CFTC Staff Letters

Clarification on language in CFTC Staff Letter No. 13-51.

Interpretative relief from the definition of “commodity pool” for certain real estate holding companies.

A futures commission merchant (FCM), swap dealer (SD), or introducing broker (IB) that receives separate compensation for commodity trading advice is not required to register as a commodity trading advisor, provided that the offered advice is “solely incidental” to the conduct of the FCM’s or SD’s business, or “solely in connection with” the operation of the IB’s business.

No-action relief granted to an entity from registering as a CPO with respect to a commodity pool; provided, that it delegates its CPO responsibilities to a registered CPO, subject to certain conditions.

Exemptive Relief from certain Commission Regulation 4.7 reporting obligations as they relate to disclosure to pool participants

CFTC staff issues no-action relief for swap dealers from posting and collecting variation margin when entering into swaps with certain special purpose vehicles in existence prior to March 1, 2017.

No-action relief granted to an entity from registering as a CPO with respect to a commodity pool; provided, that it delegates its CPO responsibilities to a registered CPO, subject to certain conditions.

Subject to the conditions outlined in the letter, the Division of Swap Dealer and Intermediary Oversight (DSIO) granted no-action relief from commodity pool operator (CPO) and commodity trading advisor (CTA) registration to a group of five private universities with respect to the commingled accounts and collective investment vehicles they operate to manage assets belonging to their endowments, graduate and professional schools, and other university supporting organizations, as well as multiple charitable planned giving account structures offered to alumni and other donors.

No-action relief to an entity for its failure to register as CPO or CTA with respect to its pool holding swaps to hedge commodity market price risk involved in the pool’s ownership of interests in crude oil and natural gas producing properties.

No-action relief granted to two entities from registering as CPOs with respect to a commodity pool; provided, that they delegate their CPO responsibilities to a registered CPO, subject to certain conditions.