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 Image 23-05 Letter Type: No-Action
Division: COM, DMO
Regulation Parts: 2(h)(8), 37.9
Tags: Execution, Swaps, Trade Execution, Trade Execution Requirement
Issuance Date:
Description:

The Division of Market Oversight (“Division” or “DMO”) of the Commodity Futures Trading Commission (“CFTC” or “Commission”) is providing a no-action position regarding the requirements in section 2(h)(8) of the Commodity Exchange Act (“CEA” or “Act”) and Commission regulation 37.9, for credit default swaps (“CDS”) that are executed for the sole purpose of migrating open CDS positions from ICE Clear Europe Ltd. (“ICEU”) to a new central clearing counterparty (“CCP”) ahead of ICEU’s planned discontinuation of CDS clearing services in October 2023.


See also: Request Letter
Requester(s): ISDA
PDF Image 23-02 Letter Type: No-Action
Division: MPD
Regulation Parts: 23.105
Tags: Financial Reports, SD, Swap Dealer, Tangible Net Worth
Issuance Date:
Description:

No-action position regarding the timing of filing certain reports under swap dealer financial reporting requirements in Regulation 23.105(d) and (l).


See also: Request Letter
Requester(s): CRG
PDF Image 23-01 Letter Type: No-Action
Division: MPD
Regulation Parts: 23.402, 23.430, 23.431, 23.432, 23.434, 23.440, 23.450, 23.451, 23.504
Tags: Business Conduct Standards, Documentation, Intended To Be Cleared
Issuance Date:
Description:

Revision of CFTC Staff Letter No. 13-70, regarding certain duties imposed on swap dealers (SDs) and major swap participants (MSPs) pursuant to the Commission’s Business Conduct Standards with Counterparties, as well as certain documentation requirements imposed on SDs and MSPs pursuant to Commission regulation § 23.504 for Intended-To-Be-Cleared Swaps.


See also: Request Letter
Requester(s): ISDA
PDF Image 22-21 Letter Type: No-Action
Division: DCR, MPD
Regulation Parts: 1.25, 22.2, 22.3, 30.7
Tags: DCO, FCM, SOFR, Investment of Customer Funds
Issuance Date:
Description:

No-action letter regarding investments of customer funds by futures commission merchants and derivatives clearning organizations in securities benchmarked to the Secured Overnight Financing Rate.


See also: Request Letter
Requester(s): CME, FIA
PDF Image 22-20 Letter Type: No-Action
Division: DCR
Regulation Parts: 39.19
Tags:
Issuance Date:
Description:

DCR is extending temporary no-action relief for registered derivatives clearing organizations (DCOs) from the daily reporting requirements in CFTC Regulation 39.19(c)(1)(i)(B) and (C) as amended in 2020, so long as that DCO continues to comply with the prior version of Regulation 39.19(c)(1)(B) and (C). This letter shall expire on the earlier of: one year from the date of issuance, or the date on which the Commission finalizes the proposed rule addressing this matter.


See also: Request Letter
Requester(s): CME, FIA, ICLR US, MGECH, OCC
PDF Image 22-19 Letter Type: No-Action
Division: DMO
Regulation Parts: 43, 45
Tags: Public, Real-Time, Recordkeeping, Reporting, Swap Data
Issuance Date:
Description:

Supplemental Staff Letter to CFTC Letter15-29 and CFTC Letter 16-72 with respect to swaps trading on certain financial markets that are licensed in Australia and overseen by the Australian Securities & Investments Commission (ASIC).


See also: Request Letter
Requester(s): YIELDBRKER
PDF Image 22-18 Letter Type: No-Action
Division: DMO
Regulation Parts: 45
Tags: Recordkeeping, Reporting, Swap Data
Issuance Date:
Description:

Extension of no-action position with respect to Part 45 for entities submitting swaps for clearing by derivatives clearing organizations (DCOs) operating consistent with CFTC exemptive orders or no-action positions provided by CFTC staff.


See also: Request Letter
Requester(s): ISDA
PDF Image 22-16 Letter Type: No-Action
Division: DMO, MPD
Regulation Parts: 2(h)(8), 5h(a)(1), 23 Subpart F, 23 Subpart I, 23 Subpart J, 37.3
Tags: Brexit
Issuance Date:
Description:

Extension of no-action relief letter 21-24 that was issued to ensure the continued availability, following Brexit of no-action positions under certain existing CFTC comparability determinations and exemption orders originally issued by the CFTC for EU entities, while CFTC staff undertakes an analysis of UK law in order to make appropriate recommendations of comparability or exemption to the CFTC.


See also: Request Letter
Requester(s): CFTC
PDF Image 22-15 Letter Type: No-Action
Division: DMO
Regulation Parts: 2(h)(8), 5(d)(9), 37.3, 37.9
Tags:
Issuance Date:
Description:

The Division is extending its no-action positions for those package transactions where at least one individual swap component is made available to trade (“MAT”) and therefore subject to the CEA section 2(h)(8) trade execution requirement, and all other components are contracts for the purchase or sale of a commodity for future delivery, i.e., futures contracts (“MAT/Futures Package Transactions”).


See also: Request Letter
Requester(s): ISDA
PDF Image 22-14 Letter Type: No-Action
Division: DMO
Regulation Parts: 45, 46
Tags: Foreign, Foreign Transactions, MSP, Reporting, Swap Dealer, Non-US Swap Dealers, Non-US MSP
Issuance Date:
Description:

Extension of Time-Limited No-Action Relief from Certain Requirements of Part 45 and Part 46 of the Commission’s Regulations, for Certain Swap Dealers and Major Swap Participants Established under the Laws of Australia, Canada, the European Union, Japan, Switzerland or the United Kingdom.


See also: Request Letter
Requester(s): IIB, ISDA, SIFMA