; Section 4(a);; No-Action The Off-Exchange Task Force granted no-action relief to Morgan Stanley & Company, Inc., and Associates Corporation of North America, Transamerica Financial Corp., Westinghouse Credit Corp. to permit the issuance of notes which, among other things, have a principal value related, on an unleveraged basis, to the exchange rate between the dollar and a foreign currency. The no-action relief letter also established a procedure for notifying the Commission of future identical proposed issues that meet qualifications specified as to both the issuer and the offering. Specifically, the staff found it unnecessary to confirm each proposed issue falling under the no-action provisions when the Commission has been notified two business days prior to the public offering of the issue and the issue clearly meets, on its face, certain criteria.
07/13/1988	88-11 ; Section 4(a);; No-Action The Off-Exchange Task Force granted no-action relief to Morgan Stanley & Company, Inc., and General Motors Corporation to permit a stockholder-owned corporation to issue long-term notes whose principal value is related to the dollar/yen exchange rate. The no-action position was not inconsistent with the basic framework of analysis contained in an advance notice of proposed rulemaking which considers developing a regulatory framework for the treatment of hybrid instruments which would address commodity-related risks, among other matters, associated with these instruments.
06/20/1988	88-10 ; Section 4(a);; No-Action The Off-Exchange Task Force granted no-action relief to Morgan Stanley & Company, Inc., and Student Loan Marketing Association to permit a stockholder-owned corporation to issue notes whose principal value is related to the dollar/yen exchange rate. The no-action position was not inconsistent with the basic framework of analysis contained in the advance notice of proposed rulemaking, which considered creating a regulatory framework for the treatment of hybrid instruments that would address commodity-related risks, among other matters, associated with these instruments.
04/08/1988	88-08 ; Section 4k(3);; No-Action The Division of Trading and Markets granted AP registration no-action relief to foreign associated persons who would solicit abroad for a U.S. CTA. (T&M)