CFTC Staff Letters

The Commodity Futures Trading Commission’s Division of Market Oversight (DMO) and Division of Data (DOD) take a no-action position regarding certain Part 43 and Part 45 swap reporting obligations in relation to the cessation of CDOR on June 28, 2024

Accordingly, 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 the earlier of (a) June 30, 2025 or (b) the effective date of any final Commission action relating to the Second Proposal.

DMO is extending a time-limited no-action position with respect to the compliance date for the November 25, 2020 amendments to certain rules pertaining to block sizes and cap sizes in Part 43.

Exemptive relief permitting a limited number of non-QEP senior employees of the CPO to be treated as QEPs, subject to several specific conditions, for purposes of investing in employee securities companies the CPO operates as 4.7 pools.

Exemptive relief from the requirement in Regulations 4.7(b)(3) and 4.22(c) to provide an audited Annual Report and Financial Statements when liquidating a commodity pool, if the pool instead provides a combined 13-month Annual Report and Financial Statements.

Advisory on Transition to Portal Filings for Registered Foreign Boards of Trade

No-action position for registered swap dealers and major swap participants that enter into certain swaps referencing the Secured Overnight Financing Rate (described in the letter) relating to the requirement to disclose a pre-trade mid-market mark to the swap counterparty under Commission regulation 23.431(a)(3)(i).

No-action relief for LCH SA with regard to Regulations 1.20(g)(4) and 22.5, and an exemption from the requirements of Regulation 1.49(d)(3) for customer accounts held at the Banque de France.

The advisory reminds designated contract markets, derivatives clearing organizations, and swap execution facilities that have an affiliated intermediary or trading entity, as well as the affiliated intermediary or trading entities themselves, of their obligations to ensure compliance with existing statutory and regulatory requirements with this affiliate relationship in mind. The advisory also informs market participants that CFTC staff closely scrutinizes how these types of affiliate relationships are addressed when reviewing applications for registration or designation; conducting examinations and rule reviews; and through other supervisory means. Market participants are invited to contact the relevant Division if there are concerns regarding these types of affiliate relationships.

DMO is extending a time-limited no-action position with respect to the compliance date for the November 25, 2020 amendments to certain rules pertaining to block thresholds and cap sizes in Part 43.
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