CFTC Staff Letters

On November 7, 2014, in response to a request from ISDA similar to that previously received,6 the Division issued CFTC Letter No. 14-136 extending the relief granted in CFTC Letter No. 14-26 until December 31, 2015. The Division explained that the rationale for relief was unchanged and it needed additional time to assess whether the relief should be permanent. On August 31, 2015, ISDA again requested that the Commission exercise its authority pursuant to CEA section 4(c) to establish a permanent exemption for inter-affiliate swaps from the trade execution requirement under CEA section 2(h)(8). To allow time for the Commission to consider the request, ISDA requested that the Commission further extend the relief granted in CFTC Letter No. 14-26. The Division has determined to extend the no-action relief granted by CFTC Letter No. 14-26 until 11:59 p.m. (Eastern Time) December 16, 2016.

As noted in the Request Letter, the Commission has not yet issued comparability determinations as to whether the regulatory requirements of any foreign jurisdiction are comparable to and as comprehensive as the applicable requirements under the Commodity Exchange Act and Commission regulations with respect to the SDR Reporting Rules.5 While review of those requests for comparability determinations that have been received by the Commission continues, the Division believes that it would be appropriate to provide an extension of the time-limited no-action relief provided in CFTC Letter No. 14-141.

The Division agrees that SEFs can facilitate the pre-trade credit checks that are required for FCMs and SEFs to comply with §§1.73 and 37.702(b), respectively. The Division has determined to extend the no-action relief provided in No-Action Letter 14-118.

Relief from the audit requirement of Commission regulation 4.22(d) for A with respect to B. You request on behalf of A, the commodity pool operator (the CPO) for B (the Pool), relief from the requirement in Commission regulation 4.22(d) to have an independent public accountant audit the financial statements in the Pools annual report for fiscal year 2014.

Request on behalf of A, that A receive the relief provided in CFTC Staff Letter No. 15-44 with respect to the additional pools listed in Appendix A (the Additional Pools) for which A serves as their registered commodity pool operator. Specifically, with respect to the Additional Pools, you request relief from the requirement in Commission regulation 4.7(b)(2) for a CPO to distribute to pool participants quarterly account statements within 30 days of the end of the quarter.

Request for Relief from Presenting Annual Reports in Accordance with A. May 19, 2015 letter to the Division of Swap Dealer and Intermediary Oversight, and amended by subsequent correspondence on September 11, 2015, requesting on behalf of B, the commodity pool operator of C (the Pool), requesting that the CPO be granted relief to use D in lieu of A in the preparation of the financial reports for the Pool.

Extension of conditional time-limited no-action relief for Yieldbroker Pty Limited with regard to Section 5h(a)(1) of the Commodity Exchange Act and Commission Regulation 37.3(a)(1) until May 15, 2016.

The Division of Market Oversight (DMO) of the Commodity Futures Trading Commission (Commission) herein extends existing no-action relief from requirements in sections 2(h)(8) and 5(d)(9) of Commodity Exchange Act (CEA or the Act) and from requirements in Commission Regulations 37.3(a)(2) and 37.9 for swaps executed as part of certain package transactions.

The Division of Clearing and Risk extended the no-action relief granted in CFTC Letter 14-156 to Eurex Clearing and its U.S. clearing members with regard to Sections 5b(a) and 2(h)(1)(A) of the Commodity Exchange Act. The time-limited no-action relief is subject to several conditions.

The Division of Clearing and Risk, Division of Market Oversight, and the Division of Swap Dealer and Intermediary Oversight of the Commodity Futures Trading Commission are extending the expiration date of the no-action relief previously granted to Southwest Power Pool, Inc..