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
09/10/1985	85-17 ; Regulation 1.17(h);; No-Action The Division of Trading and Markets granted no-action relief from compliance with certain financial requirements to all FCMs and IBs that had written approval from the firm’s DSRO in connection with prepayment of subordinate debt. Division staff granted this relief in anticipation of a change in CFTC regulations that would codify this position. (T&M)
08/15/1985	85-15 ; Regulation 4.5;; No-Action The Division of Trading and Markets issued temporary no-action relief to master trusts who had failed to file a notice of eligibility. Division staff stated that such trusts, which contain both excluded and non-excluded pools, must file a notice of eligibility, but granted temporary relief because the regulation required clarification. (T&M)
08/12/1985	85-3 ; CEA Section 4d(2);; Interpretative The Office of General Counsel interpreted section 4d of the Commodity Exchange Act as permitting a clearing organization to apply all margin deposits of a defaulting member firm to discharge the firm’s obligations on behalf of the firm’s customer account.
08/06/1985	85-02 ; Regulation 1.3(y);; No-Action Staff declined request to treat commodity pool which allowed employees to purchase over 10% of the total interest of the pool as a customer account rather than a proprietary account. Staff did however grant limited no-action relief. This relief allowed the company to classify the pool as a customer account so long as it met certain conditions. (T&M)
08/02/1985	85-12 ; Regulation 1.3(y);; No-Action The Division of Trading and Markets granted no-action relief to the Chicago Mercantile Exchange in connection with its failure to enforce an exchange rule prohibiting the acceptance or carrying of non-proprietary positions executed pursuant to a mutual offset system in a company's omnibus account (CME-SIMEX Mutual Offset System). The relief was conditioned on the representation that the company would use the mutual offset system on behalf of a customer only after an authorization executed by the customer in the required form is on file with the company. In the case of non-discretionary accounts, the company represented that each order for mutual offset would be authorized by the customer and designated as such when the order is taken.
07/16/1985	85-09 ; Section 4m(1);; No-Action The Division of Trading and Markets granted CPO registration no-action relief to a bank in connection with its actions as discretionary trustee. Division staff noted that this relief was limited to the bank’s actions while the assets were within a trust designed to mirror a broadly diversified equities portfolio. (T&M)
02/08/1985	85-08 ; Section 4m(1);; No-Action The Division of Trading and Markets granted CPO registration no-action relief to two “employees’ security companies” which complied with four of five criteria for exemption in proposed Regulation 4.5, but did not meet the fifth criteria, which was to be registered as an investment company under the Investment Company Act of 1940. (T&M)
09/26/1984	84-18 ; Regulation 166.4;; No-Action The Division of Trading and Markets granted no-action relief from the prohibition on “non-proprietary” branch offices to an FCM and its affiliates conditioned on the FCM complying with its own proposed alternative undertakings. (T&M)
09/07/1984	84-16 ; Section 2(a)(1) and Regulation 4.10(d);; No-Action The Division of Trading and Markets granted CPO registration no-action relief to a non depository trust company trading on the behalf of separate trusts in the futures markets. (T&M)
08/01/1984	84-13 ; Section 2(a)(1) and Regulation 4.10(d);; No-Action The Division of Trading and Markets granted CPO registration no-action relief to a registered investment company trading in the futures markets. (T&M)