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 Image20-30 Letter Type: No-Action
Division: DMO
Regulation Parts: 17, 18, 20
Tags: Reporting, Ownership and Control, Part 17, Part 18, Part 20
Issuance Date:
Description:

Extension of conditional time-limited no-action relief from filing certain infromation for ownership and control reports required by Parts 17, 18, and 20 of the Commission’s regulations

PDF Image20-29 Letter Type: No-Action
Division: DMO
Regulation Parts: 37.3
Tags: SEF, Reinstatement Requirements
Issuance Date:
Description:

No-Action Relief from Swap Execution Facility Reinstatement Requirements under Commission Regulation 37.3(d)

PDF Image20-28 Letter Type: No-Action, Advisories
Division: DCR
Regulation Parts: 1.56, 39.13
Tags: Initial margin, DCO, Disclosure, FCM, Margin, Guarantees Against Loss, Risk Management
Issuance Date:
Description:

DCR DSIO Issue Supplemental Advisory Grant of No-Action Relief from 1.56 and 39.13(g)(8)(iii)

PDF Image20-27 Letter Type: No-Action
Division: DSIO
Regulation Parts: 1.17
Tags: FCM, Minimum financial requirements
Issuance Date:
Description:

Staff no-action position regarding the treatment of a deferred tax liability under Regulation 1.17 which is directly related to intangible assets booked as a result of an acquisition.

PDF Image20-26 Letter Type: No-Action
Division: DMO, DSIO
Regulation Parts: 5(d)(4), 5(d)(10), 1, 5, 23, 37
Tags: FCM, IB, SD, SEF, Swap Dealer, Floor broker, RFED, COVID-19
Issuance Date:
Description:

This no-action letter extends until January 15, 2021, the relief previously provided by CFTC Staff Letter 20-19, which, in turn, extended the time period for certain no-action relief provided in CFTC Staff Letters 20-02, 20-03, 20-04, 20-05, 20-06, 20-07, and 20-09, each issued on March 17, 2020 (the ""COVID-19 Letters"").

PDF Image20-25 Letter Type: No-Action
Division: DCR
Regulation Parts: 2(h)(1), 2(h)(7), 50, 50.2, 50.4, 50.50, 50.51
Tags: Clearing, Clearing Requirement, Exception, End-user, LIBOR, IBOR, Legacy Swaps
Issuance Date:
Description:

DCR is providing time-limited relief from the swap clearing requirement and related exceptions and exemptions. This relief is to help facilitate the orderly transition from swaps that reference the London Interbank Offered Rate (LIBOR) and other interbank offered rates to swaps that reference alternative benchmarks.

PDF Image20-24 Letter Type: No-Action
Division: DMO
Regulation Parts: 2(h)(8)
Tags: Trade Execution, LIBOR, IBOR, Trade Execution Requirement
Issuance Date:
Description:

DMO is providing time-limited relief from the trade execution requirement in order to facilitate the orderly transition from swaps that reference the London Interbank Offered Rate (LIBOR) and other interbank offered rates to swaps that reference alternative benchmarks.

PDF Image20-23 Letter Type: No-Action
Division: DSIO
Regulation Parts: 1.3, 23.150, 23.151, 23.152, 23.153, 23.154, 23.155, 23.156, 23.157, 23.158, 23.159, 23.400, 23.401, 23.402, 23.410, 23.430, 23.431, 23.432, 23.433, 23.434, 23.440, 23.450, 23.451, 23.501, 23.502, 23.504, 23.505, 23.701
Tags: De Minimis, Margin, Swap Dealer, Uncleared Swaps, LIBOR, IBOR, Business Conduct Standards, Confirmation, Swap Trading Relationship Documentation
Issuance Date:
Description:

DSIO is providing relief to swap dealers from registration de minimis requirements, uncleared swap margin rules, business conduct requirements, confirmation, documentation, and reconciliation requirements, and certain other eligibility requirements. This relief is to help facilitate the orderly transition from swaps that reference the London Interbank Offered Rate (LIBOR) and other interbank offered rates to swaps that reference alternative benchmarks.

PDF Image20-22 Letter Type: No-Action
Division: DCR
Regulation Parts: 2(h)(1), 50.2, 50.4
Tags: Clearing, Clearing Requirement, Swaps, ESM
Issuance Date:
Description:

DCR is extending the relief provided by CFTC Letter No. 20-13 and will not recommend that the Commission take enforcement action against the European Stability Mechanism (ESM) for failure to comply with the swap clearing requirement until the earlier of: (i) December 31, 2020, at 11:59 pm (Eastern Time); or (ii) the effective date of final Commission action applicable to swaps entered into by ESM that would otherwise be subject to the Commission’s clearing requirement. For the avoidance of doubt, DCR confirms that swaps entered into by ESM in reliance on the relief provided under CFTC Letter No. 17-58 may continue to rely on such relief. Other than with respect to such swaps, this letter supersedes the no-action relief provided to ESM by DCR under CFTC Letter Nos. 17-58, 19-23 and 20-13. This letter does not provide relief from other provisions of the CEA and Commission regulations, such as the recordkeeping and reporting requirements under parts 23 and 45 of the Commission’s regulations, which would apply to a non-cleared swap entered into by ESM opposite a counterparty that is subject to the CEA and Commission regulations with regard to that transaction.

PDF Image20-21 Letter Type: No-Action
Division: DSIO
Regulation Parts: 2(h)(8), 23.205, 23.505, 23.506, 23.610, 37, 38, 43, 50
Tags: Swap Dealer, ANE, Cross-border
Issuance Date:
Description:

Withdrawal of staff advisory and no-action relief: transaction-level requirements for non-U.S. swap dealers