CFTC Staff Letters
CFTC Staff Letters provides Letters from 2008 and later. For Letters published before 2008 visit the Letters Archive page.
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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 |
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Letter Type: Exemption Division: MPD Regulation Parts: 4.7, 4.7(b)(2), 4.7(b)(3) Tags: Commodity Pool, CPO, Pool Participant, Reporting Issuance Date: Description: Exemptive relief for a CPO from the requirement to provide quarterly account statements within 30 days of the end of each quarter for certain pools, provided that the CPO provides monthly account statements within 45 days of the end of each month for such pool. See also: Request Letter Requester(s): CGA, EIMS |
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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 |
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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 |
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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 |
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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 |
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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 |
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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 |
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Letter Type: Advisories Division: MPD Regulation Parts: 3.3 Tags: Annual Report, CCO, Swap Dealer Issuance Date: Description: Advisory to non-U.S. swap dealers and non-U.S. major swap participants relying on substituted compliance under the terms of an applicable CFTC entity-level comparability determination with respect to the filing of an annual chief compliance officer report required pursuant to Commission regulation 3.3(f). Requester(s): CFTC |
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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 |