CFTC Staff Letters
CFTC Staff Letters provides Letters from 2008 and later. For Letters published before 2008 visit the Letters Archive page.
| Description | |
|---|---|
 25-13 |
Letter Type: Advisories Division: DMO, DCR, MPD Regulation Parts: 23.602, 166.3 Tags: Compliance, Enforcement, Reporting, Self-Reporting, Cooperation, Remediation, Referral Criteria Issuance Date: Description: This staff advisory provides guidance on the materiality or other criteria that the Commodity Futures Trading Commission’s Market Participants Division, the Division of Clearing and Risk, and the Division of Market Oversight will use to determine whether to make a referral to the Division of Enforcement (“DOE”) for self-reported violations, or supervision or non-compliance issues. This guidance furthers the implementation of DOE’s recent advisory, issued February 25, 2025, addressing its updated policy on self-reporting, cooperation, and remediation. Requester(s): CFTC |
| 25-12 |
Letter Type: No-Action Division: DCR, MPD Regulation Parts: 23.150 - 23.161, 50.2, 50.4 Tags: Issuance Date: Description: No-action positions in relation to the Commission’s swap clearing and uncleared swap margin requirements in connection with a court-supervised transfer, pursuant to the laws of the United Kingdom, of certain legacy swaps from Credit Suisse International to UBS AG London Branch following the merger of UBS Group AG and Credit Suisse Group AG. See also: Request Letter Requester(s): UBSAG |
| 25-11 |
Letter Type: Interpretative Division: MPD Regulation Parts: 23.156 Tags: Issuance Date: Description: UST ETFs that fall within the scope of the regulatory framework set forth in SEC Rule 6c-11 may qualify as eligible IM collateral as defined in the CFTC Margin Rule, provided the funds meet the criteria listed in Commission Regulation 23.156(a)(1)(ix). CSEs may collect or post UST ETFs that qualify as IM under Commission Regulation 23.156(a)(1)(ix) as VM for uncleared swap transactions with financial end users consistent with Commission Regulation 23.156(b)(1)(ii). See also: Request Letter Requester(s): GMAC |
| 25-10 |
Letter Type: Interpretative Division: DMO, MPD Regulation Parts: 1.3 Tags: Swap, Window FX Forwards, FX Spot Transactions, foreign exchange forwards, Foreign exchange spot transactions Issuance Date: Description: Joint MPD and DMO interpretation providing the Divisions’ views on the characterization of certain FX transactions as being swaps, foreign exchange forwards, or foreign exchange swaps, in each case, as defined in the Commodity Exchange Act and Commission Regulations. Specifically, the Divisions state their view that: Window FX Forwards, as described in the letter, should be considered to be “foreign exchange forwards;” and Package FX Spot Transactions, as described in the letter, should not be considered to be foreign exchange swaps or swaps. Requester(s): CFTC |
| 25-09 |
Letter Type: No-Action Division: MPD Regulation Parts: 23.431 Tags: Disclosures, Recordkeeping, Reporting, Requirements Issuance Date: Description: No-action position for swap dealers and major swap participants relating to the requirement to disclose a pre-trade mid-market mark to the swap counterparty under Commission Regulation 23.431(a)(3)(i). See also: Request Letter Requester(s): IIB, ISDA, SIFMA |
| 25-08 |
Letter Type: Advisories Division: DCR Regulation Parts: 39 Tags: Clearing, Digital Assets Issuance Date: Description: The Division of Clearing and Risk of the Commodity Futures Trading Commission hereby withdraws CFTC Staff Advisory 23-07, Review of Risks Associated with Expansion of DCO Clearing of Digital Assets. Requester(s): CFTC |
| 25-07 |
Letter Type: Advisories Division: DMO, DCR Regulation Parts: 5, 5h(a)(1), 39, 39.12, 39.13, 40.2, 40.3 Tags: Virtual Currency Issuance Date: Description: The Division of Market Oversight and the Division of Clearing and Risk of the Commodity Futures Trading Commission hereby withdraw CFTC Staff Advisory No. 18-14. Requester(s): CFTC |
| 25-06 |
Letter Type: Interpretative Division: MPD Regulation Parts: 4s(e), 23.105 Tags: Issuance Date: Description: Staff Interpretation allows Japanese nonbank swap dealers subject to the Japanese Comparability Order to file with the CFTC and the NFA certain enumerated schedules (the ""In Scope Schedules"") of the Annual Report to comply with condition 9 of the order. Japanese nonbank swap dealers may, but are not required to, submit the Annual Report in its entirety to comply with condition 9. See also: Request Letter Requester(s): SIFMA |
| 25-05 |
Letter Type: Other Division: DMO Regulation Parts: 5h(a)(1), 37.3 Tags: Registration, SEF, Withdrawal, SEF Registration Issuance Date: Description: The Division of Market Oversight (“DMO”) of the Commodity Futures Trading Commission (“CFTC” or “Commission”) is hereby withdrawing CFTC Letter No. 21-19 – Staff Advisory on Swap Execution Facility Registration Requirement (the “SEF Registration Advisory”) in its entirety. Requester(s): CFTC |
| 25-04 |
Letter Type: No-Action Division: DCR, MPD Regulation Parts: 1.3, 1.17, 1.20, 1.32, 1.58, 1.73, 22.2, 30.2, 30.7, 39.13 Tags: Risk Management, Separate Account Treatment Issuance Date: Description: The conditional no-action position with respect to Regulation 39.13(g)(8)(iii) contained in CFTC Letter No. 19-17 is now further extended until July 21, 2025. See also: Request Letter Requester(s): FIA |